- Crew Energy (CR) releases 2022 highlights from the year-end independent reserves evaluation
- Developed producing reserves and production while materially reducing debt
- Additionally, net debt decreased 63 per cent in 2021 to $150 million at year-end 2022
- The primary focus continues to be maintaining a strong balance sheet while unlocking the value of its resources
- The company has submitted additional permit applications for approval, which include 93 well locations
- Crew Energy (CR) is up under 3 per cent, trading at C$4.54 at 3:31 pm EST
The duo-listed Crew Energy (CR) releases highlights from the year-end independent corporate reserves evaluation.
The updated reserves reflect strong additions to Proved Developed Producing reserves. The plan left the company with more funds and free AFF, which were directed to debt repayment.
Looking back over the last quarter of 2022, the average production increased to 32,893 boe per day. This was above guidance of 30,000 to 32,000 boe per day, representing an increase of 13 per cent over the 29,142 boe per day.
Additionally, net debt decreased 63 per cent in 2021 to $150 million at year-end 2022.
Looking forward, Crew plans to build on this momentum by continuing to grow PDP reserves while harvesting its reserves and Total Proved Plus Probable reserves.
Going forward, the company is in a strong financial position. The primary focus continues to be maintaining a strong balance sheet while unlocking the value of its resources.
It’s 2022 reserves evaluation reflects an eight per cent increase year-over-year and a 27 per cent increase when including the replacement of 2022 production volumes of 12.1 million boe.
The positive performance was primarily due to the continued strength of the 4-17 Groundbirch wells and the 4-14 ultra-condensate-rich wells at Septimus.
Adding to the positivity was the encouraging performance of the new wells at the 11-27 pad.
At the beginning of the year, the B.C. government and Blueberry River First Nations announced the ‘BRFN Implementation Agreement.’
Following this, the province announced a Consensus Agreement with four Treaty 8 First Nations.
Collectively, these agreements outline a collaborative approach to land and resource planning while protecting treaty rights.
Basically, with this framework in place, the hope is to provide stability and predictability for the industry operating within NE BC.
Looking forward, Crew is optimistic about the path forward and its ability to execute an active drilling and completions program.
The company has submitted additional permit applications for approval, which include 93 well locations.
Crew Energy (CR) is up under 3 per cent, trading at C$4.54 at 3:31 pm EST.