High-Quality Light Oil

Deep Basin Asset


Boulder has proved its Company-operated multi-zone Belly River play at Brazeau to be a high-quality, opportunity-rich and, in many ways, unique asset.

Brazeau Overview

Stretching over a 40-mile long fairway held at more than 95 percent average working interest and producing premium-priced, 44° API light oil, as well as natural gas and liquids including condensate, the stacked Belly River tight sands at Brazeau are Boulder’s core asset. Boulder has demonstrated that, although technically challenging, in the right hands these reservoirs are highly amenable to economic development through horizontal drilling and multi-stage fracturing. Through successive years of exploration and development, Boulder has advanced the work of proving up, delineating and de-risking the 10 known Belly River zones and sub-zones.

Map

Boulder’s primary target at Brazeau is the Upper Cretaceous Belly River, a sinuous, channelized sandstone. Part of the Alberta Deep Basin, the Belly River was deposited in numerous intervals in varying forms including river channels, deltas, beaches, shore faces and marine deposits.

As the graphic on this page shows, the entire Belly River column is well over 300 metres thick, ranging from 1,550 metres to 1,900 metres depth.

Gas Reinjection Enhanced Recovery

With its immense resource-in-place and low recovery factor to date, the Brazeau-Belly River pool provides significant opportunity to reduce the annual production decline rate, add proved developed producing reserves at low risk and low cost per boe, and maximize long-term resource recovery. Boulder is pursuing these goals through a gas reinjection program that takes advantage of the

Company’s control of strategic infrastructure, the significant gas content of the play’s multi-phase horizontal wells and the arbitrage value of increasing light oil production at low cost while effectively storing lower-priced gas for potential future sale.

Moving forward, Boulder plans to proactively expand the gas reinjection program to cover the entire play before reservoir pressure is depleted.