Olds
Cardium & Viking Formations
The Cardium is a large well known tight unconventional oil play located in South Central Alberta and extends up into Eastern British Columbia and down into Montana. Pengrowth has interest in 35 net sections within the Cardium Garrington trend. Recent technological advancements in multi-stage horizontal drilling is opening new doors for this exciting resource play, as areas which were once uneconomic are now being exploited. There is very little geological risk in this area as it is a legacy resource that has been drilled thousands of times throughout the years.
The Viking formation is also legacy pool that has been developed since the 1950s with older technology methods, yet now stands to be rediscovered with advancements in drilling technologies.
Both plays' low risk, repeatable characteristics make them ideal fits for Pengrowth's value creation strategy.
Olds/Harmattan
The Olds and Harmattan areas are situated approximately 95 kilometres north west of Calgary, Alberta. These fields are important assets to Pengrowth from a production and infrastructure basis.
Olds is characterized by very long life reserves, providing stable operating cash flows. The field also provides multi-zone potential for increased production.
The Olds Gas Plant presents a unique opportunity for Pengrowth to attract additional third party volumes. The plant has a gross capacity of 84 mmcf per day but is currently running at approximately 57 percent capacity.
Property Highlights Include:
- First well drilled in the area in 1952 by Shell Oil Company of Canada
- Olds Gas Plant acquired with Esprit business combination in 2006. Harmattan property aquired as part of ConocoPhilips transaction in 2007.
- Pengrowth owns and operates 100 percent of Olds Gas plant which was built in 1964
- Region spans over 1,700 square miles
- Accounts for about 14 percent of Pengrowth’s production
- Olds produces sour natural gas, which is processed into elemental sulphur, liquids and residue gas.
- Harmatten production is predominantly sweet natural gas and sour oil.
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Viking Cardium Map
