Canadian Oil & Gas Upstream M&A Activity Heats Up in October 2015

Analysis in CanOils’ new report “Canadian M&A Activity Heats Up in October 2015” shows that Canadian oil and gas upstream sector had Cdn$7.3 billion of M&A deals announced during October 2015. The bulk of this value is made up of Suncor’s Cdn$6.6 billion takeover bid for Canadian Oil Sands Limited, which was featured in September’s M&A review from CanOils. Even if the Suncor bid had not been made, the remaining monthly total of around Cdn$748 million would still be the highest monthly total since June 2015.


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

The vast majority of this Cdn$748 million total was composed of PKN Orlen making an offer to acquire Kicking Horse Energy, and both Penn West and Pengrowth divesting non-core assets to meet their respective disposition targets. There were also a few important sales by Canadian companies overseas, including Encana exiting the D.J. Basin in the U.S. and Mart Resources finding a buyer in the form of a local Nigerian company.

These deals display an increase in Canadian oil and gas upstream M&A activity and form the main focus of this month’s M&A review, which also includes a detailed look at all of the main M&A stories for Canadian companies both in Canada and abroad. The report also provides a rundown of all assets that were put up for sale in October, including a look into the assets being made available by Cequence Energy’s decision to begin evaluating strategic alternatives.

Top 5 Deals in Canada in October 2015


Source: CanOils M&A Database. Note: Excludes international deals involving Canadian companies. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Download the full report here


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Insights from CanOils’ M&A database, as well as data from CanOils’ Assets, Financings, Financial & Operating and Oilsands databases, help to provide a thorough, independent overview of the month’s biggest deals in the Canadian oil and gas industry in this report. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.


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This upgrade and the plethora of new functionality that comes with it makes the CanOils Assets tool far more comprehensive and flexible to suit any number of specific data requirements, saving our subscribers countless hours of timeRequest a demonstration of this new functionality and see how CanOils Assets can help you.

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Uses of CanOils Assets and the New Land Querying Functionality:

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  • Quickly compare land holdings of Canadian oil and gas companies side by side with automatic colour coding
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Example Map 1: Encana Corporation: Selected Wells and Land on Alberta/British Columbia Border


Source: CanOils Assets – Click here for map legend

Example Map 2: Comparison of Selected Company Land Positions in the Alberta Montney


Source: CanOils Assets

For more information on CanOils Assets, click here.

For more specific examples on how the new land querying functionality and the rest of the data available with a CanOils Assets subscription can help you achieve your analysis goals, please request a demonstration at this link.


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U.S. Oil & Gas Company Earnings Take a Huge Hit in Q3 2015

Since commodity prices began to drastically fall in Q4 2014, U.S. oil and gas companies in the upstream sector have seen their respective net incomes drop significantly. Operating margins have been tightly squeezed and assets have suffered major impairments. The low price environment has endured throughout 2015 and, as a result, Q3 2015 earnings for U.S. companies are the lowest since prices began to fall in Q4 2014.

Evaluate Energy has analysed the preliminary Q3 earnings statements of 48 U.S. companies and compared it with their earnings in previous periods. The 48 companies had a combined total net loss of US$25.5 billion, which is a staggering 70% and 58% larger than these companies’ significant combined net losses of US$14.9 billion and US$16.6 billion in Q1 and Q2 2015 respectively (see note 1).


Source: Evaluate Energy, see note 1. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

Impairments Skyrocket in Latest Set of Quarterly Results

Impairments (see note 2) are clearly the main reason for this continued downward trend. Evaluate Energy released a similar piece of analysis earlier this year focused on U.S. company impairments in Q4 2014. In Q3 2015, impairments for U.S. companies have not only continued to be recorded due to low prices, they are in fact significantly larger.

Of the 48 companies in this study, only 10 did not report any kind of impairment in their earnings statements, while the remaining 38 collectively reported impairments totalling US$32.8 billion in Q3 2015. This is a 79% increase over last quarter’s combined impairments of US$18.4 billion for the full group of 48 companies. In total, since prices began to drop in Q4 2014, the 48 companies have recorded a grand total of US$84.6 billion in impairments and Q3 2015’s total makes up 39% of this.


