Whitebark plans to continue to grow the PLJV Canadian assets held with Point Loma Resources during FY2019 following successful acquisition and production growth in FY2018.


Build a high margin production base through unlocking stranded production and drilling wells on existing assets and by the acquisition of complementary assets.

Planned Activities in FY2019

A busy work program is planned over the next 12 months:

  • Facility upgrades at Paddle River oil field to reduce cost and increase profitability.
  • Development well planned at Paddle River in Q1 2019 to unlock significant upside;
  • Two “exploration wells” targeting by-passed pay planned before end of year (2019).
  • Payback between 9 and 18 months.

Activities Since Acquisition in July 2017

  • Doubled net production since acquisition and almost tripled net reserves (proven + probable) in the same timeframe.
  • Gilby Acquisition of approx. 26,500 gross acres of land and 450 boe/d production finalised in March 2018.
  • Drilled two wells in 2017 and two well drilling program confirmed for H1 2018.
  • Acquired 13 new sections land via land auction system.
  • Acquired strategic land around core Paddle River Oil Project, including stranded wells and equipment.
  • Thornbury Reactivation Project Commenced – should increase production by 1.7mmcf/d.
  • Nine well workovers in existing producing areas.
  • LOI executed with Tidewater Paddle River Gas Plant to process gas through their 60mmcf/d deepcut facility.
  • 15‐20 wells to be brought back on stream over a six‐month period  in 2018 as pipelines are recommissioned – gross production is expected to increase by around 2 mmcf/d and 100 bbl/d of liquids.
  • 3D Seismic Acquisition Program over Banff play identified potential 40 million bbls oil in place (8.4 mmboe net to WBE).
  • Duvernay Shale land rush around WBE land holding in Canada.

The table below outlines the 1P and 2P reserves held in Canada net to WBE as published in the WBE FY18 Annual Report.

JV History

In May 2017, Whitebark, via its Canadian subsidiary Salt Bush Energy Ltd, completed an acquisition of a 20% direct interest in the assets of Point Loma Resources (Point Loma) for an investment of CAD$4.2 million.  The acquisition includes producing wells, land, property, equipment and production facilities (for full details, see ASX announcement dated 24 May 2017 under Investor Centre).

From mid-2016, Point Loma gross production reached 900 boe/d (25% liquids), up from 135 boe/d, and hold Net Producing Reserves of 3.9 MMboe and 2P reserves of 4.98 MMboe (see Table 1).  WBE net production is currently over 150 boe/d and also receives revenue from tolling income through ~70MMcf/d gas plant (50MMcf/d spare capacity). The acquisition also included compressors, tank farms, production facilities, pipelines and associated infrastructure.

Point Loma had captured a significant land position with over 210,000 net acres over a highly productive and prospective portion of West Central Alberta which has multiple oil and gas zones ranging in age from the Cretaceous Mannville to Mississippian Banff.

Photo 04-04-2017, 4 21 53 pm

Modest drilling depths throughout and technological advancements associated with horizontal drilling, leads to strong economic returns due to low-cost wells and close proximity of production facilities and easy access to market.

Whitebark and Point Loma finalized the work program for the six month to December 2017. The program included drilling of wells, well workovers, well tie-ins and the acquisition of additional producing properties. A particular focus of future work will be bringing online previously stranded wells which can now be brought on lPhoto 04-04-2017, 7 47 48 amine through the Joint Venture’s pipeline system.

Work done by Point Loma has identified over 300 drilling and recompletion opportunities.  Point Loma has also identified numerous production acquisition opportunities which will complement its existing holdings and result in not only increased production and reserves but also drive down operating costs due to additional throughput and operating synergies.


Through the Strategic Joint Venture, Point Loma and Whitebark will strive to increase the value of the existing assets and work together throughout Alberta to add new assets to create substantial additional shareholder value.


The Qualified Reserves and Resources Evaluator Statement –Whitebark Energy Limited
The information in this report that relates to the oil and gas reserves was compiled by technical employees of McDaniels and Associates Ltd and Sproule Associates Ltd (Gilby), premier independent Canadian Petroleum Consulting Firms, and subsequently reviewed by Mr Stephen Keenihan BSc (Hons) Geology/Geophysics, whom have consented to the inclusion of such information in this report in the form and context in which it appears. Mr Keenihan is a director of the Company and has more than 40 years relevant experience in the petroleum industry and is a member of The Society of Petroleum Engineers (SPE). The reserves included in this report have been prepared using definitions and guidelines consistent with the 2007 Society of Petroleum Engineers (SPE) / World Petroleum Council (WPC) / American Association of Petroleum Geologists (AAPG) / Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System (PRMS). There sources information included in this report are based on, and fairly represents, information and supporting documentation reviewed by Mr Keenihan. Mr Keenihan is qualified in accordance with the requirements of ASX Listing Rule 5.41 and consents to the inclusion of the information in this report of the matters based on this information in the form and context in which it appears.

The Company confirms that that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Reserves and Contingent Resource Estimates, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

This presentation includes certain statements that may be deemed ‘forward-looking statements’. All statements, other than statements of historical fact, that refer to any future production, resources or reserves, exploration results and events that Whitebark Energy Ltd (‘ASX: WBE or ‘the Company’) expects to occur are forward-looking statements. Although the Company believes that the expectations in those forward looking statements are based upon reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from the outcomes. This may be due to several factors, including market prices, exploration and exploitation success, and the continued availability of capital and financing, plus general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or performance may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
[1] Barrels of Oil Equivalent based on 6:1 for Natural Gas, 1:1 for Condensate and C5+, 1:1 for Ethane,1:1 for Propane, 1:1 for Butanes.