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Development area offers compelling returns across a variety of formations

Westbrick’s assets are situated within an active fairway

WESTBRICK underline

Geological Advantages

  • Concentrated stacked plays are easily exploited vertically or horizontally at low cost
  • Multilayered geological potential allows for capital program resiliency in a volatile commodity market
  • Detailed geological mapping delivering top decile well performance and high returns
  • Numerous peers active in the area, underpinning development potential

Significant delineation in Westbrick’s core area

Significant Delineations Map

Geographical Advantages

  • Extensive infrastructure with numerous low-cost midstream options
  • Access to numerous egress options in close proximity to service company hubs
  • Concentrated geographic footprint reduces costs and minimizes commitments
  • Cost efficiencies captured through proximity of legacy infrastructure, roads, and utilities

Land base in the Deep Basin aligns with Westbrick's exemplary drilling inventory. This would be difficult to assemble today.

Nothing has changed since our inception

Westbrick's Operating Philosophy

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Our priorities for managing our business are to:
  1. Preserve shareholder value – Don’t sell reserves at a loss, use shut-ins to maximize present value.
  2. Maintain a strong balance sheet – Utilize balance sheet to capture value and create shareholder liquidity. Delay capital spending where it supports value.
  3. Commercialize drilling Inventory — Be prepared to grow shareholder value now and in the future with minimal risk or delay. Plan to invest in high impact plays throughout 2024 at current commodity prices.
  4. Be ready to react quickly to the market – Turn on production or increase capital spending at a moment's notice when there is a dramatic change in commodity prices.

In 2024, the long-term gas market fundamentals have not changed. Gas demand has softened in North America because of warm winter weather brought on by a strong El Niño. An increase in gas demand is still expected later in 2024 with the commissioning of LNG Canada.

Westbrick Production History Graph
Westbrick Sideways Hats

WESTBRICK DRILLING INVENTORY AT YEAREND 2023

Drilling Inventory Table 1
Drilling Inventory Table 2
  • Multilayered geological potential allows for capital program resiliency in a volatile commodity complex.
  • Concentrated land position of ~1300 net sections, predominantly all Crown P&NG agreements.
  • The vast majority of production is operated across the asset base resulting in Westbrick controlling nearly all capital spent across the portfolio.
  • Land base sits within a legacy conventional oil and gas field with key infrastructure (roads and major pipelines) built and old wellsites being expanded and reused for multi-well pad horizontal drilling.
  • 2023 Land Sales – proactive posting of prospective land in core areas and responding to competitor postings. Total of 82,656 net hectares acquired (323 net sections). Added to Duvernay position (244 net sections, $17.3MM), Minehead multi-zone (18 net sections, $6.3MM), South Badger (21 net sections, $3.64MM).

Greater Pembina: Resource-Rich Area

Westbrick Map

Westbrick’s operations are geographically focused within the Greater Pembina region located in the southeast portion of the Deep Basin trend. The area offers abundant stacked resource potential found at depths as shallow as 1,700 m (Belly River) to >3,000 m of depth (Duvernay), capable of delivering light oil, liquids-rich natural gas and lean gas opportunities.

Beginning with the discovery of the Pembina oilfield in 1953, the Greater Pembina region has a deep history of hydrocarbon development which has resulted in abundant legacy midstream infrastructure that we use to facilitate low-cost development.

Westbrick by the Numbers:

    Production & Infrastructure

  • Barrels of Oil Equivalent Per Day

    60,000

  • Natural Gas

    74%

  • Net Operated Wells

    697+

  • Horizontal Wells

    300+

  • BCF/day of Available Processing Capacity

    1.1+

  • km of 4" or > Midstream Pipeline

    1,200+

    • Land and Inventory

  • Gross Sections

    1,715+

  • Net Locations of Mapped Drilling Inventory

    2,400+

  • Geologic Horizons Targeted

    16+

    • Staff

  • Staff

    49

  • Consultants

    15

  • Field Contractors

    55

  • Service Providers Supported

    1,900+

EMERGENCY: 403-212-0518

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