Source: Evaluate Energy, see note 2. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

On an individual company basis, Devon Energy Corporation (NYSE:DVN) reported the largest impairment this quarter at US$5.9 billion. Devon has been recording impairments all year; this quarter’s US$5.9 billion represents around 38% of 2015 impairments. Of the companies that recorded this quarter’s biggest impairments, Occidental Petroleum Corp. (NYSE:OXY), Murphy Oil Corporation (NYSE:MUR), Whiting Petroleum Corporation (NYSE:WLL) and Carrizo Oil & Gas Inc. (NASDAQ:CRZO) suffered over 90% of their respective impairments for the year in Q3 2015. Whiting’s impairments were especially noteworthy as the US$1.7 billion figure of asset impairments in the chart below does not include an additional US$870 million of goodwill impairments associated with its acquisition of Kodiak Oil & Gas, which only recently closed in December 2014.


Source: Evaluate Energy, see note 2. Sign up to the CanOils & Evaluate Energy Mailing List here and be informed as soon as new analysis reports like this are available.

All data in this report was pulled together using the Evaluate Energy database, which provides clients with efficient data solutions for oil and gas company analysis. This includes over 25 years of financial and operating data for the world’s biggest and most significant oil and gas companies, M&A deals, a global E&P assets and LNG database, and an emerging product that focuses on the North American shale industry.


1) Net income/Loss here refers to post-tax net earnings on the 48 companies’ income statements; the figures have not been adjusted for non-recurring items such as impairments, gains or losses on asset sales or unrealised gains or losses on hedging contracts.

2) Impairments are taken from the income statement of each company and refer to impairments of assets, i.e. property and equipment, only. Impairments related to financial assets, investments or goodwill are not included.

3) The 48 companies were chosen as they had all reported preliminary results by the morning of November 5, 2015 (UK time).

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Canadian Upstream Oil & Gas M&A Rebounds in September 2015

Analysis in CanOils’ new report “Upstream M&A Value in Canada Rebounds in September 2015” shows that September was the biggest month for Canadian M&A activity since May, if the three deals announced in 2015 with a value of over Cdn$1 billion are excluded. The Canadian oil and gas sector had Cdn$563 million of upstream M&A deals announced during September 2015. It marks a steep improvement on the approximate Cdn$59 million of deals that were witnessed during August 2015. The low value of August 2015 was also the lowest monthly total in at least the past 8 years, as the double dip in oil price experienced that month, allied with an already deflated gas price, led to a tentative industry. October has started with a bang as Suncor Energy bid Cdn$6.6 billion for Canadian Oil Sands Limited. The new report is the first of CanOils’ new monthly reviews of Canada’s M&A industry, in which all the month’s major deals, deal stories and assets for sale will be looked at in depth using data from all of CanOils’ databases, including CanOils Assets.


Source: CanOils M&A Database. *Note: October deal value correct as of Friday October 9, 2015. Deals allocated according to the month they were announced, rather than completed.

Of course, the above chart is dominated by the deals/potential deals of over Cdn$1 billion. In May, Crescent Point Energy Corp. announced the acquisition of Legacy Oil + Gas Inc., in June, Cenovus Energy Inc. announced that the Ontario Teachers’ Pension Plan was acquiring its royalty business and then in early October, Suncor Energy made a $6.6 billion bid for its Syncrude partner Canadian Oil Sands Limited.

If we exclude these three deals, the increase in activity in September is easier to see. In fact, activity aside from major deals picked up to its highest level in terms of overall value since May.


Source: CanOils M&A Database. *Note: October deal value correct as of Friday October 9, 2015. Deals allocated according to the month they were announced, rather than completed.

