Crew Energy
Crew Energy is a Canadian natural gas and liquids producer focused exclusively on the Montney resource in northeastern British Columbia.
Last updated August 26, 2026
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Overview
Crew Energy Inc. is a Canadian exploration and production company whose business is centered on liquids-rich natural gas and associated hydrocarbon production from the Montney formation in northeastern British Columbia. The company describes its strategy as growth-oriented and focused on sustainable per-share growth, combining financially disciplined exploration and development with selective acquisitions. Its operating model is based on a large, contiguous Montney land position, operated processing infrastructure, and access to several pipeline routes and sales markets. Crew was incorporated on May 12, 2003 and adopted the Crew Energy Inc. name on June 27 of the same year. During its earlier development, the company held a broader portfolio of Canadian oil and gas assets. It sold its West Central Alberta Edson Production assets in 2010, then expanded through the 2011 acquisition of privately held Caltex Energy. That transaction added heavy-oil operations in the Lloydminster area of Saskatchewan and natural-gas-liquids assets in Wapiti, Alberta, alongside assumed debt and equity consideration. The company progressively redirected its portfolio toward the Montney. In 2014, it completed three transactions that added approximately 115 net sections of liquids-rich natural-gas properties in northeastern British Columbia. In 2015, a land exchange with the Province of British Columbia added 53 net sections contiguous with Crew’s Groundbirch property, while the company surrendered 66 net sections of undeveloped land that had been subject to development restrictions. Crew later sold 18,400 net acres of undeveloped Montney land in the Goose area in 2017 for C$49 million; the divested acreage carried no production or assigned reserves. Crew also used midstream transactions to improve capital flexibility. In 2020, it sold a 22% net working interest in each of its Septimus and West Septimus gas-processing facilities to a third-party midstream company for aggregate consideration of C$70 million. In 2021, the sale of its Lloydminster heavy-crude operations completed the company’s evolution into a pure-play Montney producer. Its Montney assets include Septimus and West Septimus, collectively referred to as Greater Septimus, as well as Groundbirch, Tower, Attachie, Oak/Flatrock, and Portage. The resource base contains condensate, light oil, liquids-rich natural gas, and dry gas. Crew develops the siltstone Montney formation using long-reach horizontal wells and water-based hydraulic-fracture stimulation. The company has reported a land position exceeding 264,000 net acres, including more than 225,000 net undeveloped acres. Based on its cited year-end 2020 reserve allocation, only a minority of its Upper Montney acreage and less than one percent of its Lower Montney acreage had assigned reserves, indicating a large remaining development inventory. Crew’s common shares trade on the Toronto Stock Exchange under the symbol CR.
History
Crew Energy was incorporated in Canada on May 12, 2003 and changed its name to Crew Energy Inc. on June 27, 2003. Its early portfolio included conventional oil and gas interests outside northeastern British Columbia. On April 1, 2010, the company sold its Edson Production assets in west-central Alberta, a transaction that reduced its exposure to that operating area. On May 2, 2011, Crew acquired privately held Caltex in a transaction involving C$622 million of shares and assumed debt. Caltex brought heavy-oil deposits in the Lloydminster area of Saskatchewan and natural-gas-liquids assets in Wapiti, Alberta. The acquisition broadened Crew’s production base, but the company subsequently moved toward a more concentrated resource strategy. The main strategic shift occurred through a series of Montney transactions. In 2014, Crew completed three separate acquisitions that added approximately 115 net sections of liquids-rich natural-gas properties in northeastern British Columbia. In July 2015, it exchanged petroleum and natural-gas rights with the Province of British Columbia. The exchange added 53 net sections contiguous with the company’s Groundbirch property, while Crew surrendered 66 net sections of undeveloped acreage that had been subject to development restrictions since 2004. In the second quarter of 2017, Crew sold 18,400 net acres of undeveloped Montney land in the Goose area for C$49 million. The divested lands had no production or assigned reserves. The transaction illustrated the company’s practice of reshaping its acreage position around strategically important and operationally connected Montney holdings. Crew later pursued midstream portfolio optimization. In 2020, it completed a two-phase transaction with a third-party midstream company involving the sale of a 22% net working interest in both the Septimus and West Septimus gas-processing facilities. The aggregate consideration was C$70 million. The transaction provided capital while retaining Crew’s participation in infrastructure supporting its northeastern British Columbia operations. In 2021, Crew sold its Lloydminster heavy-crude operations. This disposal completed its corporate evolution from a diversified Canadian oil and gas company into a pure-play Montney producer. Its continuing asset base includes Greater Septimus, Groundbirch, Tower, Attachie, Oak/Flatrock, and Portage. These properties are located in northeastern British Columbia and contain condensate, light oil, liquids-rich natural gas, and dry gas. Crew’s technical and operating focus is the Montney siltstone formation, which can be developed with long horizontal wells and water-based fracture stimulation. The company has described its position as exceeding 264,000 net acres, including more than 225,000 net undeveloped acres. It also reports operated infrastructure and access to multiple pipeline egress options. The scale of the land base, together with the relatively limited portion assigned reserves in the cited 2020 data, forms the basis of Crew’s stated long-term growth proposition. Its shares are listed on the Toronto Stock Exchange under the symbol CR.
