2021 production growth target of 40-42,500 boe/d
It all starts with production in the field.
Our natural gas comes from more environmentally friendly conventional Foothills reservoirs of the Western Canada Sedimentary Basin (WCSB) thanks to the knowledge and insight of our experienced technical team.
The Foothills of the WCSB are truly the final frontier of conventional hydrocarbon development where large new pool discoveries are still being made.
We are proud to have the opportunity to deliver this gas globally, even with the challenges of often dealing with low prices due to the landlocked nature of Alberta gas and a congested provincial pipeline system.
There has been an unprecedented number of acquisitions in the Foothills in recent years as major players looked to exit the region.
But what some no longer want others desire.
Smaller companies such as Pieridae have jumped in and bought low decline, long reserve life assets: Ikumma’s in 2018 and Shell’s Foothills assets in 2019.
When we drill for natural gas in our conventional Foothills reservoirs we don’t use hydraulic fracturing.
It’s not needed.
Using the expertise of our seasoned geological team, once the rock is intersected with a well, the gas naturally migrates to the surface. This supports our project economics and is more environmentally friendly.
More than 98 per cent of all producing wells in the Foothills regardless of what company drilled them did not use fracking.
In addition to not needing tens of thousands of barrels of fresh water for each well, conventional wells tend to perform better. They provide more gas over the long term and have a smaller environmental footprint as well as substantially lower completion costs.
Environmentally-friendly conventional Foothills gas development uses less water, has a much smaller environmental footprint, and fewer wells are needed to get the gas to the surface.
With major companies shifting out of the Foothills and many technically skilled people retiring or moving away in the ‘great crew change’, it is the right time for Pieridae’s natural gas strategy.
Thanks to our technical team’s understanding of conventional geology and their Foothills drilling success in the past, we are well positioned to enter the area as others are exiting.
One of the more recent discoveries made by the Pieridae technical team was in a conventional Cardium pool in the Stolberg area west of Red Deer.
We were able to use geo steering technology that gathered data literally right at the drill bit which led to superior results and a depth of knowledge that will help us with our drilling program going forward.
We are excited to grow and utilize our technical team’s experience and proven track record to provide conventional, low-cost gas for the first facility Goldboro LNG.