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ASX-listed Calima Energy has confirmed the productivity of the Upper and Middle Montney formations across its Canadian ground after retrieving downhole gauges and analysing 18 months’ worth of pressure data from its two Canadian light oil and gas wells. Interestingly, independent analysis of the data has likened Calima’s wells to those of neighbour, Saguaro Resources, who recorded this year’s second-best initial production flow rate in the Montney oil and gas formation in Canada. The pressure data analysis is being undertaken by leading global energy information services company, Canadian Discovery and the ongoing effort has already confirmed the productivity of Calima’s Montney land. Technical experts are pouring over around 495 days of recorded pressure data From the Calima No.2 horizontal well and 540 days of data from the Calima No.3 well. The company said these data points are being integrated with its existing historical core data recovered from the original Calima No.1 vertical test well. The pressure gauges were placed in each horizontal well when they were first drilled and fracture-stimulated way back in the Canadian winter of early 2019. The initial results indicate that Calima’s Middle Montney formation is over-pressured, offering some additional energy via pressure support for future horizontal well completions in that zone. The Middle Montney holds the bulk of oil and gas resources on Calima’s ground and Saguaro’s well immediately to the south at Laprise Creek exhibits similar characteristics. Independent resource volume calculations and subsequent economic valuations for unconventional oil and gas wells across North America typically use nearby offset wells as templates for evaluation and by any measure, Saguaro’s hundreds of millions spent to-date has been a worthwhile spend. A typical well at Laprise Creek with similar reservoir rock properties has an initial 90-day liquids production rate of 223 barrels of condensate per day and a condensate-to-gas ratio of over 50 barrels of liquids per million cubic feet of gas per day. Calima also said Saguaro had trimmed its drilling and completion costs by 30 per cent over recent years which would translate to improved economics from higher estimated ultimate oil and gas recoveries at each future well. Initial results of the current analysis for the Upper Montney have indicated a normal pressure regime in the reservoir but with enhanced rock properties. This new interpretation will lead to a refreshed and cheaper completion design for future Upper Montney wells which should lead to a quicker clean up phase during initial flow back to produce a higher early production flow rate. These are positive results which confirm the excellent productive capacity of the Montney section tested by the Calima 2 and 3 wells. The Middle Montney pressures and rock characteristics are as expected and confirm the productive nature of the horizon. The enhanced reservoir characteristics of the Upper Montney combined with normalized pressures explains a great deal about why it took longer than anticipated to establish strong flow rates from that interval. Our development plan will now be based on completion designs optimised for each interval. The work on the core and pressure data continues and we look forward to providing future updates as the work is completed. Calima Energy Canadian President, Michael Dobovich
The Montney Formation is Canada’s hottest oil and gas play right now and currently boasts around four times the gas resource volumes of Western Australia’s revered North West Shelf according to Calima. The small-cap oil and gas developer carved out an impressive advantage for itself in the region on the back of its recent transformational Tommy Lakes oil and gas processing infrastructure acquisition nearby. The company subsequently upgraded its oil and gas resource volumes and currently has 12.4 million barrels of light oil and 248.9 billion cubic feet of gas in the “Development Pending” category, volumes which would immediately be elevated into the 2P Reserves category, once it secures funding. The comparative pressure analysis completed so far augers well for Calima as it looks to pump up its resource volumes and commercial valuations further ahead of a formal development decision, hopefully next year. Is your ASX listed company doing something interesting? Contact: matt.birney@wanews.com.au