Inside this Month’s Canadian M&A Report:

Suncor Energy Making Waves in the Oilsands Mining Industry

Suncor Energy is a huge part of the upturn in deal value in recent weeks and is undoubtedly the major focus of this month’s report “Upstream M&A Value in Canada Rebounds in September 2015”. Not only did it make an offer for Canadian Oil Sands in what could prove to eventually be Canada’s biggest deal of 2015 should it ever complete, it also increased its ownership in the Fort Hills mine project in a Cdn$310.0 million deal for an extra 10% interest from Total. Both deals, along with Canadian Oil Sands’ immediate response to Suncor’s offer, are analysed in detail in this month’s report.


  • Penn West Exploration and Cardinal Energy strike deal for waterflood assets in Central Alberta
  • Pengrowth Energy, Bellatrix Exploration and Black Swan Energy all selling assets
  • A round up of all the deal stories impacting Canada’s oil and gas industry in September and the very start of October.


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Insights from CanOils’ M&A database, as well as data from CanOils’ Assets, Financings, Financial & Operating and Oilsands databases, help to provide a thorough, independent overview of the month’s biggest deals in the Canadian oil and gas industry in this report. Image cover is sourced from Syncrude’s Flickr account and cropped to fit the required space.

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List of Canadian Oil & Gas Companies

There are 100s of Oil & Gas companies operating inside Canada varying from large international players such as Suncor Energy Inc. and Cenovus Energy Inc., right down to small junior players based in Alberta. The Evaluate Energy Database provides coverage of every single publicly listed Canadian Oil and Gas Companies on the TSX and the TSX-Venture exchanges, providing clients with all their production data, their financials, M&A deals and much more.

Find out more about Evaluate Energy’s financial and operating database at this link.

Canadian oil and gas companies

(Production-based peer groups set as of June 30th, 2016)

Seniors (+100,000 boe/d)

  • ARC Resources Ltd. (TSX:ARX)
  • Canadian Natural Resources Ltd. (TSX:CNQ)
  • Cenovus Energy Inc. (TSX:CVE)
  • Crescent Point Energy Corp (TSX:CPG)
  • Encana Corporation (TSX:ECA) – later renamed to Ovintiv Inc. and relocated HQ to the United States.
  • Husky Energy Inc. (TSX:HSE)
  • Imperial Oil Ltd. (TSX:IMO)
  • Peyto Exploration & Development Corp. (TSX:PEY)
  • Suncor Energy Inc. (TSX:SU)
  • Tourmaline Oil Corp. (TSX:TOU)

Intermediates (10,000 – 100,000 boe/d)

  • Advantage Oil & Gas Ltd. (TSX:AAV)
  • Athabasca Oil Corporation (TSX:ATH)
  • Bankers Petroleum Ltd (TSX:BNK)
  • Baytex Energy Corp. (TSX:BTE)
  • Bellatrix Exploration Ltd. (TSX:BXE)
  • Birchcliff Energy Ltd. (TSX:BIR)
  • Bonavista Energy Corporation (TSX:BNP)
  • Bonterra Energy Corp. (TSX:BNE)
  • Canacol Energy Ltd. (TSX:CNE)
  • Cardinal Energy Inc. (TSX:CJ)
  • Cequence Energy Ltd. (TSX:CQE)
  • Crew Energy Inc. (TSX:CR)
  • Enerplus Corporation (TSX:ERF)
  • Freehold Royalties Ltd. (TSX:FRU)
  • Gran Tierra Energy Inc. (TSX:GTE)
  • Kelt Exploration Ltd. (TSX:KEL)
  • Lightstream Resources Ltd. (TSX:LTS)
  • MEG Energy Corp. (TSX:MEG)
  • Niko Resources Ltd. (TSX:NKO)
  • Northern Blizzard Resources Inc. (TSX:NBZ)
  • NuVista Energy Ltd. (TSX:NVA)
  • Painted Pony Petroleum Ltd. (TSX:PPY)
  • Paramount Resources Ltd. (TSX:POU)
  • Parex Resources Inc. (TSX:PXT)
  • Pengrowth Energy Corporation (TSX:PGF)
  • Penn West Petroleum Ltd. (TSX:PWT)
  • Perpetual Energy Inc. (TSX:PMT)
  • Pine Cliff Energy Ltd. (TSX-V:PNE)
  • PrairieSky Royalty Ltd. (TSX:PSK)
  • Raging River Exploration Inc. (TSX:RRX)
  • RMP Energy Inc. (TSX:RMP)
  • Seven Generations Energy Ltd. (TSX:VII)
  • Spyglass Resources Corp. (TSX:SGL)
  • Storm Resources Ltd. (TSX-V:SRX)
  • Surge Energy Inc. (TSX:SGY)
  • TORC Oil & Gas Ltd. (TSX:TOG)
  • TransGlobe Energy Corporation (TSX:TGL)
  • Trilogy Energy Corp. (TSX:TET)
  • Twin Butte Energy Ltd. (TSX:TBE)
  • Vermilion Energy Inc. (TSX:VET)
  • Whitecap Resources Inc. (TSX:WCP)


