Calgary – Crew Energy plans to maintain its recompletion and workover program in the Lloydminster area in 2015, but will defer new drilling until commodity
prices recover. In fact, Crew has shut-in wells producing about 600 barrels per day near Lloydminster.
In total, the company has shut-in about 1,000 barrels of oil equivalent per day of heavy oil and natural gas production announced on Jan. 6.
The company has also hedged 39 per cent of its natural gas and 27 per cent of its oil for 2015 “to maintain financial strength during
this period of volatility.”
The news came with the release of Crew’s 2015 capital budget of up to $185 million that will target growth of their core Montney liquids-rich gas play in
northeastern British Columbia.
“This capital budget is designed to generate growth from our highquality asset base, retain our financial flexibility, and target a 13 per cent year-over-year increase
in our fourth quarter average production volumes,” said the company on Jan 6.
Crew expects to produce an average of 20,000 to 22,000 boepd in 2015 with a fourth quarter output of between 24,000 to 25,000 boepd. During the first half
of 2015, Crew plans to complete the second 60 million cubic feet per day gas processing facility at West Septimus in the Montney area.
That will double Crew’s natural gas and liquids handling capacity in the area, and enable them to complete 12 wells which are planned to be tied-in to this facility during the second half of the year.
Plans also calls for the drilling of eight new well pads at Septimus in 2015. At its light oil play at Tower B.C. Crew plans to drill two new wells and complete two
wells.
