Velvet is an organic growth company. We apply best-in-class geoscience and commercial skill to build large and contiguous tracts of land in, and adjacent to, oil-window source rocks. State-of-the-art prospecting, drilling, completions, and production methods allow us to generate top decile economic returns.
Velvet’s operations are focused in the liquids rich window of the Deep Basin of Alberta. The Company produces 17,000 boe/d from the liquids rich Ellerslie formation which spans from West Pembina to Whitecourt. Velvet has over 15 years of Ellerslie and stack development inventory to continue to sustain or grow this high rate of return asset.
The Company recently commenced production in the black oil window of the Montney in the Gold Creek area of northwest Alberta. Velvet controls over 200 net sections of land at Gold Creek, where it produces 4,000 boe/d. The company also has a portfolio of early phase exploration lands, targeting oil and liquids rich prospects in its existing areas of operations.
• 1Q2017 was the most active quarter in Velvet’s history, with 16 gross / 11.6 net wells in Edson and Gold Creek.Our program successfully drilled four productive formations across our landbase
• Completed facilities installations and brought on first production at Gold Creek in June 2017
• Achieved 20,000 boe/d milestone at end of 2Q2017
• Velvet has drilled 96 gross horizontal wells in the Ellerslie since 2013
• Drew a total of $65 million equity in the first half
• Completed the 15-7 Montney oil well at Gold Creek
• Doubled Gold Creek acreage to 195 net sections
• Closed US$125 million Senior Secured Second Lien financing and drew $30 million of equity in 3Q2016
• Accelerated development at Edson to two rigs and commenced 3-well winter program at Gold Creek
Chris Theal, Chief Financial Officer
We’re always looking for talented people to join our team. At Velvet, we value our employees and recognize them as the driving force behind our success.
