Headwater Exploration achieves record gross licensed production in April – BOE Intel

Thanks to the excellent amount of public data out there, we no longer have to wait until quarterly reporting season to find out how production is trending for producers in Western Canada. And thanks to BOE Intel, we can view production data on a monthly basis with a single click.

Take Headwater Exploration for example. Using Petro Ninja data on our BOE Intel platform, we can see April production on a gross licensed basis of 17,882 BOE/d, which would represent a record high for the company. Now there are some limitations to this data. This is a gross licensed production figure which means that it only counts wells licensed to Headwater and on a gross basis so assumes 100% working interest. In Headwater’s case, we also can’t see production results for its New Brunswick natural gas assets, although the Clearwater is the main producing asset anyways. And yet this data is very valuable as it shows the monthly trends.

Figure 1 below shows the monthly gross licensed production for Headwater. While it won’t line up with the corporate production reported by the company for the reasons cited above, it has historically been quite close. For example, if we average out gross licensed production for Headwater in Q1, we would get 17,144 BOE/d which is extremely close to the actual reported corporate production of 17,044 BOE/d.

We won’t get actual Q2 results from the company for months of course, but at least according to the public data, we can see a great start to the quarter for Headwater.

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Figure 1- Headwater Exploration –  monthly gross licensed production