New North American On-Shore Conventional Oil Play -- October 4, 2017

Data points from Bloomberg via Rigzone:

• the play is located between Alberta's Nipisi Lake and an area called Marten Hills; along the western edge of the Athabasca Oil Sands region
• the formation: within the Clearwater shale and sandstone formation
• location: Alberta, Canada; 125 miles southwest of the Fort McMurray oil sands; near Slave Lake
• low cost: can be pumped with conventional gear
• well costs: C$1.1 million to C$1.5 million; will produce as much as four ties more crude oil as a conventional horizontal well
• depth: 2,000 feet (wow -- that is incredibly shallow (middle Bakken, 9,000 feet deep)
• crude can be produced from the area for about $8/bbl (US dollar)
• land rush
• off the radar scope because most drillers are closely held like Deltastream
• recently, under the name Stomp Energy Ltd, the land company Scott Land & Lease Ltd paid C$10.15 million or C$1,101 per hectare
• cheap by Permian standards, but it was the most paid for a single section of exploration land in Alberta since December, 2011
• companies named: Deltastream, Cenovus Energy Inc., and Spur Petroleum Ltd
• size of play not mentioned
• small potatoes so far: just 1.46 million bbls in all of 2015 (North Dakota produces that much oil in less than two days) 

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