Page 12 - NorthAmOil Week 11 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Alberta, proximate to Strathcona’s Orion and Caddo Parish, Louisiana, and Harrison and
Lindbergh thermal properties. At the time of Panola Counties, Texas, to affiliates of Silver
Strathcona Resources acquisition, Tucker produced ~19,000 bpd of Hill Energy Partners III. Closing is expected
oil.
in the second quarter of 2022 and is subject to
announces increased its covenant-based credit facility by 67% to customary approvals and closing conditions.
On March 11, 2022, Strathcona upsized
Pine Wave will continue to operate its other
credit facility to CAD1.5bn CAD1.5bn, and Caltex and Stickney were properties and pursue new opportunities as a
portfolio company of Old Ironsides Energy.
amalgamated into Strathcona. Strathcona’s
and completion of credit facility has a maturity date of February Hunter, chief executive officer; Ben Voigt,
Pine Wave was formed in 2018 by Ben
27, 2026, with an anticipated draw of
amalgamation with Caltex CAD870mn as of March 31, 2022. Strathcona’s executive vice president; and Stephen O’Neal,
executive vice president and general counsel.
capital structure also includes $500mn of
Resources and Stickney 6.875% senior unsecured notes due 2026. Included in this transaction are Pine Wave’s
assets located in Caddo Parish, Louisiana, and
Post this consolidating transaction,
Resources Strathcona will have materially increased its Harrison and Panola Counties, Texas, which
consist of approximately 12,500 net acres with
scale with production of ~110,000 boepd
Strathcona Resources is pleased to announce (85% oil and liquids) and 1.9bn boe of proved- ownership interests in 10 operated wells with
it has completed its amalgamation with Caltex plus-probable (2P) reserves (~48-year reserve approximately 100mn cubic feet per day of
Resources and Stickney Resources. life index), making it one of the largest private production. Also included in the transaction
On November 30, 2021, Strathcona and oil companies in North America. is all associated midstream infrastructure,
affiliates of Waterous Energy Fund (WEF) STRATHCONA RESOURCES, March 14, 2022 including 18 miles of natural gas gathering
acquired Caltex, a private oil company with pipelines located in Caddo Parish and Panola
high-margin enhanced oil recovery (“EOR”) Pine Wave Energy Partners County.
assets proximate to Strathcona’s Lloydminster “This transaction with Silver Hill is a
heavy oil EOR operations. At the time of agrees to sell Haynesville significant step in the Pine Wave story,” said
acquisition, Caltex produced ~13,000 boe/d Ben Hunter, Pine Wave’s Chief Executive
(98% oil). assets to Silver Hill Energy Officer. “Over the past four years we have
On January 31, 2022, Strathcona and worked to build an outstanding position in
WEF acquired the Tucker asset through an Partners the Haynesville, and I am proud of the way
acquisition entity named Stickney Resources our team has executed across the board. We
Ltd. The Tucker asset is a high-margin, Pine Wave Energy Partners today announced are grateful for our ongoing partnership with
thermal steam-assisted gravity drainage that it has entered into a definitive agreement Old Ironsides and look forward to shifting
asset located in the Cold Lake region of to sell certain Haynesville assets located in our operational focus to the company’s next
venture.”
“We are excited to acquire these high-
quality assets, which directly offset our
existing operations in the heart of the
Haynesville shale,” said Kyle Miller, founder,
president and chief executive officer of Silver
Hill. “With this transaction, we are able to
further expand our development inventory in
an area that continues to present tremendous
opportunity. Pine Wave has done a terrific job
building its business and we expect to be able
to positively leverage their strong position in
the region.”
PINE WAVE ENERGY PARTNERS, March 14,
2022

Kolibri Global Energy
Barnes 7-3H well initial oil

rate exceeds the proved

forecasted reserve report
production rate

Kolibri Global Energy is providing an update
on the Barnes 7-3H well (98.07% working
interest), which began flowback production

P12 www. NEWSBASE .com Week 11 17•March•2022