Tourmaline Oil led Canadian producers in adding new reserves through drilling in 2025. Reserve reconciliation data shows that a group of 39 producers added around 2.4 billion boe in proved reserves by extensions and discoveries alone.This analysis is based on Geologic’s Evaluate Energy financial and operating data.Drilling and completion capital spending resulted in 5% growth* for the group, all of whom produce over 5,000 boe/d. Tourmaline added 372 million boe in new reserves through extensions and discoveries. The only other companies of the group to exceed 300 million boe in drilling-related reserves additions were Suncor and Cenovus Energy. Source: Geologic via Evaluate Energy financial and operating dataThe data shows that Tourmaline’s success was due to an extensive drilling program in 2025, which saw the company participate in 326 development and five exploration wells. Compared to year end 2024 reserves, this represents growth* of about 13% for Tourmaline. InPlay Oil records largest relative growthWhile above average among the producer group, Tourmaline’s growth is far below the increase recorded by the much smaller Pembina Cardium-focused producer InPlay Oil. A focus on infill and development drilling helped InPlay Oil top the list of Canadian producers in 2025 with 65% year-over-year growth related to extensions and discoveries. Source: Geologic via Evaluate Energy’s financial and operating dataCombined with reserves growth related to its $320 million Pembina acquisition from Obsidian Energy, InPlay had a truly transformational year. The company ended 2025 with over 90 million boe in proved reserves, more than double its year-end 2024 total. Benefits of reserve reconciliation dataAnnual reserves reconciliation data is ideal for gauging the impact of drilling and capital budgets because it captures changes in a company’s resource base at a fixed point in time. Additionally, it separates drilling-related growth from other reserve movements such as revisions, acquisitions and production. This provides a clearer way to isolate growth purely attributable to capital spending than analysing production trends, which can be blurred by acquisitions, other operational or price effects. What’s next?Both Tourmaline and InPlay look set to build on this success in 2026. Tourmaline’s capital budget for 2026 is around $2.65 billion. This is down from its budget for 2025, but there is no producer in Canada currently set to spend more next year other than oilsands-focused producers. InPlay’s more modest budget of between $66-$74 million in 2026 is 32% higher than 2025, using the $70 million mid-point. Notes * The percentages quoted show the impact of 2025 extensions and discoveries in barrels of oil equivalent on year-end 2024 reserves. This measurement excludes barrels of oil equivalent reserve changes relating to acquisitions, sales, revisions and production. It is not a measure of total year-on-year reserve growth for any producer. All data sourced from company reserve reconciliation data in year-end Annual Information Form or 10K filings is available through Geologic’s Evaluate Energy data and solutions.