Calima tunes up Canadian oil and gas play

Alberta’s largest city and the fourth largest in Canada, Calgary was the first Canadian city to host the Winter Olympics, in 1988. Energy (Alberta has huge oil reserves), financial services, transportation, film and TV, manufacturing, and tourism power the economy of this city near the Canadian Rockies. Native people first settled in the area about 11,000 years ago, probably because the confluence of the Bow and Elbow rivers provided water and transportation. The Hudson Bay Company put their flag in the area in 1787, and the Royal Canadian Mounted Police opened a post there in 1875, just before the railroad came in 1883. Now over 1.4 million live in the city and surrounding area. One of Canada’s largest universities, University of Calgary, includes nearly 30,000 students, and leads more than a dozen post-secondary schools in the area. The startup stew of education, big business, and money simmers along quite well in Calgary. 1. Saguaro Resources, Ltd.
Photo courtesy: Saguaro Resources
Recovering resources can be done with brute methods or with surgical precision. Saguaro Resources uses the latter, with unique technology improvements to horizontal drilling, multi-state completions, under-balanced drilling, and the like. Starting operations in 2012, Saguaro’s technology received affirmation when Pine Brook Partners and Camcor joined together to make a private equity investment of $315 million. 2. Black Swan Energy
Photo courtesy: Black Swan
Oil-rich areas have plenty of energy and gas exploration startups. Black Swan  Energy uses advanced technology to focus on unconventional resource exploration and development. Jumping into the oil patch in 2010, Black Swan received a vote of confidence in December 2013 when Warburg Pincus, the Canada Pension Plan Investment Board, and Azimuth Capital Management teamed up for a private equity placement of $150 million. 3. BluEarth Renewables Inc.
Photo courtesy: BluEarth Renewables
Hats off to a renewable energy company launching in an area surrounded by oil and gas companies. BluEarth Renewables  is an independent producer of clean, renewable energy, big into wind, solar, and hydro generation facilities. 2010 saw the start of BluEarth as the renewable story kept growing worldwide. ARC Financial and Ontario Teacher’s Pension Plan went in together in November 2014 for a private equity placement of $81 million. 4. Kineticor
Photo courtesy: Kineticor
One gotcha to recovering resources is the need for power to extract the resources you need to make power. Kineticor leads the way for on-site and off-grid power generation, often using the resource being recovered in clever new ways. Starting in 2013, Kineticor received a private equity placement in August 2015 from Harbert Growth Partners in the amount of $80 million. 5. Benevity
The workplace may be a great place for charity but not if management has to create and run a program. That’s why companies partner with  Benevity  to make donations and volunteering as easy as an app. Founded in 2008 after the web had become ubiquitous and mobile devices were beginning to gain traction, the company self-funded until July 2015, with JMI Equity dropping a Series A check on them for $38 million in Canadian dollars. 6. FilterBoxx Water and Environmental Corp.
Photo courtesy: FilterBoxx
Sometimes people and businesses need water treated for drinking or to clean up waste water created by industrial processes. Either way, FilterBoxx can help. Mobile treatment options are included, such as a plant in a truck trailer. Self-funding since beginning operations in 2001, the company reached $1 million in revenue by 2003. New technology brought investors with venture funding in September 2011 for $9 million, and $14.7 million in June 2014. So far, they have raised $23.7 million. 7. Zenith Epigenetics Ltd.
Photo courtesy: Zenith Epigenetics
A clinical stage biotechnology company developing inhibitors for the treatment of cancers and other disorders, Zenith Epigenetics dives deep into new genetic research areas. The lead product in development treats solid tumors like those of prostate cancer. Founded in 2013, a private equity placement of $8 million arrived in March 2014. In 2014 and 2015, they raised another $8.6 million after that first round. All placements came from undisclosed investors and now total $16.6 million. 8. Kudos
Photo courtesy: Kudos
Employee engagement may be the latest annoying buzzword, but that doesn’t mean it isn’t important. A corporate social network like Kudos  can link workers, spotlight good employees, and lower turnover. 2010 was a big year for social networking companies with Facebook, Twitter, and others starting to appear. Kudos launched that summer, and received $375,000 in seed funding in May 2011 and another $680,000 a year later. Angel funds of $1.5 million came in July 2013, followed by another almost $3 million in April 2014. Let’s recognize a total of nearly $5.2 million for Kudos. 9. BlackSquare
Photo courtesy: BlackSquare
Wine is old, but BlackSquare ‘s Blackboxx software is the only wine-specific e-commerce software that handles multiple languages, currencies, and locations, especially in the direct to consumer area. Expansion includes craft beer and boutique liquor sales as well. In September 2010, $500,000 in seed money popped the cork for BlackSquare. One million dollars in angel funds followed in June 2012, $1.18 million in venture funds in September 2013, and in May 2016, $1.25 million in Series A money arrived. The full bottle total to date is $3.58 million. 10. Chaordix
Photo courtesy: Chaordix
Perhaps the famous Canadian friendliness helped Chaordix  create software to develop analytics and predictive insights from crowdsourcing customers and prospects. The wisdom of the masses can be harnessed for companies with the right help. Ahead of the curve in 2009, the company developed for customers and grew on their own until Yaletown Partners arrived in July 2012 with Series A funding of $1.5 million. Share on:

