Kiwetinohk reports first quarter results, increases guidance and achieves key Gr… – Press Release


CALGARY, AB, May 12, 2022 /CNW/ – Kiwetinohk Energy Corp. (TSX:KEC) today announced its first quarter 2022 results, including record quarterly adjusted funds flow from operations 1 of $37.0 million and average quarterly production of 13,253 boe/d, ahead of previously communicated guidance and above the Company's Q1 2022 budget and plan. Given strong Fox Creek production during the first quarter, Kiwetinohk has increased its 2022 annual production guidance by 500 boe/d to 13,500-15,500 boe/d.

Kiwetinohk Energy Corp. (CNW Group/Kiwetinohk Energy)

Kiwetinohk also significantly advanced its Green Energy division projects, applying to Alberta regulators for approval of the 400MW Solar 1 (Homestead) and 101MW Firm Renewable 1 (Opal) projects.

"Kiwetinohk delivered in this first quarter, successfully reversing the production declines inherited with the 2021 Simonette and Placid asset acquisitions and kicking off a new growth phase in Fox Creek," said CEO Pat Carlson.

"We're on track to deliver strong upstream growth while hitting key milestones in our build out of low-carbon and zero-carbon power projects — a portfolio approach that's the foundation of our energy transition strategy."

YTD 2022 Highlights 


  • Sales volumes averaged 13,253 boe/d in Q1, exceeding production guidance of 12,000-13,000 boe/d, due to strong performance from base operations and bringing new wells onstream ahead of schedule.
  • Recent weekly production averaging 16,500 boe/d as new wells came on-line.
  • Record quarterly adjusted funds flow from operations1 of $37.0 million.
  • Operating netbacks1 up $4.91/boe from Q4/21 to $46.11/boe in Q1/22.
  • Two Simonette wells drilled in Q4/21 completed and brought on-stream.
  • Two additional Simonette wells drilled on time and on budget in Q1 are in the final stages of completion and expected to be onstream ahead of plan in the coming weeks.
  • Started drilling a new Simonette four-well pad with targeted completion…