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Diconville, Alberta Properties

  • Dixonville, Alberta
  • 110 gross (55 net) producing oil wells
  • 80 gross (40 net) water injectors
In December 2014, Eagle acquired a 50% non-operated working interest in a producing petroleum property under horizontal waterflood in the Dixonville Montney “C” oil pool located in northern Alberta. The pool is currently operated by Spyglass Resources Corp. and is producing at an approximate rate of 2,500 boe/d gross (1250 boe/d working interest). The Montney “C” oil pool is one of the premier waterfloods in Western Canada with a decline rate less than 10 percent, high netbacks, long reserve life and low future maintenance capital.

Eagle has a 50% ownership in a central oil battery. All oil produces into this facility which has a treating capacity of approximately 4,000 bbl/d of oil and 37,000 barrels of water per day. The battery facility also consists of a 400 horsepower three stage solution gas compressor. In addition, there are 23 test satellites and a gathering system consisting of 35 kilometers of emulsion pipeline and 25 kilometers of water injection pipelines. In 2014, the gathering system was upgraded and optimized.

Solution and non-associated gas is gathered and processed at the Spyglass operated compressor station, in which Eagle owns a 50% working interest.

2016 Year-end Reserves
  • Total proved plus probable reserves of approximately 20.9 million boe (68% proved, 52% proved producing)
  • PV10 value on total proved plus probable reserves of approximately $270 million
  • Proved plus probable reserve life index of 15 years(2)

     PDP - Proved Developed Producing
     PDNP - Proved Developed Non-Producing
     PUD - Proved Undeveloped

(1) Per McDaniel & Associates Consultants Ltd., and Netherland, Sewell & Associates, Inc., Eagle’s independent reserves evaluators, with an effective date of December 31, 2016.
(2) Reserve life index is calculated by dividing reserves by total working interest production for the year, which, in 2016, is based on average working interest production of 3,740 boe/d. Eagle cautions readers to the reliability of reserve life index as this measure does not have any standardized meaning and may not be comparable to a similar measure presented by other issuers.
Palo Pinto Properties

Eagle's Palo Pinto County wells primarily produce from the Lower Pennsylvanian aged Strawn, Atoka and Marble Falls Limestone zones. We also have Mississippian aged Barnett shale potential across our Palo Pinto County acreage.

Palo Pinto County lies within the Fort Worth Basin which is well known for its Barnet shale play that led the industry in the development of horizontal shales. Eagle's Fort Worth Basin Palo Pinto County assets have stacked pay which primarily produce natural gas, however, oil production occurs in some of our productive horizons.
Salt Flat Properties

  • Salt Flat field in Caldwell County, Texas
  • 59 gross (44.4 net) producing wells
  • 13 gross (8.2 net) non-producing wells
  • 3,200 (2,600 net) acres
The Salt Flat field oil reservoir, contained within the Edwards limestone formation, is located approximately 850 metres (2, 728 feet) below the surface and is between 15 metres and 45 metres thick.

Eagle uses horizontal drilling technology to exploit the Salt Flat Field. The horizontal wells that have been drilled to date have been completed mostly in the uppermost dolomite zone of the oil reservoir, located approximately three metres (10 feet) from the top of the Edwards limestone formation, and have lateral reaches of up to 762 metres (2,500 feet).

Due to very good reservoir quality, these wells do not require any acid or fracture stimulation.

Hardeman Properties

  • Hardeman Basin in Hardeman County, Texas and in the counties of Greer, Harmon and Jackson in Oklahoma.
  • 47 gross (35.3 net) producing wells
  • 16 gross (15.4 net) non-producing wells
  • approximately 70,000 acres
The Hardeman Basin contains stacked pays similar to the Permian Basin. Most of the productive horizons on our acreage are:
  • Pennsylvanian Age (Cisco, Canyon, Strawn, Atoka, Morrow)
  • Mississippian Age (Barnett Shale, Holmes, Chappel Lime)
  • Ordovician Age (Ellenberger, Arbuckle)

Eagle's wells primarily produce from the Mississippian aged Chappell limestone/dolomite and the Holmes sand. An Oolitic Shoal is often found just above the Chappell Dolomite and can also be a prolific producer where present. We also have production from the Pennsylvanian aged Canyon lime and Atoka conglomerates.

In the Texas portion of the Hardeman Basin, most of the horizontal wells have been drilled into various Mississippian reservoirs, including the Chester, Chappel, and Barnett. However, production has been found by other operators in horizontal wells drilled in the Permian Wolfcamp, and Pennsylvanian Canyon (Palo Pinto) and Atoka (Bend) formations.

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