Coelacanth Energy

What Coelacanth Energy does

Coelacanth Energy Inc. is a Montney-focused oil and natural gas exploration and development company headquartered in Calgary, Alberta, with all of its mineral acreage located in the Two Rivers area of northeastern British Columbia. The company was formed in 2022 through a plan of arrangement involving Leucrotta Exploration Inc. and Vermilion Energy Inc., and it holds approximately 150 net Montney sections containing an estimated 6.9 billion barrels of discovered oil initially-in-place and 5.9 trillion cubic feet of discovered gas initially-in-place. Coelacanth generates revenue exclusively through the sale of crude oil and natural gas produced from these Montney assets, distributing output via direct B2B channels to refineries, utilities, and integrated energy companies at prevailing commodity prices; the company has no retail channels, branded consumer products, or recurring software/contract revenue streams.

The business model is capital-intensive and production-driven: revenue scales with realized production volumes and commodity prices rather than contracted ARR or fees. Production grew from under 1,000 boe/d at year-end 2024 to approximately 8,000 boe/d by late March 2026, a roughly 8x scaling over roughly 15 months, supported by the completion of the Two Rivers East battery and pipeline infrastructure. The company is publicly listed on the TSXV Venture Exchange (ticker CEI) and has funded growth through a combination of bought-deal equity financings (C$80M in November 2023, C$60M in April 2026) and revolving credit facilities (a $52M facility in October 2024 expanded to $80M by November 2025). 2025 capital investment totaled $80.6M and ended the year with Proved+Probable reserves of 36.7 million boe (a 33% year-over-year increase) and Total Proved Producing reserves of 14.2 million boe (a 672% increase), with an NPV10 before-tax reserve value of $168.4 million.

The customer base is intentionally broad and undifferentiated by counterparty identity: commodity hydrocarbons are sold into established energy markets through standard channels, with no disclosed long-term offtake agreements, named anchor buyers, or customer concentration disclosures. Investor communication rather than commercial marketing is the company's primary external engagement function, conducted via SEDAR filings, press releases, AGM presentations, an investor relations website, and a newsletter. The company maintains a small team (11-50 employees) and relies on a set of core professional service providers (KPMG as auditor, GLJ Ltd. as independent reserve evaluator, Gowling WLG as legal counsel, Computershare as transfer agent, ATB Financial as primary lender) and contracted market-making services from ICP Securities Inc.

Name

Coelacanth Energy

Legal name

Coelacanth Energy Inc.

Website

https://www.coelacanth.ca

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Coelacanth Energy is a Calgary-based Montney-focused oil and natural gas exploration and development company that holds approximately 150 net sections in northeastern British Columbia and sells produced crude oil and natural gas to refineries, utilities, and integrated energy buyers at prevailing commodity prices.

Ownership category

akta.pro rank

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Oil and Natural Gas Sales: Revenue generated from the sale of crude oil and natural gas produced from the Montney formation assets in the Two Rivers area of northeastern British Columbia. Production volumes sold directly to refineries and energy buyers on commodity pricing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Coelacanth Energy Inc. explores for, develops, and produces crude oil and natural gas from approximately 150 net Montney sections in the Two Rivers area of northeastern British Columbia. Production from the Montney formation is sold wholesale to refineries, utilities, and integrated energy buyers at prevailing commodity prices, with the company operating owned processing infrastructure including the Two Rivers East battery and gathering pipelines.

Product overview

Coelacanth Energy Inc. is a Montney-focused oil and natural gas exploration and development company operating in the Two Rivers area of northeastern British Columbia. The company holds approximately 150 net sections of Montney acreage and is developing this resource through its core Montney oil and gas exploration and development operations. Key operational milestones include the Two Rivers East facility completion and drilling programs, with production ramping from 800 to over 8,000 boe/d. The company's Discovered Montney Oil Initially-in Place (PIIP) is estimated at 6.9 Billion barrels with Montney Gas PIIP of 5.9 Trillion cubic feet.

Differentiator

Problem solved

Functional benefit

Products and services

• Montney Oil & Gas Exploration & Development Oil and natural gas exploration and development operations focused on the Montney formation in northeastern British Columbia, with approximately 150 net Montney sections of mineral acreage in the Two Rivers area. The company drills, completes, and produces wells, then sells the produced crude oil and natural gas wholesale to refineries, utilities, and integrated energy buyers.
• Two Rivers East Production Facility and Drilling Program Owned and operated production infrastructure and drilling program at Two Rivers East, comprising the Two Rivers East battery and gathering pipelines plus a 4-well drilling program supporting Montney oil and natural gas production.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• ICP Securities Inc.minorOthers · 31 October 2025Engaged for automated market making services for four months starting October 31, 2025, with renewal options. ICP uses its proprietary algorithm ICP Premium to enhance liquidity. Paid a monthly fee of C$7,500 with no performance or securities-based compensation.
• KPMG LLPcoreImplementation/ SI/ Consulting PartnerCompany auditors providing independent financial statement audits and assurance services.
• GLJ Ltd.coreOthersIndependent engineers providing annual reserve evaluations. Conducted 2025 year-end reserves evaluation showing 33% increase in Proved plus Probable reserves.
• Gowling WLG (Canada) LLPcoreImplementation/ SI/ Consulting PartnerLegal counsel and corporate secretary services, including Gregory Peterson LLB as Corporate Secretary.
• ComputersharecoreOthersTransfer agent handling share registry and shareholder services for the company's TSXV-listed shares.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Whitecap Resources Inc. Intermediate Canadian oil and gas producer with conventional and Montney-weighted assets. Comparable on upstream E&P model and North American crude/natural gas sales, with broader asset diversification.
• Vermilion Energy Inc. International E&P with historical Montney exposure and a former ~20% shareholder of Coelacanth. Comparable as an upstream operator selling oil and gas to similar end markets, though far more geographically diversified.
• Ovintiv Inc. Large multi-basin North American E&P with significant Montney exposure alongside Permian and Bakken assets. Comparable on upstream E&P model and Montney operations, but far more diversified across plays and geographies.
• Crescent Point Energy Corp. Canadian E&P focused on liquids-rich production across multiple Western Canadian plays. Comparable business model (upstream E&P selling crude and gas) but with a more diversified, oil-weighted asset base.

Direct peers

• Kiwetinohk Energy Corp. Calgary-based junior E&P with Montney and Duvernay assets in west-central Alberta. Comparable as a development-stage upstream producer focused on unconventional Western Canadian Sedimentary Basin resources.
• Peyto Exploration & Development Corp. Pure-play Deep Basin/Montney natural gas producer with a focus on low-cost, long-reserve-life assets. Comparable to Coelacanth as a gas-weighted Montney operator selling to similar North American energy buyers.
• Spartan Delta Corp. Montney-focused exploration and production company operating in the Deep Basin of northwestern Alberta. Closely comparable junior Montney operator profile to Coelacanth in scale, asset type, and strategy.
• Tourmaline Oil Corp. Canada's largest Montney-focused natural gas and liquids producer. Directly comparable to Coelacanth in target formation, business model (upstream E&P), and customer base (refineries, utilities, gas processors), but at significantly larger scale.
• ARC Resources Ltd. Major Montney and Deep Basin liquids-rich natural gas producer in northeastern BC and Alberta. Closely comparable to Coelacanth on formation, geography, and product mix.
• Paramount Resources Ltd. Calgary-based E&P with a significant liquids-rich Montney position in the Kaybob/Wapiti area. Directly comparable to Coelacanth on formation, geography, and Calgary-headquartered junior E&P profile.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coelacanth Energy