Top 10 tech startups in Calgary, Alberta

Alberta’s largest city and the fourth largest in Canada, Calgary was the first Canadian city to host the Winter Olympics, in 1988. Energy (Alberta has huge oil reserves), financial services, transportation, film and TV, manufacturing, and tourism power the economy of this city near the Canadian Rockies. Native people first settled in the area about 11,000 years ago, probably because the confluence of the Bow and Elbow rivers provided water and transportation. The Hudson Bay Company put their flag in the area in 1787, and the Royal Canadian Mounted Police opened a post there in 1875, just before the railroad came in 1883. Now over 1.4 million live in the city and surrounding area. One of Canada’s largest universities, University of Calgary, includes nearly 30,000 students, and leads more than a dozen post-secondary schools in the area. The startup stew of education, big business, and money simmers along quite well in Calgary. 1. Saguaro Resources, Ltd.
Photo courtesy: Saguaro Resources
Recovering resources can be done with brute methods or with surgical precision. Saguaro Resources uses the latter, with unique technology improvements to horizontal drilling, multi-state completions, under-balanced drilling, and the like. Starting operations in 2012, Saguaro’s technology received affirmation when Pine Brook Partners and Camcor joined together to make a private equity investment of $315 million. 2. Black Swan Energy
Photo courtesy: Black Swan
Oil-rich areas have plenty of energy and gas exploration startups. Black Swan  Energy uses advanced technology to focus on unconventional resource exploration and development. Jumping into the oil patch in 2010, Black Swan received a vote of confidence in December 2013 when Warburg Pincus, the Canada Pension Plan Investment Board, and Azimuth Capital Management teamed up for a private equity placement of $150 million. 3. BluEarth Renewables Inc.
Photo courtesy: BluEarth Renewables
Hats off to a renewable energy company launching in an area surrounded by oil and gas companies. BluEarth Renewables  is an independent producer of clean, renewable energy, big into wind, solar, and hydro generation facilities. 2010 saw the start of BluEarth as the renewable story kept growing worldwide. ARC Financial and Ontario Teacher’s Pension Plan went in together in November 2014 for a private equity placement of $81 million. 4. Kineticor
Photo courtesy: Kineticor
One gotcha to recovering resources is the need for power to extract the resources you need to make power. Kineticor leads the way for on-site and off-grid power generation, often using the resource being recovered in clever new ways. Starting in 2013, Kineticor received a private equity placement in August 2015 from Harbert Growth Partners in the amount of $80 million. 5. Benevity
Photo courtesy: Benevity
The workplace may be a great place for charity but not if management has to create and run a program. That’s why companies partner with  Benevity  to make donations and volunteering as easy as an app. Founded in 2008 after the web had become ubiquitous and mobile devices were beginning to gain traction, the company self-funded until July 2015, with JMI Equity dropping a Series A check on them for $38 million in Canadian dollars. 6. FilterBoxx Water and Environmental Corp.
Photo courtesy: FilterBoxx
Sometimes people and businesses need water treated for drinking or to clean up waste water created by industrial processes. Either way, FilterBoxx can help. Mobile treatment options are included, such as a plant in a truck trailer. Self-funding since beginning operations in 2001, the company reached $1 million in revenue by 2003. New technology brought investors with venture funding in September 2011 for $9 million, and $14.7 million in June 2014. So far, they have raised $23.7 million. 7. Zenith Epigenetics Ltd.
Photo courtesy: Zenith Epigenetics
A clinical stage biotechnology company developing inhibitors for the treatment of cancers and other disorders, Zenith Epigenetics dives deep into new genetic research areas. The lead product in development treats solid tumors like those of prostate cancer. Founded in 2013, a private equity placement of $8 million arrived in March 2014. In 2014 and 2015, they raised another $8.6 million after that first round. All placements came from undisclosed investors and now total $16.6 million. 8. Kudos
Photo courtesy: Kudos
Employee engagement may be the latest annoying buzzword, but that doesn’t mean it isn’t important. A corporate social network like Kudos  can link workers, spotlight good employees, and lower turnover. 2010 was a big year for social networking companies with Facebook, Twitter, and others starting to appear. Kudos launched that summer, and received $375,000 in seed funding in May 2011 and another $680,000 a year later. Angel funds of $1.5 million came in July 2013, followed by another almost $3 million in April 2014. Let’s recognize a total of nearly $5.2 million for Kudos. 9. BlackSquare
Photo courtesy: BlackSquare
Wine is old, but BlackSquare ‘s Blackboxx software is the only wine-specific e-commerce software that handles multiple languages, currencies, and locations, especially in the direct to consumer area. Expansion includes craft beer and boutique liquor sales as well. In September 2010, $500,000 in seed money popped the cork for BlackSquare. One million dollars in angel funds followed in June 2012, $1.18 million in venture funds in September 2013, and in May 2016, $1.25 million in Series A money arrived. The full bottle total to date is $3.58 million. 10. Chaordix
Photo courtesy: Chaordix
Perhaps the famous Canadian friendliness helped Chaordix  create software to develop analytics and predictive insights from crowdsourcing customers and prospects. The wisdom of the masses can be harnessed for companies with the right help. Ahead of the curve in 2009, the company developed for customers and grew on their own until Yaletown Partners arrived in July 2012 with Series A funding of $1.5 million. Share on:

