______________________________________________________________________________________________ Rubellite
Energy
Rubellite Energy( Rubellite) is a growing junior public company that focuses on exploring and producing heavy oil in Canada’ s Clearwater and Mannville Stack formations. Operating in Eastern Alberta, the company is pursuing a robust organic growth plan through its valuable asset base, employing multi-lateral drilling technology to generate superior corporate returns while maintaining a conservative capital structure. Sue Riddell Rose, President and Chief Executive Officer, comments on Rubellite’ s business plan and capital investment focus and highlights its 2024 merger and acquisition activities.
Rubellite was incorporated by Perpetual Energy( Perpetual) and established through a plan of arrangement in September 2021.“ Perpetual spun out Rubellite to bring in capital to fund a promising emerging asset in the Clearwater formation that was showing significant potential. Forming a new public company secured the capital and new investor base we needed to pursue the Clearwaterfocused strategy,” Sue begins.“ In September 2021, Rubellite acquired Perpetual’ s Clearwater assets for ~$ 65 million. The assets included 350 bbl / d of heavy oil production and 100 net sections of undeveloped land.
“ The company started putting capital to work in both exploration and development in the Clearwater formation, executing a growth focused business plan to grow production, cash flow reserves and value and expand the heavy oil asset base. The Clearwater play has been highly successful for Rubellite, with production growing from about 350 barrels a day to over 5,000 barrels a day, almost all of which has been organically through the drill bit.
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