Deep Basin Central
Deep Basin Central is our largest area of operations, offering stacked, multi-zone oil and liquids rich natural gas resources, year-round access and extensive infrastructure, all outside of the restricted upstream James River gas transmission system.
Our story in the Deep Basin Central area is far more than just a dominant position in the Glauconitic reservoir. Historically focused on the liquids rich Hoadley barrier bar, we have continued to expand our interests further south and west into the Strachan and Garrington areas. We have recently applied new frac techniques to materially enhance the economics of these high liquids plays and unlock significant additional drilling inventory. We are also focusing on growth from the Duvernay, Notikewin and Ellerslie plays in area.
We averaged 45,551 boe/d in the first quarter of 2023 in this area comprised of 154.6 mmcf/d of natural gas, 25,774 bbl/d of natural gas liquids and 2,649 bbl/d of oil production.
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Deep Basin Northern
Our Deep Basin Northern area offers multi-zone potential and extensive infrastructure ownership.
The area is characterized by a reliable cash flow and extremely low decline rates. These assets include a deep inventory of high initial production rate drilling locations that provide compelling economics even in lower commodity price cycles. This is due to a fully built-out gathering system, plus owned and operated gas plants which allow for a very low operating cost structure. Within the Spirit River group, we have identified and assembled a strategic footprint in the Notikewin, Wilrich, Falher, and Bluesky plays.
We averaged 17,091 boe/d in the first quarter of 2023 in this area comprised of 90.9 mmcf/d of natural gas, 1,830 bbl/d of natural gas liquids and 107 bbl/d of oil production.
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2022 Year End Reserves
| Gas (bcf) | Natural Gas Liquids (mbbl) | Oil (mbbl) | Reserve Volume (Mboe) | Percent Liquids % | BT NPV10 ($MM) | |
|---|---|---|---|---|---|---|
| Proved Developed Producing | 584 | 49,558 | 3,910 | 150,846 | 35% | $1,353 |
| Total Proved | 1,100 | 92,238 | 5,824 | 281,330 | 35% | $2,070 |
| Total Proved + Probable | 1,830 | 154,389 | 15,589 | 475,006 | 36% | $3,271 |
- NI 51-101 compliant year end reserves as per GLJ report dated February 23, 2023 and effective December 31, 2022. Internally adjusted to remove Q1 non-core disposition assets and to use US$75/bbl WTI & C$3.50/GJ AECO flat forecast pricing.
- Company interest reserves means Bonavista’s working interest plus any royalty interest (operating or non-operating) share before the deduction of royalties.
- Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
- Amounts may not add due to rounding.