Wapiti / Elmworth

The Wapiti and Elmworth properties (currently comprised of 324k gross acres (102k net) acres under lease) are situated in northwest Alberta within the province’s prolific Deep Basin. These areas are characterized by multiple productive and prospective, shallow, conventional horizons, typified by large OOIP pools having high estimated ultimate recovery factors. 

Focused primarily on light oil in the shallower Cretaceous horizons, including the Cardium, Dunvegan and Doe Creek formations, i3’s Wapiti and Elmworth producing assets exhibit predictably low declines, low sustaining capital requirements and strong netbacks, which combine to yield a strong free cash flow profile. The sustainable nature of these assets supports efficient organic growth through i3’s scalable, drill-ready, inventory of greater than 175 highly economic development drilling locations. The high-quality conventional nature of these Cretaceous reservoirs position i3 to benefit over the long-term through the application of future enhanced oil recovery projects. 

Near-term development of the multiple, low-risk, high rate of return development opportunities in the Cretaceous horizons is active and ongoing. i3 remains focused on its operated, higher working interest, high-return, light oil & large initial rate liquids rich gas targets to maximize associated reserves values, while capitalizing on the Company’s owned infrastructure network. i3 plans to target the highest rate of return opportunities in the Cardium formation to unlock the Company’s established reserves base.