Crew Energy Logotype Preview
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Crew Energy Inc. is a light oil and natural gas producer operating and based in Western Canada. It has over 612,000 acres of undeveloped land representing 71% of the total land base. Production currently takes place in Alberta and NE British Columbia. The company has begun experiencing rapid growth especially at Princess, Alberta where production rose almost 4 fold between 2008 and the end of 2010. Unlike many of its Canadian counterparts Crew puts a lot of emphasis on natural gas and light oil. It also operates natural gas processing facilities. The company is 12% owned by its employees. Helping the company is its recycle ratios. Also, its most important asset doesn’t require fracture stimulation, giving Crew more control. 2P reserves are 65.7 Mbbl equivalent about a third of which is natural gas. Production in the fourth quarter of 2010 was 14,500 bbl/d equivalent but the company is planning on using its $210 million capital budget to increase that by 30% for 2011.