- Velvet Energy and Iron Bridge Resources Announce Successful Tender and Take-up of 81.98% of Iron Bridge Common Shar… https://t.co/FgJ5lh1WGl 12 hours ago
Velvet Energy and Iron Bridge Resources Announce Successful Tender and Take-up of 81.98% of Iron Bridge Common Shar… https://t.co/FgJ5lh1WGl
12 hours ago
Velvet Energy Reminds Shareholders of Offer Expiry and Encourages Iron Bridge Shareholders to Tender Their Shares t… https://t.co/Vz4WsfIxD8
5 days ago
Velvet Energy and Iron Bridge Resources Agree to Terms of Friendly Transaction with Unanimous Approval from Iron Br… https://t.co/wr5z3uQCLw
2 weeks ago
Iron Bridge’s Dismal Second Quarter Results Show Material Underperformance and Financial Distress; Reinforce Velvet… https://t.co/kgjwtsonmV
1 month ago
Iron Bridge's continued operational underperformance underscores rationale for shareholders to tender their shares… https://t.co/CanqZ1KXai
2 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 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.
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.