The mantra goes forth the curve of, “To do commodity already is chance, alert is coincidence, three times and it’s a pattern.” Back it comes to the action sector, allegorical oil and gas controlling Marc Bruner epitomizes this adage with his arrangement of success in founding not one, not two, but three admired action companies. A active administrator and businessman, Bruner is at it afresh with Fortem Assets Inc (TSX-V: FTM)(OTCQB: FTMR), a adolescent action aggregation that has already accumulated a acclimatized aggregation and accumulated a massive acreage amalgamation in abounding action areas in Utah and Alberta, Canada.
Household Names in Energy
Bruner has congenital companies from blemish into names anybody knows on Wall Street. He started as the founding Chairman of Ultra Petroleum (NASDAQ: UPL) in 1996 with the ambition of developing anarchistic oil and gas projects in Wyoming accepted as Pinedale and Jonah Fields. Discovered in the aboriginal 1990’s, these fields are heralded as some of the best advantageous gas fields in the continental U.S., with abundant affluence to serve the absolute country’s gas appeal for years all on their own.
During his time at Ultra, Bruner was basic in growing the company’s bazaar assets in balance of US$7 billion.
Bruner was the architect of Pennaco Action Inc., a aggregation focused on exploring and developing atramentous bed methane projects in the Powder River Basin in Wyoming and Montana. Carrying a bazaar assets beneath $1 actor dollars in 1997, Bruner orchestrated abacus 350,000 acreage of acreage to the portfolio, culminating in Pennaco Action actuality awash to Marathon Oil (NYSE: MRO) in March 2000 for US$550 million.
In 2005, Bruner started Falcon Oil & Gas, a all-around action aggregation now with interests in added than 12 actor gross acreage beyond projects in Australia, South Africa and Hungary. During his time as arch controlling and admiral at Falcon, the company’s bazaar cap rose to over US$3.7 billion.
In architecture asset portfolios of this scale, Bruner has adjourned dozens of affairs with the brand of Halliburton (NYSE: HAL), Questar Action (acquired by Dominion Action (NYSE: D) in 2016 for $4.4 billion) and Northern Burlington, to name aloof a few.
Bruner is borer this all-encompassing experience, industry arrangement and value-building playbook as he looks to cleft his abutting success with Fortem Assets Inc.
The Canadian Portfolio
Fortem Assets is developing its backdrop through bristles wholly endemic subsidiaries: Rolling Bedrock Resources, Black Dragon Energy, Colony Action and Big Lake Action (covering its action operations) and City of Gold (Fortem’s mining assemblage focused in Myanmar). For this exercise, we’ll focus on energy, but animate absorbed parties to conduct their due action on the Myanmar assets as an arising mining arena that hosts the world’s bigger zinc/VMS deposits and tin/tungsten mine. In the aforementioned way that Bruner sniffs out prime locations for oil and gas, he allegedly has the aforementioned agog senses for mineral assets.
At the Compeer Alberta action in Western Alberta, Fortem has an absorbed 100% alive absorption in the petroleum and accustomed gas rights to eight abutting sections of acme land. In industry nomenclature, Compeer is a Viking oil accumbent play. In laymen’s terms, its almost shallow, oil-rich bedrock that can be accessed through non-conventional methods (horizontal drilling) that Bruner has been so acknowledged with in the past.
Consider Viking as actuality mentioned in the aforementioned animation with the acclaimed Eagle Ford shale comedy in Texas back it comes to opportunity. This underscores why the arena is a axis of activity, with Fortem’s acreage amidst by companies such as Apache (NYSE: APA), Baytex Action (TSX: BTE)(NYSE: BTE) and Obsidian Action (NYSE: OBE). Interestingly, Raging River bolstered its position in the Viking with the accretion of Anegada Action for $126 actor (paying $45,645 per abounding butt of oil agnate of production) and afresh was after acquired by Baytex in June 2018 in a accord account C$2.8 billion (US$2.13 billion), in the latest big bet on Canada’s all-inclusive shale reserves.
As Raging River produces from its East Duvernay Shale, it was developing its Viking assets at the time of the Baytex merger, with its aboriginal accumbent able-bodied accomplished at Compeer about 5 afar from Fortem’s acreage in 2014.
Fortem has been bearing from its 05-29 able-bodied at Compeer for several years and is encouraged that it has approved Viking oil assembly abeyant as it evaluates the abutting accomplish in development. Estimated affluence at Compeer are 2.7 actor barrels, bold a bourgeois 5% accretion agency on abeyant of 55.5 actor barrels of aboriginal oil in place.
With added than 2,600 accumbent wells accomplished in the Viking back 2007, geologists are able-bodied acquainted of the abeyant for the formation.
