Weyburn Unit, Saskatchewan
| 2009 Revenue: | $8,317M |
|---|---|
| Operator: | Cenovus Energy Inc. |
The Weyburn Unit is located approximately 129 kilometers southeast of Regina, Saskatchewan. The Weyburn Unit encompasses approximately 53,360 gross (net 824) acres in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 1.11037% working interest and a 0.44% royalty interest in the Weyburn Unit. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). Formation of the Weyburn Unit occurred in 1963 for the purpose of implementing an inverted nine-spot waterflood pressure maintenance scheme on 80 acre well spacing. Cenovus is the operator.
Current gross production capability of the Weyburn Unit is approximately 28,800 Bbls/d at an average water cut of 86.2%. Cumulative oil production of the Weyburn Unit as of December 31, 2009 was estimated to be 433 MMbbls, or 30.9% of the OOIP of 1,402 MMbbls recognized by GLJ. Current production is from 845 gross (net 13.1) wells. Produced oil within the Weyburn Unit averages 31 degrees API and contains approximately 2.2% sulphur.
For 2009, revenue received by Franco-Nevada from the Weyburn Unit was $8,317,000 and production net to the Oil & Gas Interests was 413 Bbls/d. Franco-Nevada takes product-in-kind for the working interest portion of this production and markets it through a third party marketer. As of December 31, 2009, net proved reserves to the Oil & Gas Interests were 2,073 Mbbls.
