Operations - Ricochet Oil

Operations Growing it right

Sweating the details to operate safely and reliably.

MAXIMIZING THE POTENTIAL OF OUR WORLD-CLASS LIGHT OIL CARDIUM ASSETS

A cornerstone of our business relies on the strategic and responsible exploitation of our premier light oil Cardium assets. We prioritize safety above all else while upholding high operating and maintenance standards, coupled with proactive liability management.

THE SWEET SPOT OF CANADA’S LARGEST CONVENTIONAL OIL POOL

Since its discovery in the early 1950s, the Pembina Cardium has remained a consistent, prolific resource. Enabled by the application of new drilling and completion technologies, the play has experienced a resurgence in activity. Our lands are situated in the ‘sweet spot’ — the area where optimal reservoir conditions exist, namely where depth is shallowest and liquid concentration is highest.

ESTABLISHED, EXTREMELY WELL DELINEATED OIL FIELD WITH LOW TECHNICAL RISK

Over

250+ million

barrels of remaining recoverable oil (internal estimate)

10+ years

of the most economic drilling
locations in the Cardium

Economic limit not expected
to be reached for

50+ years

at current rates

Material production
growth in the last

3 years

while maintaining
a long reserve life

A ROBUST AND WELL-DEFINED OIL FIELD WITH MINIMAL TECHNICAL RISK

Ricochet owns and responsibly operates seven oil‑focused areas across approximately six townships of largely contiguous land. Most of these lands are secured effectively in perpetuity under unit agreements, ensuring long-term stability and growth.

North Pembina Cardium Unit

100%

Berrymoor Cardium Unit

85%

Lindale Cardium Unit

75%

South Pembina Cardium Unit / Pembina Rose Creek Unit

100%

MIPA (Mobil Imperial Petro-Canada Amoco) East

100%

MIPA West

100%

Buck Creek / Other (Non-Unit)

~93% (avg.)

OWNED & OPERATED INFRASTRUCTURE SUPPORTING FUTURE GROWTH

Our production is supported by facilities we operate and where we hold majority ownership, providing the opportunity for seamless growth without the need for additional infrastructure. This strategic advantage allows us to enjoy true ‘half-cycle’ economics. Our infrastructure has total sustainable capacity of approximately 15,000 boe/d, assuming current product mix and pressures.

Pembalta 1 Gas Plant (Rebuilt 2024)
8 Mmcfd Refrigeration Plant

85%

Pembalta 4 Gas Plant (Rebuilt 2025)
10 Mmcfd Refrigeration Plant

93%

Berrymoor Gas Plant
7 Mmcfd Refrigeration Plant

99%

MIPA Gas Plant
10 Mmcfd Refrigeration Plant

90%

Violet Grove Oil Battery

100%

Berrymoor Oil Battery

85%

Lindale Oil battery

73%

MIPA Oil battery

100%

EFFICIENT DELIVERY AND MARKETS FOR OUR PRODUCTS

Our oil reaches market through Pembina Pipeline Corporation’s Drayton Valley Pipeline, with trucking utilized as needed for efficient delivery. Our gas volumes benefit from the TC Energy’s NGTL system, while our Natural Gas Liquids (NGLs) are conveniently transported via truck to various strategic locations.

SUSTAINABLE PRACTICES FOR LASTING IMPACT

In our operating areas, we employ extensive and long‑standing waterfloods, managing approximately 100,000 bbl/d of water, most of which is recycled. This commitment not only enhances our operational efficiency but also underscores our dedication to environmentally responsible practices.

Operations Map

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