Compeer
Compeer-Viking oil play is located in Alberta Canada and consists of 3 contiguous sections (5,120 acres) based on the Viking formation where light oil fairways extend from the Plato Field in Southwest Saskatchewan to the Redwater Field in Eastern Alberta. There are currently 135 horizontal oil wells drilled or licensed surrounding the Compeer land base, of which 52 are horizontal wells that have yielded production rates greater than 50 BOPD (Barrels of Oil Per Day) within the first four months. The region has well-defined light oil (liquid petroleum with low density, low viscosity and low specific gravity) accumulations and is an ideal candidate for multi-stage fractured horizontal wells.
The 102/05-29-033-02W4 well has been on production since February 2013 and the Company continues to monitor production performance. To date, immense activity has taken place by major companies such as Penn West, Apache and Baytex within a 5 to 10 mile radius.
Pimee is encouraged that it has demonstrated Viking oil production across its Compeer acreage with estimated reserves of 2.7MMbbls, assuming a 5% recovery factor of 55.5 MMbbls Original Oil in Place (OOIP).
The Company will continue to monitor its own well and the area activity to determine suitable next steps of its Compeer acreage.
Highlights
- Shallow, less expensive projects in provinces of Alberta and Saskatchewan
- Year-round access with easily available infrastructure/transportation to market
- Entry through acquisition, farm-in, joint venture or land sale purchases
- Light oil accumulations with substantial original oil in place
- Favorable economics including payout, rate of return, recycle ratio and net present value
- Play types and formations in which the technical/operating team has proven experience
