B-32 Exploration

About B-32 Exploration

B-32 Exploration Ltd. is a privately held Canadian energy company established in 2018 and based in Calgary, Alberta. The firm operates as a pure-play exploration entity focused on the appraisal and development of unconventional light oil resources within the Duvernay Formation, one of Canada's most significant shale oil resources. B-32's primary strategic objective is to de-risk and prove the commercial viability of its substantial land position before engaging in full-scale development or pursuing strategic alternatives such as joint ventures or asset sales.

The company was founded by a team with a history of creating and successfully exiting multiple private exploration and production companies. The leadership includes Executive Chairman Larry Evans and Executive Director Mitch Putnam, who have a track record of founding, growing, and selling four prior energy ventures. This experienced team also features President Brad Culver, a geophysicist with extensive resource play experience, and other seasoned professionals in engineering and finance. In January 2022, Jason Smith, former President of Murphy Oil Company Ltd. (Canada) and a veteran of Mobil and Exxon Mobil, joined the board, bringing direct experience from successfully developing the Kaybob Duvernay assets for Murphy Oil.

B-32's core asset is a significant and consolidated land package in the Greater Kaybob Basin, specifically in a northern extension in the Sturgeon Lake area. The company has methodically assembled over 280 sections (approximately 179,200 acres) of Crown land, which it believes holds over 400 potential drilling locations. This area is considered a geological 'sweet spot', characterized by desirable reservoir properties such as high pressure and light, 39-41° API gravity oil. The company's business model centers on leveraging this prime acreage. Revenue generation is anticipated through the production and sale of light oil, with a long-term development plan envisioning production of over 20,000 to 30,000 barrels per day. B-32 seeks to maximize value for its investors by strategically drilling wells to prove up the resource potential, thereby increasing the asset's valuation. The company has successfully raised capital to fund its operations, including a $20.6 million financing round that closed in June 2022, bringing its total funds raised to $28 million since inception. These funds were deployed to drill its first two wells in early 2022, which confirmed a significantly over-pressured reservoir consistent with other productive wells in the region.