Stonehorse Energy Limited (ASX: SHE), an Australian-based E&P company focused on onshore oil and gas in Canada and the United States, announced a significant production update for its Drumheller Development in Alberta, Canada, on May 21, 2026. The company’s Canadian arm, Stonehorse Canada Corporation, continues to ramp up development activities in the region, successfully tying three new development wells into facilities and bringing them online in late April.
These new wells, designated Drumheller #2, #3, and #4, have collectively added 385 barrels of oil equivalent per day (BOEPD) to the Canadian business, with production being 74% oil weighted. Individually, Drumheller #2 recorded 172 BOEPD over 30 days online, consisting of 125 bopd, 251 mcfd/d, and 5 bpd-NGLs. Drumheller #3 contributed 133 BOEPD (94 bopd, 210 mcf/d, 4 bpd-NGLs) over 28 days, while Drumheller #4 added 78 BOEPD (49 bopd, 159 mcf/d, 5 bpd-NGLs) across 23 days. Notably, the previously established Drumheller #1 well has reached payout and continues to exceed its planned production targets.
With these additions, Stonehorse Canada Corporation’s combined production in the Drumheller area now exceeds 450 BOEPD, maintaining an oil weighting of over 75%. The company indicated a strong likelihood of additional wells following later in the year, as the operator has identified over 80 potential new well locations and is preparing for further drilling. Stonehorse Executive Chairman, Mr Robert Gardner, commented, “We are excited to see more positive results from our new joint wells in the Drumheller area. These wells not only add production but increase the oil weighting and netbacks, improving the profitability of our Canadian business.”
