Cona has a focused and concentrated asset base of approximately 160,000 net acres along the Alberta and Saskatchewan border.
The Corporation’s core areas are in southwest Saskatchewan.
Some of our Key Properties are:
Cona has a 100% working interest in the Cactus Lake property located 30 kilometers south of Macklin, Saskatchewan. The field produces oil primarily from three overlying reservoirs: the Mississippian Bakken, the Lower Cretaceous Lloyd, and the Lower Cretaceous Rex. These reservoirs define the Basal Mannville Bakken pool, also referred to as the “Cactus Main” project area. There is additional production from the Lower Cretaceous Sparky and McLaren. Overall, the Cactus Lake property has a DOIIP assignment of 556 MMbbl, with 421 MMbbl in Cactus Main.
The Ryder Scott Reserves Report recognizes 51 MMboe 1P and 70 MMboe 2P reserves in the Cactus Lake area.
At Cactus Main, in 2011, Cona commenced an infill vertical/directional drilling program to reduce well spacing from 40 acres to 10 acres, optimized the waterflood and initiated a polymer flood. Polymer injection commenced in late 2012 and has been sequentially staged across Cactus Main following the infill drilling program. Since 2011, Cona has drilled over 450 wells. The Ryder Scott Reserves Report recognizes 212 1P and 242 2P remaining drilling locations at Cactus Lake.
At December 31, 2017, in the Cactus Main area, approximately 70% of both the DOIIP and pool production is supported by polymer flood. Production response from the injection of polymer is evident through lower water-oil-ratios and stabilized or inclining oil rates. Base decline rates (excluding production from new wells) are at or near zero due to favorable waterflood and polymer flood response.
In early 2012, Cona initiated a polymer flood project located in the southwest portion of Cactus Main which produces from the Sparky formation. This polymer project was developed using horizontal wells and has a DOIIP assignment of 12 MMbbl. Project-level production response to polymer injection has been realized across the project.
During 2017, Cona drilled 37 wells at Cactus Main and completed a polymer expansion to provide reservoir pressure support to 2016 and 2017 drilled locations.
As of December 31, 2017, Cona held an average 71% working interest (based on 2P reserves) and operated 98% of the production at the Winter property, located 30 km northwest of Unity, Saskatchewan. The main producing horizon is the Cretaceous Cummings formation, which consists of a 10 to 15 metre oil column mostly underlain by an aquifer. The Winter property has a working interest DOIIP assignment of 443 MMbbl. The oil at Winter is heavy with an API gravity of approximately 13 degrees.
In 2017, Cona drilled 32 (29.0 net) development wells and two (2.0 net) injection wells at Winter. The Winter property is a heavy oil over water play which leverages the pressure support of the underlying aquifer with horizontal producers located at the top of the reservoir to extract oil.
The Ryder Scott Reserves Report recognizes 12 MMboe 1P and 18 MMboe 2P reserves and 161 (111.7 net) 1P and 303 gross (206.6 net) 2P drilling locations at Winter, the majority at reduced interwell spacing of 25 metres.
In February 2018, the Corporation completed the Asset Exchange, pursuant to which it became the 100% working interest owner in the Winter property.
The Cona-operated Court property is located 45 km southeast of Kerrobert, Saskatchewan. Production mainly comes from the 100% working interest Mississippian Bakken waterflooded oil pools (Court Main, Court SW and Fusilier). Other producing formations include the Waseca and Rex. Cona also has a minor interest in gas from the Viking and Success formations (50% working interest, non-operated). The Court property has a DOIIP assignment of 117 MMbbl.
Cona initiated Bakken infill drilling in early 2011 and with continued drilling has identified significant quantities of oil that were bypassed or unswept by the existing waterflood. The Court Main Mississippian Bakken pool is one of the most successful waterfloods in Cona’s portfolio. The 2P expected ultimate recovery, as assigned by Ryder Scott, is 41%.
The Ryder Scott Reserves Report recognizes 7 MMboe 1P and 11 MMboe 2P reserves and 43 probable drilling locations on 10 acre spacing at Court.
Since 1982, the Bakken has been the primary producing formation and, as a result, the Waseca formation is largely underdeveloped. Cona is evaluating additional drilling and waterflood potential of the Waseca pools.
Cona holds a 100% working interest based on 1P reserves and 98% working interest based on 2P reserves for Thermal properties, which are located 35 km southeast of Macklin, Saskatchewan. Cona has identified a number of SAGD opportunities in the McLaren channel sand, which together have a working interest DOIIP assignment of 108 MMbbl and a dead oil viscosity range of approximately 6,000 – 27,000+ cP at reservoir conditions.
In total, for all SAGD, the Ryder Scott Reserves Report recognizes 4 MMboe 1P and 18 MMboe 2P reserves and eight 1P and 34 (33.4 net) 2P well pair drilling locations.
Plover Lake SAGD
Oil production from Cona’s first and only developed SAGD project commenced in August 2014 from the McLaren formation in the Plover Lake area (“Plover Lake SAGD”). The target reservoir was delineated with observation wells, which indicate reservoir thickness up to 18 metres with no apparent barriers to steam distribution within the reservoir. The Plover Lake SAGD project produced an average of 431 bbl/d of oil during 2017 from three operating well pairs.
The Ryder Scott Reserves Report recognizes 300,000 bbl 1P and 1,400,000 bbl 2P reserves at Plover Lake SAGD.