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
Ferguson Field, Alberta
Acquired by IPC in 2020, the Ferguson asset is a high netback, light oil field in Southern Alberta. The core pool produces high-quality ~30 API oil, and is under a successful gas injection enhanced oil recovery (EOR) scheme, with a significant inventory of infill drilling opportunities.
The pool was discovered in 2012 and in 2013 a gas injection enhanced oil recovery (EOR) scheme was established in the core producing area (Ferguson Alberta Bakken Oil Fairway). The pilot project has since expanded to a full-scale, highly successful EOR program, the approval area for which covers the bulk of the core producing area. IPC’s operational focus at Ferguson is on extending the core pool area’s EOR program to create high-value, long-life, low-decline production and drilling highly capital-efficient wells that will return significant value for years to come.
IPC is operator of the Ferguson Oil asset holding 100% working interest.
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.
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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.
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.
Notice of Amalgamation
Effective June 1, 2019
Take notice that effective June 1, 2019, BlackPearl Resources Inc. and IPC Alberta Ltd., both wholly owned subsidiaries of International Petroleum Corporation, have amalgamated in accordance with the Business Corporations Act (Alberta). The amalgamated corporation will operate under the name IPC Canada Ltd. A copy of the Certificate of Amalgamation can be downloaded by clicking the following link- Certificate of Amalgamation
As a result of the foregoing, effective immediately the address for service for all matters relating to BlackPearl Resources Inc. and IPC Alberta Ltd., including payments, notices, invoices and correspondence is as follows:
IPC Canada Ltd.
900, 215 – 9th Avenue SW
Calgary, AB T2P 1K3
Kindly circulate this notice to all departments within your organization and amend your records accordingly such that all further business relating to BlackPearl Resources Inc. and IPC Alberta Ltd. are directed to and in the name of IPC Canada Ltd. No specific conveyance documentation is required in this instance.
Please continue to contact your respective department representatives for all other day-to-day matters. For any other matters pertaining to this notice, please contact our office at the above noted address or by telephone at 403-215-8313.
General Counsel Canada and Corporate Secretary
¹ On a well-count basis