July 07, 2015Volume 5, No. 9
docFinder alert

Montney Maps – World Class Play

Competitor and Industry Intelligence Just A Few Clicks Away



Sweet Spot: Elmworth to Kakwa

NuVista Energy

June 17, 2015

Full Presentation


Elmworth Neighborhood

Blackbird Energy

June 1, 2015

Full Presentation

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This docFinder Alert showcases the power of the PLS docFinder Database. Critical intelligence is obtained within seconds through a few clicks. Industry activity continually redefines sweet spots and Tier 1, 2 and 3 areas in all North American resource plays, and executives and investors alike know the value of timely information. In this case, we present a series of Montney maps that give you incredible insight into the “neighborhood.” Are competitors de-risking your lands? What are others saying about type curves? Questions like these and more are answered through our database, which contains more than 1.2 million industry slides. Each slide has been indexed through back-end algorithms and, more importantly, by the human brain, which is the best interpreter when it comes to a map or an image. At PLS, this is how we bring this database to life! Within seconds, you can see the evolution of North American resource plays – from type curves to LOEs to increasing EURs and more.

In the slide above left, courtesy of NuVista Energy, a map details the “sweet spot” in the Alberta condensate-rich Montney play. This area falls in the intersection of tremendously thick high-quality reservoir rock, which is over-pressured and lies within the condensate-rich part of the kitchen. As noted on the slide, the area comprises Ranges 10W6 to 3W6 from Townships 60-70. Players in the area include NuVista, Encana, Paramount, Sinopec, CNRL, Seven Generations, Shell and Apache. Today 14 rigs are running in the area, and gas production is growing rapidly to nearly 0.5 Bcfpd. A close look reveals the actual horizontal wells drilled in the area.

The slide above right, courtesy of Blackbird Energy, is an example of how nearby industry activity can deliver tremendous value to those fortunate enough to have the right positions. In this case, drilling is aggressively moving toward Blackbird’s lands, which total 81 sections or 51,840 acres. Blackbird itself is just getting started, having recently completed two wells that both tested over 125 bbls/MMcf of liquids. Within 2km of Blackbird’s lands, prices have been as high as $2.9 million/section. Here is another map of Blackbird’s positon within both the Upper and Middle Montney plays. In terms of infrastructure, Blackbird is considering a potential pipeline to connect directly to the SemCams system. For investors, this is an early chance to enter this pure-play name. Blackbird’s balance sheet is impeccable, and its market cap is just ~$67 million.

More HOT slides and data below.
Shown below are more hot slides from PLS’ docFinder database detailing Montney positions. Below are slides from Chinook Energy, Delphi Energy, Arc Resources and Painted Pony Petroleum.

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featured.slides from docFinder

Slide Slide Slide Slide

Gold Creek Montney


June 3, 2015

Bigstone Montney

Delphi Energy

June 10, 2015

Dawson Montney

Arc Resources

July 6, 2015

Optimum Montney

Painted Pony

July 6, 2015

Chinook Energy is a Montney-focused growth company with nearly $50 million cash on hand plus an undrawn credit facility and poised to strike on the buyside. The company has two Montney focus areas – the Birley/Umbach in northeast BC and Gold Creek in the Grande Prairie area of Alberta. The slide above shows Chinook’s lands in the Gold Creek area and offsetting acreage and wells that includes operators Shell, CNRL and CIOC (a Riverstone PE-backed private company led by Scott Scobie). CKE’s two Gold Creek 2014 mid-Montney wells tested 1,500 boepd (33% oil) and 900 boepd (38% oil), respectively. The two wells resulted in net booked reserves of 380 Mboe of 1P and 593 Mboe of 2P. CKE’s WI was 37.5% and 75%, respectively.

Delphi Energy touts healthy current cash generation with its Bigstone Montney top growth asset. Wells pay out in 1.3 years with $2.00/boe free cash flow. The slide above shows a dominant land position with 117 net sections in this liquids-rich area surrounded by Exxon, Chevron, Conoco and Encana. From this core asset, Delphi has built 8,000 boepd on net capital of $80 million. In 2014, 2P reserves increased 21% to 74.4 MMboe. Based on GLJ’s 2015 price deck, the current type curve yields IRRs of 85% and well NPV’s of $13.9 million. Individual well data indicates that new wells are 3X better using slickwater hybrid fracs. The latest wells use 30-40 fracs and show IP90 rates of over 1,200 boepd.

Arc Resources has a clear line of sight to value creation underpinned by a fundamental strive toward low-cost production. The Montney comprises 70% and 77% of ARX’s production and 2P reserves, respectively. The company is the 3rd-largest landholder, behind Petronas and CNRL. As the slide above shows, the Dawson area leads the way for Montney performance and is a cash flow machine. At $3 gas, ARX has lowered DCET costs to $4.4 million and touts a remarkable 95% IRR. On a comparative play basis Dawson ranks number one. ARX is producing 168 MMcfpd of Dawson gas and has 2P reserves of 963 Bcf and 4.8 MMbbls of liquids. The company has planned nine wells this year.

Painted Pony Petroleum is “driving forward” in the Optimum area in northeast BC. The slide above shows that PPY holds 217 net sections surrounded by Shell and Petronas. PPY has the top wells among all Montney operators with an average peak month rate of 6.2 MMcfpd – twice the industry average. Key Montney attributes in PPY’s area include thickness (4X greater than Marcellus), sweet gas, reservoir (dolomitic siltstone) and multiple zones. In the Blair-Daiber area, technological advances have driven a step-change in type curves – the latest being drilling parallel-pairs. As PPY drives toward development and infrastructure buildout, the company projects a 73% production growth rate from 2015-2017 and will be positioned to benefit from West Coast LNG proposed projects.


Full Presentation


Full Presentation


Full Presentation


Full Presentation