Independent Chaparral Energy Inc. was renamed Canvas Energy Inc., still privately held and still based in Oklahoma City.
“Our new brand represents a renewed sense of purpose, enthusiasm and commitment to our employees, stakeholders, suppliers and local communities to name a few,” said Chuck Duginski, CEO by Canvas.
The company held approximately 231,000 net acres in the Anadarko Basin in Oklahoma at the end of 2021.
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The brand update represents another transformation for Chaparral, an exploration and production (E&P) company that went private in 2020 upon emerging from its second bankruptcy.
“Our strategy is now focused on generating sustainable free cash flow through efficient, low-cost field operations, supported by careful reinvestment in high-yield development drilling and accretive acquisitions,” Duginski said.
Canvas’ primary investors are Millstreet Capital Management LLC, Amzak Capital Management and Avenue Capital Group, management said.
Chaparral reported average production of approximately 23,000 boe/d in 2021, weighted 57% liquids and 21% oil.
The latest drilling productivity report from the U.S. Energy Information Administration shows that private E&P are focusing more on Anadarko oil production.
Matt Johnson, CEO of hydraulic fracturing fleet tracker Primary Vision, told NGI that “fracking equipment migration” has occurred over the past year.
He said the operators have “sought to take advantage of market prices in Anadarko gas…We are tracking approximately 40 active operators in the Anadarko Basin, with fracking spread activity having doubled since February 2021 “.