Addressing the well performance and revised production targets on an analyst call, Veren CEO Craig Bryksa clarified that the disappointing results were limited to specific well pads in the Gold Creek area, suggesting the market reaction may have been exaggerated.
“I think this will filter through in the next couple days,” Bryksa said, adding that the trial of the plug and perf design has expanded the company’s understanding of the region.
“I think the market will start to see the opportunity in front of them, and I’m excited when we start to look into 2025, knowing we’re so much smarter going into that year than we were going into 2024.”
The Montney and Kaybob Duvernay plays have been central to Veren’s strategy, underscored by acquisitions such as the $900 million purchase of Shell Canada’s Kaybob Duvernay assets in 2021, followed by the $1.7 billion acquisition of Spartan Delta Corp.’s Montney assets and another $2.55 billion Montney acquisition from Hammerhead Energy Corp.
Approximately 85% of Veren’s 2025 budget is allocated to projects in these two areas, affirming the company’s commitment to becoming a dominant force in Canadian oil production.
