______________________________________________________________________________________________ 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 multilateral 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 . energy-oil-gas . com 119