Open Range Energy Corp. is a publicly traded Canadian energy company based in Calgary, Alberta with focused operations in the Deep Basin region of west central Alberta. Since its founding in late 2005 Open Range has grown from production of approximately 400 boe per day to a rate of 2,451 boe per day in Q4 2008. This growth has been achieved entirely through the drill bit.
Open Range is focused on creating value for its shareholders through exploration of multi-zone, repeatable natural gas opportunities with high-quality, long-life reserves. Open Range has accumulated a multi-year track record of drilling success at its core Ansell/Sundance property. Ansell/Sundance had grown to 37 gross producing wells and a future drilling inventory of more than 100 seismically defined drilling locations as of early 2009.
The Corporation practises capital and financial discipline. All-in cash costs averaged $9.87 per boe in 2008, contributing to strong netbacks. Finding and development costs averaged $16.79 per proved plus probable boe of reserves added in 2008, continuing a trend of efficient capital investment. Debt totalled $27.6 million on available bank lines of $54 million at year-end 2008, preserving operating flexibility. As of April 2009 Open Range had approximately 26.5 million common shares issued and outstanding. The Corporation’s shares trade on the TSX under the symbol “ONR”.
