Crew Energy

Crew Energy Inc.
Public TSX: CR
Industry Oil, NGL's
Founded 2003
Headquarters Calgary, AB
Key people
John A.Brussa chair
Dale O.Shwed pres,ceo,dir
Products coalbed methane, light oil, natural gas
Number of employees
71 Sept 2010
Subsidiaries Crew Resources
Website crewenergy.com

Crew Energy Inc. is a light oil and natural gas producer operating and based in Western Canada. It has over 612,000 acres (2,480 km2) of undeveloped land representing 71% of the total land base (Jan.2011). Production currently takes place in Alberta and NE British Columbia (Pesisko is at the southern border of the 2 provinces). The company has begun experiencing rapid growth especially at Princess, Alberta where production rose almost 4 fold between 2008 and the end of 2010 (2,200 boe/d --> 8,000 bbl/d (1,300 m3/d) equivalent).[1] Unlike many of its Canadian counterparts Crew puts a lot of emphasis on natural gas and light oil. It also operates natural gas processing facilities (West Tide Lake at Princess, Alberta, the infrastructure there is 100% owned). The company is 12% owned by its employees. Helping the company is its recycle ratios (gets back much of the money it invests in projects, from those projects/operations). Also, its most important asset (Princess) doesn't require fracture stimulation, giving Crew more control.

2P reserves are 65.7 Mbbl (10,450,000 m3) equivalent (2010 end which is about twice what they were at the end of 2008) about a third of which is natural gas (122×10^9 cu ft (3.5×109 m3)). Production in the fourth quarter of 2010 was 14,500 bbl/d (2,310 m3/d) equivalent but the company is planning on using its $210 million capital budget to increase that by 30% for 2011 (up to 19,000 bbl/d (3,000 m3/d) equivalent, 52% light oil).[2][3]

History

Crew Energy was incorporated May 12, 2003 a month before it changed its name to Crew Energy Inc. (June 27). On January 1, 2009 it amalgamated with publicly traded subsidiary Gentry Resources Ltd (tsx:GNY).[4] Exploration and production activity began only after a deal with Baytex Energy in which it acquired 1,500 bbl/d (240 m3/d) equivalent of oil and natural gas producing assets (only 200 bbl/d (32 m3/d) of that was oil, the rest was natural gas). In terms of its corporate structure there is one 100% owned subsidiary called Crew Resources; managing partner (Crew Energy Partnership) owns all of the oil and gas properties.[5]

On April 1, 2010 it sold Edson Production (oil and gas in West Central Alberta) for Cdn$126 million.[6]

On May 2, 2011 Crew Energy paid $622 million in stock and assumed debt for privately held Caltex, a heavy oil and natural gas liquids company. Caltex owns deposits of heavy oil in Lloydminster, Saskatchewan and natural gas liquids in Wapiti, Alberta.[7]

Operations

For the 2010 fiscal year (ends in December) the company produced at a rate of 13,700 bbl/d (2,180 m3/d) equivalent (oil and gas combined), 2.16% lower than the 12 months prior but still 17.9% more than in 2008 and 464.25% more than it did at the end of 2004.[1] 107 of the 112 net wells it is scheduled to drill in 2011 will be at the Princess oil property in SE Alberta.

Alberta

Cardium - 2 locations had initial production of 600 bbl/d (95 m3/d) equivalent each. Is a joint partnership with other producers.

British Columbia

Exploration

Exploration activity is happening mostly around Montney, BC and Horn River.

References

External links

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