Positioning the Sturgeon Lake Duvernay

The Duvernay has emerged as one of Canada’s most significant light oil plays, a world-class, liquids-rich formation now entering its second decade of commercial development.

Today, activity is focused on drilling intensity, production optimization, and full-cycle returns, particularly within the expanding oil window. The basin has matured from early-stage exploration into a hub of scalable, repeatable development.

Industry leaders including Whitecap Resources, CNRL, Duvernay Energy, and Paramount Resources have all established substantial positions in the play, underlining its long-term strategic value. As consolidation continues, and the inventory of Tier 1 drilling locations grows, the Duvernay is increasingly seen as a multi-decade opportunity.

B-32’s Sturgeon Lake project at the northern frontier of the trend offers rare early-stage exposure to the next phase of Duvernay development.

Regional Duvernay Spanning 600 kilometers

Sturgeon: Duvernay’s Next Growth Frontier

Sturgeon Lake Basin represents a geologic continuation of the successful Kaybob Duvernay core, where the play's commercial viability was first established. Early wells drilled by Hitic Energy in Sturgeon Lake, an early mover in the Kaybob area, highlight the formation's consistency and potential.

Located in a productive light oil window, Sturgeon Lake combines over-pressured reservoir conditions with favorable drilling depths and surface access. This enables efficient multi well pad development and some of the lowest drilling and completion costs in the basin.

The adoption of monobore well drilling designs and extended laterals exceeding 4,000 meters has further improved capital efficiency, positioning Sturgeon Lake as a top-tier, de-risked opportunity for scalable, high-margin oil development.

Greater Kaybob Duvernay Map

B-32's Sturgeon Lake Duvernay

The Sturgeon Lake Duvernay has been tested, with 13 producing horizontal wells confirming a high-quality, over-pressured reservoir (14–17 kPa/m) and strong production characteristics. The reservoir delivers premium 41° API sweet crude with a low gas-oil ratio, providing an ideal foundation for scalable, oil-weighted development.

With only two operators, B-32 Exploration and Hitic Energy, we have invested over $150 million in the play to date. Together, we have trialed a wide range of drilling, completion, soaking, and flowback strategies, including gas lift, pumpjacks, and electric submersible pumps (ESPs). This hands-on operational history has generated a significant body of learnings that will directly inform future development plans.

Importantly, the area benefits from robust surface infrastructure, including:

Oil and gas takeaway access
Gas processing facilities
Abundant fresh water
Minimal surface development constraints

In addition to the horizontal activity, over 40 vertical wells have been drilled through the Duvernay in this area. These wells provide exceptional well control and give us high confidence in defining pool boundaries and reservoir continuity.

While each Duvernay sub-play has required its own evolution, Sturgeon Lake’s late-mover advantage allows B-32 to capitalize on 15 years and billions of dollars of industry experience across the basin. We've already accelerated up the learning curve, now we are ready to unlock value with precision and scale.

B-32's Duvernay Land Base in the Sturgeon Area