Crew Energy Inc. is a light oil and natural gas producer operating and based in Western Canada. It has over 612,000 acres (2,480 km2) of undeveloped land representing 71% of the total land base (Jan.2011).
Production currently takes place in Alberta and NE British Columbia (Pesisko is at the southern border of the 2 provinces). The company has begun experiencing rapid growth especially at Princess, Alberta where production rose almost 4 fold between 2008 and the end of 2010 (2,200 boe/d –> 8,000 bbl/d (1,300 m3/d) equivalent).
Unlike many of its Canadian counterparts Crew puts a lot of emphasis on natural gas and light oil. It also operates natural gas processing facilities (West Tide Lake at Princess, Alberta, the infrastructure there is 100% owned). The company is 12% owned by its employees. Helping the company is its recycle ratios (gets back much of the money it invests in projects, from those projects/operations). Also, its most important asset (Princess) doesn’t require fracture stimulation, giving Crew more control.
2P reserves are 65.7 Mbbl (10,450,000 m3) equivalent (2010 end which is about twice what they were at the end of 2008) about a third of which is natural gas (122×109 cu ft (3.5×109 m3)). Production in the fourth quarter of 2010 was 14,500 bbl/d (2,310 m3/d) equivalent but the company is planning on using its $210 million capital budget to increase that by 30% for 2011 (up to 19,000 bbl/d (3,000 m3/d) equivalent, 52% light oil).
Traded as: Public TSX: CR
Industry: Oil, NGL’s
Founded: 2003
Headquarters: Calgary, AB
Products: coalbed methane, light oil, natural gas
Subsidiaries: Crew Resources
Website: www.crewenergy.com