- 2021
Pure-play Montney transition
[1]Crew sold its Lloydminster heavy-crude operations and completed its transition to a pure-play Montney producer.
- 2020
Midstream interest transaction
[1]The company sold a 22% interest in each of its Septimus and West Septimus processing facilities for aggregate consideration of C$70 million.
- 2017
Goose acreage disposition
[1]Crew sold 18,400 net acres of undeveloped Montney land in the Goose area for C$49 million.
- 2015
Groundbirch land exchange
[1]A provincial rights exchange added 53 net sections contiguous with Groundbirch and returned 66 restricted undeveloped sections.
- 2014
Montney expansion
[1]Three transactions added approximately 115 net sections of Montney liquids-rich natural-gas properties.
- 2011
Caltex acquisition
[1]Crew acquired Caltex, adding Lloydminster heavy oil and Wapiti natural-gas-liquids assets.
- 2010
Sale of Edson Production
[1]The company sold its West Central Alberta Edson Production oil and gas assets.
- 2003
Incorporation and name change
[1]Crew Energy was incorporated on May 12 and changed its name to Crew Energy Inc. on June 27.
Products and positioning
A focused Canadian Montney producer emphasizing liquids-rich natural gas, a large contiguous resource base, operated infrastructure, multiple pipeline egress options, and financially disciplined per-share growth.
Natural gas
Liquids-rich natural gas
Liquids-rich natural gas is Crew Energy’s central production stream. It is produced from Montney assets in northeastern British Columbia, particularly the Greater Septimus and Groundbirch areas, and is developed using long-reach horizontal wells and water-based fracture stimulation.
Hydrocarbon liquids
Condensate and natural gas liquids
Condensate and related natural-gas liquids are recovered alongside Crew’s Montney gas production. These higher-value liquids contribute to the company’s liquids-rich resource positioning and are associated with development across its northeastern British Columbia acreage.
Crude oil
Light oil
Light oil is among the hydrocarbon products present in Crew’s Montney resource base. It is produced as part of the company’s integrated development of liquids-rich and oil-bearing portions of the formation.
Natural gas
Dry natural gas
Dry natural gas is another component of Crew’s Montney production portfolio. The company’s acreage includes both liquids-rich and drier gas zones, supported by operated processing infrastructure and access to multiple pipeline egress routes.
Brand decisions
2021
Exit from Lloydminster heavy crudeStrategyBackground
Crew had acquired Lloydminster heavy-oil assets through the Caltex transaction but subsequently concentrated its business on the Montney resource.
Action taken
The company sold its Lloydminster heavy-crude operations.
Aftermath
The sale completed Crew’s stated evolution into a pure-play Montney producer.
2020
Monetization of processing-facility interestsStrategyBackground
Crew sought to optimize its midstream position while continuing to operate in the Septimus and West Septimus areas.
Action taken
The company sold a 22% net working interest in each of two gas-processing facilities to a third-party midstream company.
Aftermath
Crew retained exposure to infrastructure supporting its Montney operations and received aggregate consideration of C$70 million.
Aggregate transaction consideration. C$70 million (2020)
Recent events
- 2021
Crew completes exit from Lloydminster heavy crude[1]
M&A
The sale of the company’s Lloydminster heavy-crude operations completed its transition to a pure-play Montney producer.
- 2020
Crew monetizes interests in Septimus processing facilities[1]
M&A
Crew sold a 22% net working interest in each of its Septimus and West Septimus gas-processing facilities to a third-party midstream company for aggregate consideration of C$70 million.
- 2017
Crew sells Goose-area Montney acreage[1]
M&A
The company disposed of 18,400 net acres of undeveloped Montney land in the Goose area for C$49 million.
- 2015
Crew completes British Columbia Montney land exchange[1]
Other
A rights exchange with the Province of British Columbia added 53 net sections contiguous with Groundbirch and returned 66 net sections subject to development restrictions.
- 2014
Crew expands its Montney land position[1]
M&A
Three transactions added approximately 115 net sections of strategic liquids-rich Montney properties in northeastern British Columbia.
- 2011
Crew Energy acquires Caltex[1]
M&A
Crew acquired privately held Caltex, adding heavy-oil assets in Lloydminster, Saskatchewan, and natural-gas-liquids assets in Wapiti, Alberta, while assuming debt.
- 2010
Crew Energy sells Edson Production assets[1]
M&A
Crew Energy sold its West Central Alberta oil and gas production assets known as Edson Production.
Sources1 sources
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