CALGARY, A.B. – Crew Energy has announced the results of a corporate reserves report that highlights the company’s 2016 Montney drilling program.
During 2016 the company says that its primary focus was on developing the West Septimus area, resulting in 1P and 2P reserves increasing 66 percent to 81 million barrels of oil equivalent and 53 percent to 154.8 mmboe, respectively compared to 2015.
Continuing strong performance of Crew’s original Lower Montney well at Septimus resulted in a 17% increase in the 2P EUR reserve assignment to 5.6 billion cubic feet for this well, further demonstrating the significant potential of this largely unbooked resource. The Company will continue to pursue an optimal completion design for the Lower Montney as we further delineate this interval across our land base.
Crew’s 2016 reserves evaluation reflects a successful drilling program highlighted by a growing potential drilling inventory with 171 proved undeveloped Montney locations and 356 2P undeveloped Montney locations assigned in the report, representing an increase of 41 percent and 32 percent over 2015.
Crew’s $200 million 2017 capital budget is planned to be approximately 90 percent allocated to Montney drilling and completions activities, which is anticipated to result in Montney production growth of more than 40% while exiting the year at greater than 30,000 boe per day.