Juniors (1,000 – 10,000 boe/d)

  • Anderson Energy Inc. (TSX:AXL)
  • Argent Energy Trust (TSX:AET-UN)
  • Arsenal Energy Inc. (TSX:AEI)
  • BlackPearl Resources Inc. (TSX:PXX)
  • BNK Petroleum Inc. (TSX:BKX)
  • Chinook Energy Inc. (TSX:CKE)
  • Connacher Oil and Gas Limited (TSX:CLC)
  • Corridor Resources Inc. (TSX:CDH)
  • Crown Point Energy Inc. (TSX-V:CWV)
  • CUB Energy Inc. (TSX-V:KUB)
  • Delphi Energy Corp. (TSX:DEE)
  • Dundee Energy Limited (TSX:DEN)
  • Eagle Energy Trust (TSX:EGL-UN)
  • Epsilon Energy Ltd. (TSX:EPS)
  • Gear Energy Ltd. (TSX:GXE)
  • Granite Oil Corp. (TSX:GXO)
  • Greenfields Petroleum Corporation (TSX-V:GNF)
  • Ikkuma Resources Corp. (TSX-V:IKM)
  • Ithaca Energy Inc. (TSX:IAE)
  • Journey Energy Inc. (TSX:JOY)
  • Jura Energy Corp. (TSX:JEC)
  • Leucrotta Exploration Inc. (TSX-V:LXE)
  • Madalena Energy Inc. (TSX-V:MVN)
  • Manitok Energy Inc. (TSX-V:MEI)
  • Marquee Energy Ltd. (TSX-V:MQL)
  • Orca Exploration Group Inc. (TSX-V:ORC.B)
  • PetroRio S.A. (TSX-V:PRJ)
  • PetroShale Inc. (TSX-V:PSH)
  • Petrus Resources Ltd. (TSX:PRQ)
  • Quattro Exploration & Production Ltd. (TSX-V:QXP)
  • Questerre Energy Corporation (TSX:QEC)
  • Questfire Energy Corp. (TSX-V:Q.A)
  • Rooster Energy Ltd. (TSX-V:COQ)
  • Southern Pacific Resource Corp. (TSX:STP)
  • Spartan Energy Corp. (TSX:SPE)
  • Spyglass Resources Corp. (TSX:SGL)
  • Sterling Resources Ltd. (TSX-V:SLG)
  • Strategic Oil & Gas Ltd. (TSX-V:SOG)
  • TAG Oil Ltd. (TSX:TAO)
  • Tamarack Valley Energy Ltd. (TSX-V:TVE)
  • Terra Energy Corp. (TSX:TT)
  • Tethys Petroleum Ltd (TSX:TPL)
  • Toscana Energy Income Corporation (TSX:TEI)
  • Touchstone Exploration Inc. (TSX:TXP)
  • TransAtlantic Petroleum Ltd. (TSX:TNP)
  • Virginia Hills Oil Corp. (TSX-V:VHO)
  • Yangarra Resources Ltd. (TSX:YGR)
  • Zargon Oil & Gas Ltd. (TSX:ZAR)

