Whitecap employs a strategy of acquiring sustainable assets with large Discovered Petroleum Initially In Place ("DPIIP") and low current recovery factors and moving them through the development chain by converting contingent resources → probable reserves → proven reserves → producing reserves (cash flow). Since inception in September 2009, Whitecap has aggregated a significant light oil resource base which provides a solid foundation for continued growth and results on a per share basis.
Our portfolio of assets has stable production and low base declines which provide our shareholders with a predictable cash flow stream for monthly dividend payments and the large resource in place allows us to grow on a per share basis.
To learn more about our assets, roll over each area on the map below:
Our Boundary Lake property is located primarily in northeast British Columbia on the Alberta/B.C. border, just east of Fort St. John, and is characterized by shallow declines and a predictable production base within an active waterflood. The key characteristics of this legacy oil pool are high working interest, operated, light 35° API oil and a consistent decline of 5% over the past 30 years.
Our Valhalla North property is located in the Peace River Arch area of Alberta and is characterized by shallow declines and a predictable production base. The primary reservoir that we are currently focused on is the Montney Sexsmith oil pool and associated waterflood. The key characteristics of the pool are light 36° API oil, homogeneous reservoir quality and no original moveable water formation. Development to expand the waterflood to the entire pool as well as offsetting pool extensions is underway.
Our Deep Basin properties, which include Karr, Simonette, Kakwa, Elmworth and Wapiti, are located southwest of Grande Prairie, Alberta. The primary reservoirs being developed are the Dunvegan and Cardium, which are light sweet (39° - 42° API) oil. Both reservoirs are characterized by a thick oil columns with significant oil in place per unit area. This area is being developed with horizontal multi-fracture wells, including extended reach horizontals (ERH’s,) that exhibit a lower decline profile than many areas due to the significant oil in place.
Our Cardium producing areas are primarily located in the Pembina, Garrington, Ferrier and Willesden Green areas of West Central Alberta. The key characteristics of the Cardium in these areas are light 40° API oil with geology and oil resource mapping that is well defined with legacy vertical wells. There is no significant mobile formation water in the Cardium which results in predictable declines and production profiles. Several of these legacy pools are under active waterflood which has the impact of lowering pool declines and increasing the percentage of the oil in place which is recoverable. Performance of these waterfloods has been improving with optimization efforts.
Our Elnora producing property is located southeast of Red Deer, Alberta. This recent conventional light oil Nisku discovery is one of the largest discoveries of its kind in the last 20 years. The key characteristics of this property are light sweet 35° API oil, excellent reservoir quality, with a natural aquifer waterdrive, supplemented with water injection, which provides prolific and predictable production.
Our SW Saskatchewan suite of assets are concentrated just west of Swift Current and are characterized by predictable low base declines (7%), medium crude (21° API) production. Multiple active Waterfloods are sustaining the area as well as 3 established ASP (Alkaline Surfactant Polymer) floods with 92% of production coming from Enhanced Recovery. Additional Waterflood and ASP potential exists, and will be part of our ongoing development programs. The primary formations being targeted in the area are Atlas, Success, Roseray, and Shaunavon. The properties have not seen significant development over the last several years, and Whitecap will utilize horizontal wells, multistage fracing technology, and conventional optimization efforts to further develop these assets.
Our Lucky Hills, Whiteside, Kerrobert, and Eagle Lake areas are located in West Central Saskatchewan. The primary reservoir that we are currently focused on developing is the Viking resource oil play. The key characteristics of this play is light 38° – 40° API oil, predictable geology and production profiles as well as consistent and repeatable economics. Lucky Hills and Whiteside are characterized by prolific horizontal primary oil development wells with quick payouts and a predictable high netback production profile. The Eagle Lake property is characterized by predictable low decline waterflood supported production from legacy vertical and horizontal infill wells. Additional development is ongoing through the drilling of infill horizontal wells and reactivation of the waterflood to increase reserve recoveries. Kerrobert is very much analogous to Eagle Lake with reservoir properties conducive to successful waterflooding. The Kerrobert waterflood in it’s infancy of development, relative to Eagle Lake, and as a result has significant upside related to reserve recovery and decline stabilization.