Open Range Energy Corp.

Location:

Ste 1100 645 7th Ave SWCalgaryAlbertaT2P 4G8Canada View Map

Revenue:

$5.4 Million

Employees:

27

SIC Codes:

1311

NAICS Codes:

211111

Phone:

(403) 262-2936

Fax:

(403) 262-3924
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Description:

Open Range Energy Corp. is a publicly traded Canadian energy company based in Calgary, Alberta with focused operations in the Deep Basin of west central Alberta and a goal to achieve production of 10,000 boe per day by year-end 2012. Open Range is developing horizontal opportunities in multiple target zones at three Deep Basin properties. Track record of growth - Open Range Energy Corp. was reformed on November 1, 2011 pursuant to a Plan of Arrangement approved by shareholders. The predecessor Open Range grew from approximately 400 boe per day at its founding in late 2005 to approximately 4,400 boe per day at mid-year 2011. The company achieved a compound annual growth rate of 50 percent in production and 63 percent in proved plus probable reserves, primarily through the drill bit. Exiting 2011, new Open Range had production in excess of 6,000 boe per day. High-quality assets - Open Range is focused on creating value for its shareholders through exploration and exploitation of multi-zone, repeatable liquids-rich natural gas and light oil opportunities with high-quality, long-life reserves. At its core Ansell/Sundance Deep Basin property, Open Range is levering off the strong drilling success of its predecessor company. As of year-end 2011 Open Range was operating 45 gross producing vertical wells and 15 gross producing horizontal wells, with a future drilling inventory of at least 150 vertical locations and 100 horizontal locations. Top-decile cost performance - In addition to achieving growth in production and reserves, Open Range benefits from a clear record of declining costs. Operating costs including transportation have declined from $8.72 per boe in 2006 to $4.53 per boe in the first nine months of 2011, while all-in cash costs (operating, transportation, G&A and interest) have declined from $15.60 per boe in 2006 to $8.03 per boe in the first nine months of 2011 - less than operating costs alone in 2006. Exiting 2011 Open Range had the second-lowest operating costs of any known producer in the Western Canada Sedimentary Basin. Balance sheet - The re-formed Open Range commenced operations with net debt of $20 million on bank lines of $75 million. The Corporation?s shares trade on the TSX under the symbol "ONR". Exiting 2011 there were approximately 82 million fully diluted common shares issued and outstanding.

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