Emerging Juniors (0 – 1,000 boe/d)

  • 3MV Energy Corp. (TSX-V:TMV)
  • Abenteuer Resources Corp. (TSX-V-:ABU)
  • ACL International Ltd. (TSX-V:ACL)
  • Adira Energy Ltd. (TSX-V:ADL)
  • Africa Energy Corp. (TSX-V:AFE)
  • Africa Hydrocarbons Inc. (TSX-V:NFK-H)
  • Alberta Oilsands Inc. (TSX-V:AOS)
  • Altura Energy Inc. (TSX-V:NS)
  • Alvopetro Energy Ltd. (TSX-V:ALV)
  • Anterra Energy Inc (TSX-V:AE.A)
  • Antrim Energy Inc. (TSX-V:AEN)
  • Aroway Energy Inc. (TSX-V:ARW)
  • Artisan Energy Corporation (TSX-V:AEC)
  • Avanti Energy Inc. (TSX-V:AVN)
  • Azabache Energy Inc. (TSX-V:AZA)
  • Bayshore Petroleum Corp. (TSX-V:BSH)
  • Bengal Energy Ltd. (TSX:BNG)
  • Big Sky Petroleum Corporation (TSX-V:BSP)
  • Blackbird Energy Inc. (TSX-V:BBI)
  • Blackhawk Resource Corp. (TSX-V:BLR)
  • Blacksteel Energy Inc. (TSX-V:BEY)
  • Border Petroleum Corp. (TSX-V:BOR)
  • Caiterra International Energy Corp. (TSX-V:CTI)
  • Canada Energy Partners Inc. (TSX-V:CE)
  • Canadian Overseas Petroleum Limited (TSX-V:XOP)
  • Canadian Spirit Resources Inc. (TSX-V:SPI)
  • Cardiff Energy Corp. (TSX-V:CRS)
  • Caspian Energy Inc. (TSX-V:CKZ.H)
  • Cerus Energy Group Ltd (TSX-V:CEA)
  • CGX Energy Inc. (TSX-V:OYL)
  • Cobra Venture Corporation (TSX-V:CBV)
  • Compass Income Fund (TSX:CMZ-UN)
  • Condor Petroleum Inc. (TSX:CPI)
  • Cypress Hills Resource Corp. (TSX-V:CHY.H)
  • Detector Exploration Ltd. (TSX-V:DEX)
  • Doxa Energy Ltd. (TSX-V:DXA)
  • DualEx Energy International Inc. (TSX-V:DXE)
  • DXI Energy Inc. (TSX:DXI)
  • East West Petroleum Corp. (TSX-V:ESB.H)
  • EastSiberian Plc (TSX-V:ESB)
  • Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG)
  • Edge Resources Inc. (TSX-V:EDE)
  • Emerald Bay Energy Inc. (TSX-V:EBY)
  • EnerGulf Resources Inc. (TSX-V:ENG)
  • Esrey Energy Ltd. (TSX-V:EEL)
  • Falcon Oil & Gas Ltd. (TSX-V:FO)
  • Front Range Resources Ltd. (TSX-V:FRK)
  • Golden Coast Energy Corp. (TSX-V:GCE)
  • Groundstar Resources Limited (TSX-V:GSA)
  • GrowMax Resources Corp. (TSX-V:BOE)
  • Guardian Exploration Inc. (TSX-V:GX)
  • Hawk Exploration Ltd. (TSX-V:HWK.A)
  • Hemisphere Energy Corporation (TSX-V:HME)
  • High North Resources Ltd. (TSX-V:HN)
  • Horizon Petroleum Plc (TSX-V:HPL)
  • Huntington Exploration Inc. (TSX-V:HEI)
  • International Frontier Resources Corporation (TSX-V:IFR)
  • Ironhorse Oil & Gas Inc. (TSX-V:IOG)
  • Jaguar Resources Inc. (TSX-V:JRI)
  • Jericho Oil Corporation (TSX-V:JCO)
  • Junex Inc. (TSX-V:JNX)
  • Kingsland Energy Corp. (TSX-V:KLE)
  • Knol Resources Corp. (TSX-V:NOL.H)
  • KR Investment Ltd. (TSX-V:KR)
  • Lariat Energy Ltd. (TSX-V:LE)
  • Loon Energy Corporation (TSX-V:LNE)
  • Margaux Resources Ltd. (TSX-V:MRL)
  • Marksmen Energy Inc. (TSX-V:MAH)
  • Marsa Energy Inc. (TSX-V:MEP)
  • Maxim Resources Inc. (TSX-V:MXM)
  • McChip Resources Inc. (TSX-V:MCS)
  • MCW Energy Group Ltd. (TSX-V:MCW)
  • MENA Hydrocarbons Inc. (TSX-V:MNH)
  • Mitra Energy Inc. (TSX-V:MTE)
  • MNP Petroleum Corp. (TSX-V:MNP)
