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Kiwetinohk reports 2022 third quarter financial and operating results and operations update

Press Release

CALGARY, AB, Nov. 10, 2022 – Kiwetinohk Energy Corp. (TSX: KEC) today announced its third quarter 2022 results, provided initial November well results and updated its Green Energy and carbon capture, utilization and storage (CCUS) project inventory.


  • Six new wells completed and put onstream since the end of the third quarter.
  • Strong initial production rates per well from a new Simonette Duvernay four-well pad put onstream subsequent to quarter end, averaging between 10-12 MMcf/d and 1,200-1,500 bbl/d of oil and condensate.
  • Early-stage production per well from the two-well pad at Tony Creek/North Simonette is averaging between 2.0-2.5 MMcf/d and approximately 1,200 bbl/d of condensate.
  • 89% of natural gas sales into higher-priced Chicago market during the quarter, helping realize $10.20/Mcf for corporate gas sales ($3.87/Mcf higher than average AECO 7A Monthly Index price in Alberta).
  • Closed $59.2 million Placid Montney asset acquisition on September 15, 2022.
  • Sanctioned two Simonette gas plant expansions to add approximately 40% capacity expected to be available in late 2023.
  • Operating costs of $11.13/boe, 8% lower than Q2 2022.
  • Q3 2022 production averaged 16,487 boe/d vs. second quarter 16,810 boe/d, despite no production additions from new wells.

Green Energy and Carbon Capture

  • Alberta Utilities Commission (AUC) power plant approvals received for the 400 MW Homestead Solar Project (Homestead) and 101 MW Opal Firm Renewable Project (Opal). AUC transmission approvals are still required.
  • Attained site control at Opal and awaiting Alberta Environment and Protected Areas (AEPA) approval.
  • Alberta government awarded Kiwetinohk the right to advance planning on two carbon capture and storage hubs, Opal Carbon Hub and NGCC 2 Carbon Hub, a key enabler of Kiwetinohk’s low carbon power and hydrogen objectives and 10-year strategic plan.
  • Advanced Homestead and Opal financing discussions with final investment decisions (FID) targeted for the second half of 2023, later than previously planned due to regulatory congestion.


Adjusted funds flow from operations1 was $49.3 million, or $1.10/share (diluted), in the quarter and $162.6 million, or $3.65/share (diluted) for the first nine months of the year.

Semi-annual redetermination on the senior secured extendible revolving credit facility completed subsequent to quarter end with no change to the borrowing base of $375 million.  Available credit facility capacity1 was $245.8 million at September 30, 2022.

1 Non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities.  Please refer to the Corporation’s MD&A as at and for the three months ended September 30, 2022, under the section “Non-GAAP Measures” available on Kiwetinohk’s SEDAR profile at


  • Kiwetinohk today released its ESG report for 2021 in alignment with leading global ESG reporting frameworks Climate-related Financial Disclosure (TCFD) and Sustainability Accounting Standards Board (SASB).
  • The Company reported 36% lower greenhouse gas emissions per barrel compared to the 2020 Canadian natural gas and conventional oil average (Scope 1, CO2E /boe).
  • Recently the Company approved a plan for electrification of the Simonette 5-31 gas plant to further reduce emissions.

“We reached key milestones in both upstream and downstream components of our 10-year energy transition vision during the third quarter,” said CEO Pat Carlson.  “Production growth in our high-quality Fox Creek assets position us well to deliver strong cash flow during the fourth quarter and key regulatory approvals for our power projects continues to move our green energy strategy forward.”

Kiwetinohk’s purpose is to build a company that profitably provides customers with clean, reliable, dispatchable and affordable energy.  At the time of the Company’s public listing in January 2022, Kiwetinohk announced 10-year strategic objectives designed to meet its purpose.  They are:

  • Generating >1,500 MW of electricity (>10% of Alberta grid capacity) from solar, wind and natural gas;
  • Consolidating and developing >300 MMcf/d of natural gas production;
  • Capturing >90% of the carbon associated with its gas-fired power; and,
  • Becoming a significant producer in the emerging hydrogen business.

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