Moncan Energy, a newly formed Calgary upstream company, has set out a strategy to buy, improve and selectively develop smaller producing oil and natural gas assets across Alberta.
The company plans to focus on production optimization, reactivating inactive wells, recompletion work and selective new drilling to raise cash flow and long-term asset value. Moncan said it will prioritize existing production and established geological data, and will consider new wells only where technical evaluation, offset well performance and economics support further development.
Moncan was founded by Andrew Bayar, an oilfield professional with more than 13 years of operational experience in drilling and wellsite work. The company is also drawing on petroleum engineering and geological advisory support as it evaluates acquisitions and development opportunities.
'Our goal is to build Moncan one asset at a time,' Bayar said.
Moncan is currently reviewing producing opportunities in Alberta and building relationships with technical advisers, capital providers, operators and potential joint-venture partners.
