Current Tertiary Operations

Bell Creek Field. We acquired our interest in Bell Creek Field in southeast Montana as part of the Encore merger in 2010. The oil-producing reservoir in Bell Creek Field is a sandstone reservoir with characteristics similar to those we have successfully flooded with CO2 in the Gulf Coast region. During 2013, we began first CO2 injections into Bell Creek Field, recorded our first tertiary oil production, and booked initial proved tertiary reserves. During 2018, we completed the phase five expansion at the field, and in April 2019, commenced CO2 injection into phase six of the field development.

Grieve Field. Under a 2011 farm-in agreement, we obtained a 65% working interest in Grieve Field, located in Natrona County, Wyoming, in exchange for developing the Grieve Field CO2 flood. During 2016, the Company and its joint venture partner in Grieve Field revised their development arrangement for the field so that our partner funded development of the facility and fieldwork in exchange for a 14% higher working interest and a disproportionate sharing of revenue from the first 2 million barrels of production. We commenced tertiary production from Grieve Field during the fourth quarter of 2018 and booked initial proved tertiary reserves during 2019. In October 2020, we foreclosed on the joint venture partner’s interest, and we obtained record title to their interest in February 2021.

Salt Creek Field. We acquired our 23% non-operated working interest in Salt Creek Field in Wyoming for approximately $72 million in June 2017.

Wyoming CO2 EOR Fields. In March 2021, we acquired a nearly 100% working interest (approximately 83% net revenue interest) in the Big Sand Draw and Beaver Creek oil fields located in Wyoming for $12 million cash, including surface facilities and a 46-mile CO2 transportation pipeline to the acquired fields. The agreement provides for us to make two contingent cash payments of $4 million each in 2021 and 2022 if NYMEX WTI oil prices average at least $50 per Bbl during the respective calendar years.

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