Lightstream decided to target the Cardium as the second major platform for growth after identifying the opportunity to reapply the knowledge and experience gained from working in southeast Saskatchewan.
The Company holds over 125 sections of undeveloped land in the Cardium with approximately 66 MMboes of proved plus probable reserves as of the year ended 2015. Lightstream’s Cardium land based stretches from Calgary, Alberta to Edmonton, Alberta. The assets produce primarily light-oil.
Our growth in the Cardium has been executed through an aggressive capital drilling program. Through the use of slickwater fracturing, long-reach wells, multi-well pads and monobore well designs, Lightstream has been able to use technology and innovation to keep lowering costs and improving results.
We have grown and sustained the Cardium business unit production to over 14,500 boepd, as well as crossing the threshold of generating free cash flow after all capital expenditures on a go forward basis. The Cardium has over 430 future drilling locations with multi-zone potential. In addition to primary production, there are also future opportunities for Enhanced Oil Recovery and optimization programs to generate future growth.