- Velvet Energy has updated its corporate presentation. You can find the link at the bottom of our homepage at https://t.co/A1fMyQT09F. 3 months ago
Velvet Energy has updated its corporate presentation. You can find the link at the bottom of our homepage at https://t.co/A1fMyQT09F.
3 months ago
Velvet Energy Ltd. Completes Acquisition of Iron Bridge Resources Inc. https://t.co/QTCIqR2cQU
5 months ago
Iron Bridge Resources Inc. Announces Shareholder Approval of Amalgamation with Velvet Acquisition Company Ltd. https://t.co/jEjsPLUIRh
5 months ago
VELVET ENERGY LTD. & IRON BRIDGE RESOURCES INC. JOINTLY ANNOUNCE AMALGAMATION AGREEMENT https://t.co/4BWkv6ySCb
6 months ago
VELVET OFFER FOR IRON BRIDGE RESOURCES EXPIRES. 87.73% of Iron Bridge common shares tendered
6 months ago
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 Energy Operations
Velvet’s operations are focused in the light oil window of the Montney in Alberta and northeast B.C. and in the liquids rich window of the Deep Basin of Alberta. The Company produces 14,000 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 has drilled 26 gross/net wells in the black oil window of the Montney in the Karr/Gold Creek area of northwest Alberta. With the acquisition of Iron Bridge Resources Inc. in 2018, Velvet now controls 230 net sections of land at Karr/Gold Creek, where it produces 17,000 boe/d. The company also has a portfolio of early phase exploration lands, targeting Montney light oil at Pouce and Flatrock, B.C. Two wells were drilled at Pouce in 2018, with one well tied in during September last year.
Chronology of Growth
• 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
Drew $50MM of equity. Concluded multi-zone evaluation of Deep Basin stack. Brought 16-14 Ellerslie hz onstream.
Completed construction and filled equity interest in new 54mmcf/d fit-for-purpose gas and NGL plant at Zeta Creek. On time and on budget.
Edson development accelerated with 2nd rig. Additional land acquisition opportunities in Gold Creek. Drew $50MM of equity.
Completed 15-7 oil well in the Montney at Gold Creek. Doubled Gold Creek landholdings to 195 net sections via asset & Crown land acquisitions.
Closed US$125MM Senior Secured Second Lien Financing. Drew $30MM of equity.
Velvet Energy Ltd. Production Growth
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.