  • Montana Exploration Corp. (TSX-V:MTZ)
  • Morumbi Resources Inc. (TSX-V:MOC)
  • Mount Dakota Energy Corp. (TSX-V:MMO)
  • Mountainview Energy Ltd. (TSX-V:MVW)
  • New Zealand Energy Corp. (TSX-V:NZ)
  • Newton Energy Corporation (TSX-V:NTN.H)
  • Nordic Oil and Gas Ltd. (TSX-V:NOG)
  • North Sea Energy Inc. (TSX-V:NUK)
  • Octant Energy Corp. (TSX-V:OEL.H)
  • Oil Optimization Inc. (TSX-V:OOI)
  • Oracle Energy Corp. (TSX-V:OEC)
  • Oryx Petroleum Corporation Limited (TSX:OXC)
  • Oyster Oil & Gas Ltd. (TSX-V:OY)
  • Pan Orient Energy Corp (TSX-V:POE)
  • Pennine Petroleum Corp. (TSX-V:PNN)
  • Petrichor Energy Inc. (TSX-V:PTP)
  • Petro One Energy Corp. (TSX-V:POP)
  • Petro Vista Energy Corp. (TSX-V:PTV)
  • Petrodorado Energy Ltd. (TSX-V:PDQ)
  • PetroFrontier Corp. (TSX-V:PFC)
  • Petrolia Inc. (TSX-V:PEA)
  • Petrolympic Ltd. (TSX-V:PCQ)
  • PetroMaroc Corporation Plc (TSX-V:PMA)
  • Petromin Resources Ltd. (TSX-V:PTR)
  • PetroRio S.A. (TSX-V:PRJ)
  • PetroShale Inc. (TSX-V:PSH)
  • Petrox Resources Corp. (TSX-V:PTC)
  • Plate Resources Inc. (TSX-V:PLR)
  • PMI Resources Ltd. (TSX-V:PMI)
  • Point Loma Resources Ltd. (TSX-V:PLX)
  • Primeline Energy Holdings Inc. (TSX-V:PEH)
  • Raimount Energy Inc (TSX-V:RMT)
  • Relentless Resources Ltd. (TSX-V:RRL)
  • Renaissance Oil Corp. (TSX-V:ROE)
  • Ripper Oil and Gas Inc. (TSX-V:RYP.H)
  • Rockbridge Resources Inc. (TSX-V:RBE)
  • Rockefeller Hughes Corp. (TSX-V:RHC)
  • Sahara Energy Ltd. (TSX-V:SAH)
  • San Angelo Oil Limited (TSX-V:SAO)
  • Santa Maria Petroleum Inc. (TSX-V:SMQ.H)
  • SDX Energy Inc. (TSX-V:SDX)
  • Serrano Resources Ltd. (TSX-V:SC)
  • ShaMaran Petroleum Corp. (TSX-V:SNM)
  • Shoreline Energy Corp. (TSX:SEQ)
  • Sienna Resources Inc. (TSX-V:SIE)
  • Silk Road Energy Inc. (TSX-V:SLK)
  • Simba Energy Inc. (TSX-V:SMB)
  • Sintana Energy Inc. (TSX-V:SNN)
  • Sonoro Energy Ltd. (TSX-V:SNV)
  • Standard Exploration Ltd. (TSX-V:SDE)
  • Stetson Oil & Gas Ltd (TSX-V:SSN)
  • Strata-X Energy Ltd. (TSX-V:SXE)
  • Strikewell Energy Corp. (TSX-V:SKK)
  • Taipan Resources Inc. (TSX-V:TPN)
  • Teck Resources Limited (TSX:TCK.B)
  • Tenth Avenue Petroleum Corp. (TSX-V:TPC)
  • Terra Nova Energy Ltd. (TSX-V:TGC)
  • Terrace Energy Corp. (TSX-V:TZR)
  • Toro Oil & Gas Ltd. (TSX-V:TOO)
  • Traverse Energy Ltd. (TSX-V:TVL)
  • Tudor Corporation Ltd. (TSX-V:TDR.H)
  • Tuscany Energy Ltd. (TSX-V:TUS)
  • United Hunter Oil & Gas Corp. (TSX-V:UHO)
  • US Oil Sands Inc. (TSX-V:USO)
  • Valeura Energy Inc. (TSX:VLE)
  • Valparaiso Energy Inc. (TSX-V:VPO.H)
  • Vangold Resources Ltd. (TSX-V:VAN)
  • Vanoil Energy Ltd. (TSX-V:VEL)
  • Vital Energy Inc. (TSX-V:VUX)
  • Wellstar Energy Corp. (TSX-V:WSE)
  • Westbridge Energy Corporation (TSX-V:WEB)
  • WesternZagros Resources Ltd. (TSX-V:WZR)
  • Wilton Resources Inc. (TSX-V:WIL)
  • Wind River Energy Corp. (TSX-V:WVR)
  • X-Terra Resources Inc. (TSX-V:XTT)
  • XXL Energy Corp (TSX-V:XL)
  • Yoho Resources Inc. (TSX-V:YO)
  • Yorkton Ventures Inc. (TSX-V:YVI)


