Crew’s operations are focused primarily in the Montney in Northeast British Columbia (“NEBC”), where we continue to execute on our strategy:

  • Develop our world-class Montney resource, which offers scale and repeatability
  • Control costs and generate high capital efficiencies
  • Maintain operatorship and high working interest
  • Conduct all of our activities responsibly with respect for the environment and the communities in which we operate and reside

Crew’s capital has primarily been focused on continued Montney development of our liquids rich natural gas area at Septimus / West Septimus (“Greater Septimus”), and our light oil weighted asset at Tower, BC. This development focus is designed to provide a platform for long term, profitable corporate growth, and further delineate Crew’s NEBC Montney resource. We will also be well positioned to begin the next phase of infrastructure construction required to support continued production growth from our Montney lands.

The Montney:

A World-Class Resource Play With Excellent Market Access

The Montney resource play is a very large, siltstone gas reservoir that is situated in the northeast corner of the province of British Columbia in western Canada and ranks among the top natural gas basins in the world.

>1000 ft thick

Montney formation that is predictable in size and thickness
World-Class Montney Resource Play
Westcoast Energy Pipeline
Alliance Pipeline (to Chicago)
TC Energy Pipeline System

Montney Operations

Our Montney area assets include Septimus / West Septimus, Tower, Groundbirch, Attachie, Oak/Flatrock and Portage and are situated in northeast British Columbia. Our operations include liquids rich natural gas and light oil production from the siltstone Montney formation.  At up to 300 metres thick, the Montney is developed with long-reach horizontal wells, completed with water-based fracture stimulations.

Crew holds a large, contiguous land base of over 264,000 net acres (>225,000 net undeveloped acres) in the Montney with condensate, light oil, liquids-rich natural gas & dry gas, and only 19% of our Upper Montney lands and less than 1% of our Lower Montney lands have been assigned reserves to the end of 2020.


net acres of Montney land held by Crew


identified Montney drilling locations


of land in Upper Montney, and <1% in Lower Montney have reserves booked

2021 Reserves Highlights

The following is a summary of the independent reserve evaluation for the year ended December 31, 2021 as prepared by Sproule Associates Ltd. Please see Crew’s reserves press release issued on February 8, 2022 for further details.

Highlights of our PDP, 1P and total proved plus probable (“2P”) reserves from the Sproule Report are provided below. All finding, development and acquisition (“FD&A”)3,4 costs and finding and development (“F&D”)3,4 costs below include changes in future development capital4 (“FDC”) unless otherwise noted.

Crew’s 2021 year-end reserves reflect the successful execution of our long term plan, designed to increase production and adjusted funds flow1 (“AFF”), generating free AFF1 which may be used for debt repayment, significantly improving leverage metrics. Record reserves additions, a successful capital program and a meaningfully improved commodity price environment have strategically positioned the Company to achieve the goals set out in our long term plan.

Crew’s 2021 reserves evaluation was highlighted by a record addition of 24.6 million boe of Proved Developed Producing (“PDP”) reserves to total 82.0 million boe, representing a 22% increase year-over-year and a 43% increase when including replacing 2021 production of 9.7 million boe. Crew also materially increased the before tax net present value discounted at 10% (“NPV10”) of year-end 2021 PDP reserves by 70% to $674 million, and our Total Proved (“1P”) reserves by 51% to $1.3 billion. Supportive of the year-over-year growth is an estimated 34% increase in the Company’s Q4/21 average production to 29,100 boe per day2 from 21,666 boe per day2 in Q4/20.

Record PDP Additions

Crew added 24.6 million boe of PDP reserves in 2021 to total 82.0 million boe, representing the highest year-over-year increase in the Company’s history. The additions were achieved with PDP F&D costs3,4 of $7.27 per boe and PDP FD&A costs3,4 of $7.10 per boe in 2021, resulting in recycle ratios3,4 of 4.0 and 4.1 times, respectively.

Before Tax NPV Materially Higher

Crew’s before tax NPV10 for year-end 2021 PDP reserves increased 70% to $674 million compared to 2020 due to improved pricing and higher production. 1P and 2P before tax NPV10 increased 51% and 36% to $1.3 billion and $2.2 billion compared to year-end 2020, respectively, largely due to improved pricing and enhanced capital efficiencies in the undeveloped reserve categories.

Strong 1P and 2P F&D Costs Provide Excellent Recycle Ratios3,4,5

1P and 2P F&D3,4 costs in 2021 were $7.30 per boe and $3.33 per boe, respectively, despite reserve totals in both categories remaining stable year-over-year. This generated recycle ratios of 3.9 times for 1P F&D3,4 and 8.6 times for 2P F&D3,4. These results are largely attributable to continued operational improvements and successful capital program execution.

1P and 2P FD&A3,4 Costs Supported by 2021 Lloydminster Disposition

Crew’s 2021 1P and 2P FD&A costs3,4 were $6.17 per boe and negative $4.22 per boe, respectively, which were lower than the Lloydminster disposition related metrics of $12.67 and $8.78 per boe for 1P and 2P reserves, respectively.

PDP Finding Cost Improvements
Strong Capital Efficiency Track Record
  1. Non-IFRS Measure. See “Advisories – Non-IFRS Measures”.
  2. See table within Crew’s reserves press release for production breakdown by product type as defined in NI 51-101.
  3. “Finding, Development and Acquisitions costs” or “FD&A costs”, “Finding and Development costs” or “F&D costs” and “recycle ratio” do not have standardized meanings. See “Capital Program Efficiency” and “Advisories – Information Regarding Disclosure on Oil and Gas Reserves, and Operational Information”.
  4. The 2021 change in Future Development Capital (FDC) used in the calculation of Crew’s 1P and 2P F&D and FD&A costs does not include approximately $162 million (undiscounted) in the 1P case and $180 million (undiscounted) in the 2P case of maintenance capital that was reclassified to FDC in the December 31, 2021, Sproule Report which was booked as operating costs in prior years.
  5. Estimated operating netback in Q4 and full year 2021, used in the above calculations, averaged $28.76 per boe and $23.56 per boe (unaudited), respectively. See ‘Advisories – Unaudited Financial Information’ and ‘Advisories – Information Regarding Disclosure on Oil and Gas Reserves and Operational Information’.

Crew’s full NI 51-101 Reserves Disclosure for year ended December 31, 2021 will be available within our 2021 Annual Information Form (and also available on SEDAR).