Rubellite

What Rubellite does

Rubellite Energy Corp. (TSX: RBY) is a Calgary-based junior Canadian heavy oil exploration and production company that operates a portfolio of four core asset areas — Ukalta, Figure Lake, Marten Hills, and Frog Lake — in Eastern Alberta. The company is incorporated in September 2021 through a plan of arrangement with Perpetual Energy Inc. and completed a strategic recombination with Perpetual in October 2024, with Perpetual amalgamating into Rubellite in January 2025. Rubellite develops the Clearwater Formation and Mannville Stack, including the Waseca sand in the Cold Lake Oil Sands Area, holding an average 50% working interest in the Frog Lake assets alongside the Frog Lake First Nation and Frog Lake Energy Resource Corp. (FLERC).

The company's defining operational methodology is multi-lateral open-hole horizontal drilling, which is applied without hydraulic fracturing. Host wells are drilled with horizontal laterals of up to roughly one mile in length, opening 10,000-20,000 meters of reservoir contact per well from concentrated surface pads. This approach produces heavy crude oil that is trucked to multi-well batteries and pipeline terminals for sale to oil purchasers under commercial arrangements. Following the Perpetual recombination, Rubellite also produces and sells natural gas and NGLs, leveraging reactivated legacy gas gathering pipelines for solution gas conservation beginning January 2025. The company has also initiated waterflood pilots at Figure Lake, Ukalta, and Marten Hills for pressure maintenance and secondary recovery, and is piloting a hydrogen-diesel fuel blend for drilling operations.

Rubellite generates revenue by selling produced heavy crude oil, natural gas, and NGLs to refiners, midstream purchasers, and pipeline-connected buyers at prevailing market commodity prices. The company does not publicly disclose commodity-specific pricing. Production has scaled from approximately 350 bbl/d at incorporation in Q3 2021 to approximately 12,000 boe/d (~70% oil and liquids) after the Buffalo Mission acquisition and the Perpetual recombination. Capitalization is supported by a CAD $140 million bank credit facility (approximately CAD $100 million drawn) plus a CAD $20 million second-lien term loan, with Net Debt to annualized Adjusted Funds Flow at roughly 1.2x.

Name

Rubellite

Legal name

Rubellite Energy Inc.

Website

https://rubelliteenergy.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Rubellite Energy Corp. is a Calgary-based junior Canadian heavy oil exploration and production company that develops the Clearwater Formation and Mannville Stack in Eastern Alberta using multi-lateral open-hole horizontal drilling technology, selling crude oil, natural gas, and NGLs to refiners and midstream purchasers across Western Canada.

Ownership category

akta.pro rank

Product category

Heavy Oil Exploration and Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Drilling & Well Construction (Rig Ops, Directional, Casing, Cementing) (EUAAAAAI)

akta.pro secondary industry

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA)

Keywords

• Heavy oil production
• Exploration and production
• Multi-lateral drilling
• Clearwater formation
• Crude oil sales

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Heavy Crude Oil Production and Sales: Rubellite generates revenue through the exploration, development, and production of heavy crude oil from the Clearwater Formation and Mannville Stack in Eastern Alberta. Oil production is trucked to pipeline terminals and sold to purchasers under commercial arrangements. The company also generates revenue from natural gas and NGL production following the Perpetual recombination in Q4 2024.
2. Natural Gas and NGL Sales: Following the Q4 2024 recombination with Perpetual Energy, Rubellite added approximately 4,000 boe/d of natural gas and NGL production, establishing a diversified revenue base alongside oil sales.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Rubellite Energy is a junior Canadian heavy oil exploration and production company that explores, develops, and produces heavy crude oil from the Clearwater Formation and Mannville Stack in Eastern Alberta using proprietary multi-lateral open-hole horizontal drilling technology (without hydraulic fracturing). Following its October 2024 recombination with Perpetual Energy, the company also produces and sells natural gas and natural gas liquids (NGLs), with total production of approximately 12,000 boe/d (~70% oil and liquids).

