Since its inception, the focus of Frog Lake Energy Resource Corporation has been that of becoming a more recognized oil company capable of delivering substantial value to its owners. With the strong support from the Frog Lake First Nation’s membership and governing council, FLERC has shown significant growth success and potential over the decade. Its acquired expertise, capability and capacity in operating within the Oil and Gas industry has been due to implementing a strategic partnership model. This strategy has enabled FLERC to achieve production levels peaking at over 3,500 barrels of oil per day. Such strategies include joint ventures on FLFN land, and, more recently off reserve lands as well.
The following is a snapshot of FLERC’s milestones since its incorporation:
This was the beginning of FLERC’s incorporation. They had no assets, no production, no cash flow, no staff.
FLERC forms a joint venture with industry partners with capital and enterprise. FLERC then acquired mineral leases from the Nation.
Acquisition of Husky Oil Ltd. Assets on Reserve Joint venture with Industry Partner (50% of FLERC interest).
FLERC production exceeds 1,000 barrels per day. Had acquired lands under developed, numerous drilling/rework opportunities.
This was the start of FLERC’s aggressive drilling program on Frog Lake Lands. All funding for this operation was by its own internal cash flow.
Farmout & Joint Venture with Windtalker Energy Corporation. Foreign E&D capital accessed under favorable terms to FLERC.
Property Acquisition/Joint Venture – Perpetual Energy Inc. 33% interest in under developed Sparky oil pool. First project off Frog Lake First Nation lands.
Corporate production exceeds over 3,000 barrels of oil per day, Free Cash flow $30MM, and Debt Free.
The Frog Lake Energy Resources Corp. have taken on an active role in both charitable donations and sponsorships towards community development. Part of FLERC’s mission is to discovering avenues of wealth management and sustainable development.
One of the key issues to be addressed is while FLERC utilizes FLFN resources, we often have to be considerate of the territories wellbeing and ensure collaboration efforts are being made regarding cultural sites and heritage.