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Diconville, Alberta Properties

  • Dixonville, Alberta
  • 110 gross (55 net) producing oil wells
  • 80 gross (40 net) water injectors
  • Approximately 18, 000 acres
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.

2013 Year-end Reserves

The reserves reflect Eagle's reserves prior to the disposition of Permian assests.
  • Total proved plus probable reserves of approximately 14.3 million boe (76% proved, 36% proved producing).

  • PV10 value of total proved plus probable reserves of approximately $US 269.7 million.

  • Reserve life index of 11.7 years based on the mid-point of 2014 average working interest production guidance.

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

Production History

Eagle's historical average working interest production, and estimated average working interest production for 2014, is as follows:

Advisory regarding future production estimate:

Eagle's estimated future production is based on assumptions regarding its proposed drilling program assuming a success rate that, in turn, is based upon historical drilling success and an evaluation of the particular wells to be drilled. Eagle's actual results could differ materially from those anticipated due to many factors, including, but not limited to, the inherent risks associated in the drilling, completion and operation of oil and gas wells. Additional risks and uncertainties regarding Eagle's business are described in Eagle's Annual Information Form dated March 20, 2014 under the heading “Risk Factors”.

Palo Pinto Properties

  • Operated
  • 8 gross (8 net) producing natural gas wells
  • Approximately 855 acres (net and gross) held by production
Eagle's Palo Pinto County wells primarily produce from the Pennsylvanian age Marble Falls formation.

Salt Flat Properties

  • Operated
  • Salt Flat field in Caldwell County, Texas
  • 55 gross (43 net) producing wells
  • 3,600 (3,000 net) acres
The Salt Flat field oil reservoir, contained within the Edwards limestone formation, is located approximately 850 meters (2,728 feet) below the surface and is between 15 meters and 45 meters 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 and have lateral reaches of up to 762 meters (2,500 feet).

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

Hardeman Properties

  • Operated
  • Hardeman Basin in Hardeman County, Texas and in the counties of Greer, Harmon and Jackson in Oklahoma.
  • 42 gross (37 net) producing wells
  • Approximately 25,000 net acres (8,600 held by production)
The Hardeman Basin contains stacked hydrocarbon bearing reservoirs. Most of the productive horizons on Eagle's acreage are:
  • Pennsylvanian Age (Cisco, Canyon, Strawn, Atoka, Morrow)
  • Mississippian Age (Barnett, Chester, Holmes, Chappel Lime)
  • Ordovician Age (Ellenberger)

Eagle's wells primarily produce from the Mississippian aged Chappell and limestone/dolomite. Eagle also has production from the Pennsylvanian aged Canyon lime and Atoka conglomerate.

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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