It’s time again to have your say in selecting Oilweek’s 2011 Producer of the Year. Five finalists have been selected by the editorial team here at JuneWarren-Nickle’s Energy Group, and here they are, in alphabetical order:
Bonavista Energy Corp.
Bonavista Energy succeeded in nearly doubling its profit in 2010 and raised production by nearly 11,000 barrels of oil equivalent per day. Since it was created in 1997, Bonavista has consistently added shareholder value by pursuing a disciplined and effective strategy that focuses on long term profitability. Over the past several years, Bonavista has significantly increased its application of horizontal drilling and multi-stage fracture stimulation, and is now a leading player in the Hoadley Glauconite play of west central Alberta and has accumulated 75 net sections of rights in the emerging Duvernay shale play, which holds extensive potential for liquids rich gas development.
Penn West Petroleum
Penn West has emerged as one of the strongest independent producers in western Canada, and has become a leader in horizontal tight oil development activity, especially in the mature Cardium field of west central Alberta. While it deployed horizontal drilling and completions technology across a number of projects in 2010, it has been testing these technologies for a number of years. It is now focusing on building exploration experience and securing land positions in source rock plays and in deeper horizons, both of which are expected to sustain production and development for a number of years.
Peyto Exploration & Development Corp.
Peyto has emerged as one of the most aggressive and successful operators in the complex Deep Basin region of Alberta, and has applied horizontal drilling and multistage fracture technology in a capital program that in 2010 delivered new production for an estimated $17,300 per flowing barrel of oil equivalent and added more than 15,000 barrels of oil equivalent per day of new production by year’s end.
Progress Energy Resources Corp.
Progress Energy has amassed an estimated 900,000 net acres of land within the commercially productive Montney fairway of northeastern British Columbia and northwestern Alberta, which gives it one of the largest land positions among North American natural gas resources players. In the North Montney fairway of B.C., Progress controls 680,000 net acres of largely contiguous rights, and in the first half this year struck a joint venture with Malaysia state oil company PETRONAS to develop a significant portion of these North Montney assets and evaluate the feasibility of a liquefied natural gas export project.
Trilogy Energy Corp.
Trilogy was successful in 2010 in testing a new horizontal Montney oil play in the Kaybob region of northwestern Alberta, with two initial wells testing at rates of 1,800 barrels per day and 3,000 barrels per day. At the same time, the company was successful in acquiring 28 sections of land associated with this Montney pool, and will be evaluating and accelerating its development in the second half of 2011.
To cast your vote, visit the 2011 Producer of the Year survey page. You have until midnight on September 30.
The selected producer, along with two runners up, will be featured in the December edition of Oilweek and recognized at Oilweek’s Annual Report Awards luncheon in November!