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What are 3P Oil & Gas Reserves and Why Are They Important?

Evaluate Energy has recently added 3P oil and gas reserves to our databases, enhancing two already extensive oil and gas company data analysis tools.

Find out more about our financial and operating database here.

What are 3P reserves, and why are they important?

What Are 3P Reserves?

Understanding a company’s recoverable oil & gas reserves is important when trying to establish their present and future value, but to do this you first need to understand the reserve information that is being provided.

There are 3 main reserve categories under the Society of Petroleum Engineers (SPE) definition: proved; probable and possible reserves.

For an oil or gas deposit to be classified as “reserves,” you first need to establish technical and commercial certainty of extraction using existing technology. Once this has been established, the degree of this certainty is then decided, breaking reserves down into 3 distinct categories:

  • Proved Reserves, 90% Certainty of Commercial Extraction
  • Probable Reserves, 50% Certainty of Commercial Extraction
  • Possible Reserves, 10% Certainty of Commercial Extraction

3P reserves refers to the combination of all three of these totals, i.e. Proved plus Probable plus Possible.

Anything below “possible”, i.e. less than a 10% certainty of being able to commercially extract the oil or gas with currently available technology, will fall into ‘contingent resources’ or ‘recoverable resources’ categories. See the below diagram of the SPE definitions for further detail.

Why Do Only Some Companies Report 3P Reserves?

Proved (1P) and Proved plus Probable (2P) reserves are commonly used throughout the oil and gas world, but 3P reserve information, Proved plus Probable plus Possible, is relatively scarce. This is due to basic reporting requirements set by governing bodies. In Canada, for example, companies have to report proved (1P) and proved plus probable (2P) reserves under NI-51-101 regulations, but 3P will only be reported if the company chooses to do so, as there is no legal obligation. This means that the cost of having oil and gas deposits evaluated by reserves engineers for 3P reserves can be weighed up against the overall benefit/potential investment a company will get from publishing the findings, to see if it is worth carrying out at all.

