Corex Resources Ltd

What Corex Resources Ltd does

Corex Resources Ltd. is a privately held Canadian junior oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company was incorporated in April 2007 as Amarone Oil & Gas Ltd. and rebranded to its current name in March 2012. Corex operates in two core areas: southwest Manitoba (Virden and Daly), targeting light sweet crude oil from the Lodgepole and Bakken formations, and the Cecil area of Alberta, targeting oil from the Royce formation. The company's stated strategy emphasizes cost-effective, high-netback, large light-oil-in-place opportunities, combining development drilling, complementary farm-in partnerships, accretive acquisitions, and internally generated exploration to build shareholder value.

The company's core "product" is crude oil and natural gas produced from these Western Canadian formations, sold at market-referenced prices (WTI/MSW benchmarks) to refineries and midstream processors through commodity markets. Corex's go-to-market is B2B within the energy sector, with shareholder communications handled through its investor-relations website, annual general meetings, and special distributions processed via Odyssey Trust as transfer agent. Pricing is commodity-market driven; no proprietary pricing model is disclosed.

The business is small-scale (11–50 employees), with senior leadership comprising President & CEO Harley Rea and Vice President Finance & CFO Brenda Mawhinney. The company reports compliance under Canada's Extractive Sector Transparency Measures Act (annual ESTMA submissions 2021–2025), maintains an HS&E Management System, and has issued a 2023 Supply Chain Risk Report. In June 2025, shareholders approved a $40 million special distribution (~$0.84 per common share), signaling a capital-return posture alongside ongoing operations.

Name

Corex Resources Ltd

Legal name

Corex Resources Ltd.

Website

https://corexresources.ca

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Corex Resources Ltd. is a private Calgary-based junior oil and gas producer focused on light sweet crude from the Lodgepole and Bakken formations in Manitoba and the Royce formation in Alberta, selling crude oil and natural gas at market prices to Western Canadian refiners and midstream processors.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (2111), Crude Petroleum Extraction (211120), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro industry

PRIMARYEUAAAAAC

Unconventional Gas E&P (Shale/Tight Gas)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Natural Gas Exploration & Production (Upstream)

SECONDARYEUAAAAAK

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Natural Gas Exploration & Production (Upstream)

Keywords

• Oil and gas exploration
• Crude oil production
• Development drilling
• Light sweet crude
• Western canada operations

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, Infrastructure, Others

Revenue model

1. Oil and Natural Gas Production: Corex Resources generates revenue through the exploration, development, and production of crude oil and natural gas. The company is primarily focused on cost-effective, high netback, large light oil opportunities in Manitoba, Canada. Revenue is derived from the sale of produced crude oil and natural gas commodities at market prices.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Corex Resources Ltd is a Canadian private junior oil and natural gas company focused on the exploration, development, and production of light sweet crude oil and natural gas in Western Canada. Primary operations are in southwest Manitoba (Virden and Daly areas) targeting Lodgepole and Bakken formations and in Alberta (Cecil area) targeting the Royce formation. The company pursues cost-effective, high netback, large light oil in place opportunities through development drilling, farm-in partnerships, accretive acquisitions, and internally generated exploration.

Product overview

Corex Resources Ltd is a private Canadian junior oil and natural gas company offering a portfolio of energy products and services. The company's operations span two core areas in Western Canada: southwest Manitoba (Virden and Daly) focused on light sweet crude oil from Lodgepole and Bakken formations, and the Cecil area in Alberta targeting oil from the Royce formation. Corex's business model combines development drilling, farm-in opportunities, accretive acquisitions, and internally generated exploration to deliver value to shareholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil and Natural Gas Production Exploration, development, and production of light sweet crude oil and natural gas in Western Canada, with operations in southwest Manitoba (Virden and Daly areas) targeting Lodgepole and Bakken formations and in Alberta (Cecil area) targeting the Royce formation. Output is sold to refiners and midstream processors through commodity markets at market-referenced prices such as WTI and MSW.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves6 records

Expansion highlights3 records

Direct peers

• Cardinal Energy Ltd. Junior Canadian oil producer focused on low-decline light and medium crude oil with operations across Alberta and Saskatchewan. Comparable scale and emphasis on capital returns to shareholders.
• Surge Energy Inc. Intermediate Canadian oil and gas producer with a focus on light/medium crude in the WCSB, employing both organic drilling and accretive M&A. Comparable operating footprint and strategic approach.
• Tamarack Valley Energy Ltd. Junior-to-intermediate Canadian oil and gas producer focused on light oil in the Western Canadian Sedimentary Basin, including Clearwater and other tight-oil plays. Similar size and growth-via-acquisition strategy.
• Whitecap Resources Inc. Canadian oil and gas producer with diversified Western Canadian operations including light/medium crude oil assets. Comparable business model of acquiring and developing long-life oil reserves across the WCSB.
• Crescent Point Energy Corp. Western Canadian-focused intermediate oil producer with significant operations in the Bakken and other tight-oil plays in Manitoba and Saskatchewan. Closely comparable to Corex in geographic and geological focus, though at substantially larger scale.

Broad incumbents

• Vermilion Energy Inc. Intermediate international E&P with significant Western Canadian operations producing light/medium crude and natural gas. Comparable WCSB exposure but with broader geographic diversification.
• Cenovus Energy Inc. Major Canadian integrated oil and gas producer with significant Western Canadian heavy and light oil operations, plus refining. Comparable in operating geography but vastly larger and downstream-integrated.
• Tourmaline Oil Corp. Largest Canadian natural gas and crude oil producer focused on the WCSB's Deep Basin and Montney/Peace River areas. Comparable geology focus but at materially larger scale with natural gas emphasis.

Emerging players

• Spartan Delta Corp. Emerging Canadian junior E&P focused on light oil development in the WCSB, pursuing aggressive growth through acquisitions and drilling. Comparable in size and operating model to Corex.
• Headwater Exploration Inc. Canadian junior oil and gas producer focused on high-netback light oil in Alberta (Martineau/McCully) and Saskatchewan. Similar high-netback light oil strategy and capital-efficient operating model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/corex-resources

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

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 Corex Resources Ltd