Suffield Area, Alberta

Acquired by IPC early in 2018, the Suffield area assets are conventional oil and natural gas assets held over a large, contiguous land position of 800,000 net acres of shallow natural gas rights and 100,000 net acres of oil rights. Production and reserves from the assets come from conventional shallow oil and gas wells. These stable, low-decline producing fields have low production costs and significant future development potential from a combination of low risk development drilling, well stimulation and enhanced oil recovery opportunities.

Oil is produced from the Suffield area assets using both enhanced (EOR) and conventional recovery methods via water drive with pumped multi-lateral horizontal wells. The production is collected in a network of pipelines and transported to a central processing facility. In 2018, IPC recommenced conventional oil well drilling at Suffield, successfully bringing the N2N pool EOR facility and alkaline surfactant polymer (ASP) injection programme online in 2019.

Sweet natural gas production in the Suffield area is via shallow wells producing from multiple formations. The wells produce into a network of natural gas pipelines with a number of compressor stations. In 2018, IPC commenced a multi-year gas optimisation programme with a ramp up in well swabbing activity and an extensive well recompletion programme targeting underdeveloped production zones.

IPC is operator of the Suffield Oil asset holding 100% working interest.
IPC is operator of the Suffield Gas asset holding 99.7%¹ working interest.
¹ On a well-count basis

Onion Lake Thermal, Saskatchewan

Acquired by IPC in 2019, Onion Lake Thermal is a conventional heavy oil property located in the Lloydminster area in Saskatchewan. The Onion Lake property is made up of a 14,000 boepd heavy oil thermal project with a reserve life of over 20 years.

Oil is produced from the Onion Lake Thermal assets utilising a modified SAGD (steam-assisted-gravity-drainage) technique, steam is injected in the direction of the reservoir in a matrix type formation generating steam heat chambers around the horizontal sections of strategically placed production wells, maximising steam oil ratio efficiency, production rates and ultimate recovery. The production is collected in a common pipeline system and routed to processing facilities. In early 2019, a steam optimisation project was completed at the processing facility lifting Onion Lake Thermal name-plate capacity to 14,000 boepd.

IPC is operator of the Onion Lake Thermal asset holding 100% working interest.

Canada Northern Conventional and EOR (Other)

In addition, IPC holds conventional heavy oil assets at Onion Lake Primary, Mooney (EOR), John Lake and Graindale with production capacity of ~2,500 boepd.

Blackrod, Alberta

Regulatory approval has been received for an 80,000 boepd SAGD (steam-assisted-gravity-drainage) oil sands project at Blackrod. The delineated resource contains 1 billion boe of best estimate contingent resource.

For the last 6 years, a SAGD pilot at Blackrod has been operated, which has validated both commercial production rates and a corresponding steam oil ratio. Further pilot well testing and project optimisation studies are planned through 2020 to increase productivity, reduce capital costs and strengthen overall value.