Granite Oil Corp. is a dividend-paying, junior oil producer based in Calgary, Alberta that owns and operates a large, recently discovered Alberta Bakken oil pool in southern Alberta. Granite was founded in May 2015 through a Plan of Arrangement that divided DeeThree Exploration Ltd. into two pure-play companies, Granite Oil Corp. and Boulder Energy Ltd. The plan was approved by a vote of shareholders on May 14, 2015, and each new company began trading on the TSX on May 21, 2015.
The nature of Granite’s producing asset has resulted in a business model that emphasizes:
Granite’s 100-percent working interest Alberta Bakken pool at Ferguson has been substantially de-risked. The property includes complete company-operated infrastructure to produce and market oil and reinject gas for enhanced oil recovery. Granite’s asset base offers potential for future growth through control of 350,000 acres of Bakken lands, 96 horizontal wells in inventory in the main pool area, plus 66 wells in a large new exploration area in the western lands. Please click here to read more about our corporate strategy.
Granite was founded with a solid balance sheet – including debt of only $45 million on a credit facility of $115 million – as well as a hedge portfolio covering approximately 50 percent of 2015 production. Granite benefits from experienced, technically able and proven leadership. This includes the same Board of Directors and many of the same senior managers who discovered, delineated and grew the Alberta Bakken play at Ferguson.