Passion for exploration drives Exall Energy's success
In a snow-covered clearing in Marten Mountain, Alberta, geological engineer Roger Dueck completes his regular inspection of the oil wells. Discovered in the 1960s by oil majors, the Mitsue oilfield has been Dueck's workplace for the past 26 years. His profound understanding of the area has helped Exall Energy to become one of Canada's most successful junior oil exploration companies.
In a snow-covered clearing in Marten Mountain, Alberta, geological engineer Roger Dueck completes his regular inspection of the oil wells.
Discovered in the 1960s by oil majors, the Mitsue oilfield has been Dueck's workplace for the past 26 years. His profound understanding of the area has helped Exall Energy to become one of Canada's most successful junior oil exploration companies.
As the company's president and CEO, Dueck master-planned the intricate oil channels underneath the site.
The wells are water pressurised to maintain a daily flow of about 1,600 barrels of premium light sweet crude oil rated at 41 degrees American Petroleum Institute gravity.
"We have combined our engineering design for the site with our geological understanding to form a very successful geological model," Dueck says. "We have a good understanding of the sand systems."
As oil flows directly to the refinery, the company gets Alberta spot price at the wellhead without transport costs.
"This entire operational structure makes Exall Energy unique, resulting in one of the best netbacks and cash-flow positions in the industry," says Warren Coles, vice-president for finance and chief financial officer.
Dueck's passion to further explore Mitsue drives the future of Exall Energy. The company has started using 3D seismic technology to map oil deposits.
South of Marten Mountain, Exall Energy welcomes partners in cracking the Wabamun site, which the company estimates to have up to 12 million barrels of oil in place per section of land. Exall Energy expects high production potential from at least 100 of Wabamun's 300 land sections. As these oil deposits are most likely located in the shallow portion of the site, the company expects low exploration and drilling costs.
"We are open to proposals," Dueck says. "The ideal situation for us is when a joint venture brings in talent as well as capital."
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