Therefore, many companies will not report their full spectrum of reserves under all classifications to the investment community unless they see a benefit of doing so. This balance between cost and benefits is also a reason why many companies will only give 3P reserves for certain fields, focus areas, or prized assets – paying for assessments of deposits you aren’t going to develop any time soon is not required.

Why are they important?

Despite this lack of legal obligation and the extra costs involved causing many companies to opt out of 3P reserves disclosure, and the fact that reserves engineers are only between 10%-49% certain of being able to extract them, Evaluate Energy and CanOils still feel that it is important information for our clients to see.

We are now seeing more and more companies beginning to report 3P reserves, especially from the junior end of the company spectrum. Junior companies will typically buy into prospective fields, spend their first few years in existence trying to prove commerciality, and then either get acquired by or merge with a bigger player, or are joined in their commercially viable oil or gas project by a bigger player who typically takes on most of the operating costs – known as a farm-in partner.

In the junior companies’ early days of evaluating an asset, there isn’t a lot of money going around to pay for extensive exploration work. So typically, only a high level overview is possible, which results in little or no proved or probable reserves being booked, but maybe a high amount of possible reserves. 3P reserves are therefore a great barometer, despite their 10% certainty rating, to assess the potential of certain assets or entire companies if they are at these early stages of development.

The TSX-V exchange in Canada and the AIM exchange in London have many companies that fit this description, and 3P reserves and the hundreds of metrics Evaluate Energy and CanOils provide alongside them will be vital to any analysis of these emerging oil and gas players.

SPE Oil & Gas Reserves and Resources Definitions


Evaluate Energy provides efficient data solutions for oil and gas company analysis, with over a decade of historical financial and operating data, and extensive M&A, Assets and Financings databases. To find out more about the financial and operating data we provide, click here.

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Oil & Gas Company Benchmarking

Evaluate Energy has been providing benchmarking tools and undertaking benchmarking studies to major oil and gas companies and their advisors for over 25 years. Evaluate Energy has a proprietary database covering financial and operating data for over 700 oil and gas companies, comprising literally thousands of data points. This is oil and gas data at its easiest to find.

Corporate benchmarking allows oil companies to compare their performance over a number of years or quarters against similar size companies, determine their strengths and weaknesses and use it to enhance performance.

Many of our clients use our data to provide proof to board members, investors or the wider community of how they are competing against their peers for any number of metrics.

Evaluate Energy clients range from Investors, Banks, Corporate clients or advisors who use our data to add value for their clients. They look at metrics that are important for the industry such as exploration expenses, finding and development costs (F&D Costs), reserve data (1p/2p/3p), production data, as well as traditional financial metrics.

These items are all included in the Evaluate Energy service and can be downloaded quickly and easily with minimal work or effort. The service will save you time and money when compared with doing the work yourself and is significantly better priced than much of the competition.

It is possible to arrange a trial of the service for no charge.

For those clients who do not have the analyst capacity to undertake benchmarking work, we provide our own bespoke consultancy service focused on the area we know best – benchmarking.

It enables users to choose from 1000s of different line items – taken from company fillings, quarterly reports and annual reports – and compare on a like for like basis. We cover almost 300 of the most important public oil & gas companies world wide, from the majors right down to important players on the global scene.

Key Features

  • Like for like comparisons using hundreds of industry metrics for all the important players
  • Peer Group Comparison at the click of a button. Build a template and go.
  • Drill down on any figure and calculation and see the underlying assumptions.
  • Build Bespoke Reports, select the metrics important to you such as EBITDA, EBITDAX, F&D Costs, 1p/2p Reserves worldwide, by country or by region, reserves, net successful drilling activity, product sales and industry segmental data
  • Export to Word or Excel for use in management reports or presentations

We’ve created a free guide to show you how Evaluate Energy and CanOils benefit corporate strategists in their jobs.

Download our Brouchure

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