Pine Brook leads Saguaro investment
September 11, 2013
By Angela Sormani
Pine Brook, a New York-based investment firm focused on building businesses in the energy and financial services sectors, has led a group of investors in an equity financing of approximately C$315 million for Saguaro Resources, an exploration and production company headquartered in Calgary, Alberta. The investor group includes Camcor, a Calgary-based investment firm focused on the energy sector. PRESS RELEASE
Pine Brook, a New York-based investment firm focused on building businesses in the energy and financial services sectors, has led a group of investors in an equity financing of approximately C$315 million for Saguaro Resources Ltd, an exploration and production company headquartered in Calgary, Alberta. The investor group includes Camcor, a Calgary-based investment firm focused on the energy sector. Saguaro was formed in 2012 to pursue exploration, acquisition and development opportunities in unconventional light oil and liquids-rich natural gas plays in the Western Canadian Sedimentary Basin. The company is led by President and CEO, Stacy Knull, who previously held senior positions at Encana and Sinopec Daylight. Mr. Knull has assembled a team of industry veterans with deep experience identifying and developing unconventional resources in the Western Canadian Sedimentary Basin. Saguaro’s Chairman, Mike Graham, most recently was President of the Canadian Division at Encana. “Pine Brook is excited to partner with Stacy, Mike and the rest of the Saguaro team,” said Andre Burba, managing director of Pine Brook’s energy investment team. “What attracted us to this investment opportunity is Saguaro’s extensive experience in developing unconventional resources and their systematic approach to creating value in these projects. We think that the opportunity set for Saguaro is quite attractive and we look forward to working with the team to capture this potential and build a successful business.”
“We truly believe Saguaro has aligned with two exceptionally talented and experienced investment firms that will serve to create even more value for our shareholders,” said Knull. “We are extremely encouraged by our early successes and believe this is only the beginning of exciting times ahead for Saguaro.”
About Pine Brook
Pine Brook is a New York-based private equity firm that makes equity investments in new and growing energy and financial services businesses. Pine Brook partners with experienced entrepreneurs and talented management teams to build sustainable, profitable businesses. For more information please visit the company’s web site at www.pinebrookpartners.com. ###


Pine Brook leads Saguaro investment

Andre  Burba

Ted  Maa

Private Equity

Private Equity - II

Private Equity - III

Saguaro Resources was formed in 2012 to pursue exploration, acquisition and development opportunities in unconventional light oil and liquids-rich natural gas plays in the Western Canadian Sedimentary Basin.

Name	Work History	Title	Status
Scott Carrothers		Chief Financial Officer	Current
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Name	Scott Carrothers	Subscribe to see more
Work History
Title	Chief Financial Officer	Subscribe to see more
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