Product overview

Rubellite Energy is a junior Canadian heavy oil exploration and production company operating a portfolio of four core asset areas (Ukalta, Figure Lake, Marten Hills, and Frog Lake) in Eastern Alberta. The company focuses on the Clearwater Formation and Mannville Stack plays, utilizing multi-lateral (multi-lat) horizontal drilling technology as its core operational methodology. Production is primarily heavy crude oil, with operations structured around pad-based drilling from surface sites. The company has grown from 350 bbl/d at incorporation in Q3 2021 to approximately 12,000 boe/d (~70% oil and liquids) following acquisitions and the 2024 recombination with Perpetual Energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Heavy Crude Oil (Clearwater and Mannville Stack) Rubellite's primary product is heavy crude oil extracted from the Clearwater Formation and Mannville Stack in Eastern Alberta. Production is trucked from well sites to pipeline terminals and sold to refiners and oil purchasers under commercial arrangements. Customers are oil refiners and midstream purchasers operating in the Western Canadian Sedimentary Basin and broader North American energy markets.
• Natural Gas and NGL Production Natural gas and natural gas liquids (NGLs) produced from legacy assets acquired through the Perpetual Energy recombination, transported via reactivated gas gathering pipelines. Sold to natural gas purchasers and midstream processors.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Perpetual Energy Inc.coreStrategic or Co-development Partner · 31 October 2024Strategic recombination transaction completed October 31, 2024, creating Rubellite Energy Corp. The transaction combined Rubellite's heavy oil assets with Perpetual Energy's diversified natural gas and NGL production, adding approximately 4,000 boe/d of production. The recombination provided synergies, financial flexibility, and enhanced capital market access. Perpetual Energy originally incorporated Rubellite in September 2021 through a plan of arrangement.
• Frog Lake First Nation and Frog Lake Energy Resource Corp.coreStrategic or Co-development Partner · 2 August 2024Rubellite operates the Frog Lake assets in partnership with the Frog Lake First Nation and Frog Lake Energy Resource Corp. (FLERC). The partnership develops and produces heavy oil from the Mannville Stack of the Cold Lake Oil Sands Area using open-hole multi-lateral horizontal wells primarily from the Waseca sand. Rubellite holds an average 50% working interest as operator. Additional resource potential exists in the General Petroleum and Sparky sands of the Mannville Stack.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Cenovus Energy: Major Canadian heavy oil and natural gas producer with significant Clearwater Formation exposure and Christina Lake/Cold Lake thermal operations. Comparable to Rubellite through its Clearwater play participation and Western Canadian Sedimentary Basin focus, though at substantially larger scale.
• Whitecap Resources: Intermediate Canadian oil and gas producer with diversified operations including Clearwater heavy oil development. Comparable to Rubellite through Clearwater asset overlap, though Whitecap operates at meaningfully larger scale and across multiple plays.

Direct peers

• Baytex Energy: Canadian heavy oil E&P focused on the Clearwater play in Alberta and Saskatchewan as well as Lloydminster heavy oil. Closely comparable to Rubellite through heavy crude oil production economics, multi-lateral drilling approach, and overlapping Clearwater asset exposure.
• Tamarack Valley Energy: Junior Canadian oil and gas producer with material Clearwater heavy oil operations in Alberta alongside light oil and gas production. Highly comparable to Rubellite as a Clearwater-focused operator with similar capital intensity and growth profile.
• Cardinal Energy: Junior Canadian heavy oil and natural gas producer operating in Alberta and Saskatchewan with a focus on long-life, low-decline assets. Comparable to Rubellite as a small-cap heavy oil producer targeting similar Clearwater and Mannville-type plays with multi-lateral drilling.
• Yangarra Resources: Junior Canadian oil and gas producer focused on the Cardium and Clearwater formations in Alberta. Comparable to Rubellite through its Clearwater focus and use of horizontal multi-lateral drilling technology for heavy oil development.
• Spur Petroleum: Private junior Canadian heavy oil producer focused exclusively on Clearwater development in Alberta and Saskatchewan. Direct competitor to Rubellite in the Clearwater multi-lateral play with comparable acreage and operating model.
• Headwater Exploration: Canadian junior oil and gas producer with McCully natural gas and Marten Hills Clearwater heavy oil operations. Comparable to Rubellite through Clearwater asset overlap and similar junior producer capital allocation philosophy.

Regional players

• Surge Energy: Intermediate Canadian oil and gas producer focused on light and medium crude in Alberta and Saskatchewan. Comparable to Rubellite through Western Canadian Sedimentary Basin focus and similar junior-to-intermediate scale, though Surge has limited Clearwater exposure.
• Gear Energy: Junior Canadian heavy oil producer focused on Hussar and Wildmere heavy oil assets in Alberta using horizontal multi-lateral wells. Comparable to Rubellite through heavy oil multi-lateral drilling methodology and similar junior-scale operations in Alberta.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rubellite-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Rubellite