Valeura Energy Inc. ("Valeura" or "the Company") is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey. The Company’s shares are traded on the Toronto Stock Exchange ("TSX") in Canada under the trading symbol VLE.
Since Valeura was established in 2010, the Company has executed a number of transactions and currently holds interests in 21 production leases and exploration licences in the Thrace Basin of Turkey totaling 0.53 MM acres (gross) or on a net basis 0.43 MM acres of shallow rights and 0.35 MM net acres of deep rights (net after the impact of the TBNG Acquisition and West Thrace Deep Rights Sale). The Company’s small legacy oil and gas properties in Canada were sold in the Q3 2014.
Valeura is pursuing natural gas in Turkey, including conventional shallow natural gas, unconventional tight gas and a potentially significant basin-centered gas play in the Thrace Basin. Natural gas price realizations are strong in Turkey and currently are about double those available in North America. By applying 3D seismic, modern fracture stimulation technology and horizontal and deeper vertical well drilling, Valeura is aiming to achieve commercial scale operations from this tight gas resource and expand conventional natural gas operations by applying new exploration concepts. This upstream program is complemented by ownership of gas gathering and sales infrastructure to support direct marketing of natural gas to end users.
Valeura’s petroleum and natural gas sales in the Thrace Basin of Turkey in the Q3 2017 averaged 1,024 boe/d, including 6.1 MMcf/d of natural gas at a $6.98 per Mcf natural. Natural gas sales represent more than 99% of net petroleum and natural gas sales.