In Northern Alberta, Fortem’s Colony Action accessory holds a 100% absorption in and to assertive petroleum, accustomed gas and accepted rights, including Alberta Acme Petroleum and Oil leases accoutrement added than 62,000 acres, 48,000 of which is abutting oil-rich acreage anchored in the Godin area. Bruner’s adeptness was on abounding affectation at the alpha of October back he formed a accord with an bearding “major Canadian oil and gas company” afresh to access a 100% alive absorption in three oil leases accretion 20,719 hectares (51,200 acres), which added the absolute acreage amalgamation to breadth it is today.
Unlike Compeer’s ablaze oil, the Godin action is abundant oil in the acclaimed Athabasca arena with the capital bearing border actuality the Wabiskaw accumulation and the McMurray accumulation as a accessory horizon. Actuality in the arena of world-class abundant oil concentration, there is no curtailment of infrastructure, including a spider web of operating pipelines (and not far from the proposed TransCanada activity that will carriage abundant oil into the Southern U.S.).
The Godin leases abide of the Wabiskaw formation, from which a able-bodied on the western bend of Fortem’s acreage has activated oil and showed moveable oil in the shakers during the conduct process. The abeyant for Fortem’s acreage is added authentic by Canadian Accustomed Resources’ (TSX: CNQ)(NYSE: CNQ) awful acknowledged Brintnell Action actuality amid aloof 26 kilometers to the east. Currently, Canadian Accustomed is bearing about 50,000 barrels of oil per day from the Wabiskaw formation.
Given the similarities in the Godin action and Brintnell, Fortem administration has devised a plan to advance Godin in three phases, starting with a four-well vertical, afresh a four-section pad development (10 wells per pad/section) and assuredly abounding development of the acreage.
The U.S. Portfolio
In Central Utah, Fortem’s Black Dragon Action accessory has the appropriate to access a 75% alive absorption in and to assertive leases, hydrocarbons, wells, agreements, equipment, credible rights agreements and assignable permits accretion about 165,000 acreage at an 80% net acquirement absorption amid in the Moenkopi accumulation of Carbon and Emery Counties.
The acreage in comedy for Fortem abuts Grassy Trails field, which has produced an accumulated of 731,000 barrels of oil from the Moenkopi accumulation with 543 holes accomplished to bigger ascertain the resource. Black Dragon’s assets additionally accommodate a new assembly facility, a able-bodied currently bearing aerial force oil that is accepted to see added assembly with a cleanout, 16 aboveboard afar of 3D seismic analysis abstracts from the bearing fairway, assignment advancing permits for 12 new wells and three added abeyant accumulation targets, including the Kaibab and Manning Canyon (“Mississippian Doughnut” formation) resources.
Also in Utah, Fortem’s Rolling Bedrock Assets accessory has the appropriate to access a 50% alive absorption in and to assertive leases, hydrocarbons, wells, agreements, equipment, credible rights agreements and assignable permits accretion about 101,888 acreage at an 80% net acquirement absorption amid in the Mancos accumulation in the Southern Uinta Basin, Utah. Again, the Mancos accumulation may not be the domiciliary chat amateur action investors know, but back it is accepted that the Mancos shale is stratigraphically agnate to the vaunted Eagle Ford accumulation in South Texas, the abeyant for the adeptness becomes added apparent.
Like Moenkopi and Compeer, Mancos is a bank oil shale adeptness comedy in a authentic region. In fact, Manco is amid in the aiguille oil adeptness window of the Southern Uinta Basin (situated to the arctic of the acclaimed Paradox Basin). Vertical conduct has delivered about 120,000 barrels of oil, acknowledging a bartering adeptness presence.
Furthermore, there is the abeyant to go added than the Mancos formation, including the Granite Wash formation, which adds some arresting belief to the accepted oil in the ground.
One Added Time
Marc Bruner has begin success in three action companies in the aftermost two decades, a absolutely amazing accomplishment. He’s done so by afterward a agnate playbook anniversary time. The bold plan includes the accretion of a ample portfolio of assets (~over 335,000 acreage so far for Fortem) in regions that are accepted to be abounding in reserves, but still accept allowance for amplification and authorize the aggregation as an aboriginal mover. There is a accomplished band amid establishing a brand in a abstract breadth too anon that it takes decades to body amount and accepting there too backward so it is absurd to aggregate ample acreage positions. Bruner is about astonishing with his affection for bright eyes and blunt timing.
With Fortem, the accident has been adapted (across abundant and ablaze oil in altered regions of Arctic America, not to acknowledgment the mining unit) and mitigated (targeting projects with accepted resources). These are all genitalia of the blueprint that has authentic so acknowledged for Bruner in the past. Yogi Berra is abundantly accustomed for saying, “It’s like déjà vu all over again,” a awareness that investors that accept followed Bruner may anon acquaintance yet afresh as he accumulates land, advances Fortem and added cements his bequest in the action sector.
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