Basin intelligence · Western Canada
Find the next opportunity in the basin.
Meridian maps every well, play, and deal in the WCSB — breakevens, netbacks, M&A comps, ownership — with a satellite-verified ARO on all 684,158 sites. Screen, rank, and underwrite with the liability priced in from day one.
Onboarding a small number of design partners across deal teams, private capital, and lenders.
| Target | Play | Breakeven | Netback gap |
|---|---|---|---|
| Package AClearwater | US$41 | +6.10 | |
| Package BClearwater | US$44 | +4.32 | |
| Package CMississippian | US$47 | +3.75 | |
| Package DCardium | US$49 | +2.94 | |
| Package EMontney | US$51 | +1.87 |
Representative screen — plays, breakevens, and gaps mirror the live product’s outputs, not named assets.
- 684,158
- WCSB wells, modeled individually
- 651
- Disclosed basin M&A deals, classified
- 5-day
- Satellite refresh across the basin
- 4
- Provinces (AB · BC · SK · MB)
The money is in acquisitions and drilling. The risk that decides them is now the liability.
Bid math
Abandonment liability now moves price on every A&D deal — OSFI B-15 put it inside credit analysis, and LMR transfer tests can stall a close. The winning bid prices it first.
Buried signal
The next opportunity is spread across well registries, SEDAR+ filings, land systems, and deal announcements. Nobody's screen sees all of it at once.
The diligence clock
Rebuilding netbacks, breakevens, and an ARO by hand on a package takes weeks — after the bid is already due.
Every lens the decision touches, on one per-well spine.
One graph under everything — 684,158 wells joined to plays, operators, filings, deals, and the satellite record. Each lens reads from the same spine, so the numbers agree with each other.
Breakeven map
The basin as a priced surface — play-level WTI and Henry Hub breakevens on the map, repriced live as the strip moves.
M&A & deal comps
Every disclosed WCSB transaction, classified — $/boe/d, $/well, PV10 multiples extracted from the source announcements and reconciled to actual licence transfers.
Netbacks vs strip
Operator netbacks from the filings, repriced to today's strip — the gap is the screen.
Play unmixing
Blended operators decomposed into per-play economics, anchored on pure-play filers.
Ownership lineage
Working interest traced through every rename and roll-up, predecessors folded in.
Satellite ARO
A 0–100 recovery score from orbit, driving a dynamic, auditable per-site ARO.
The niche is ARO. The money is in the deal.
Abandonment liability now moves bids, borrowing bases, and transfer approvals — and it’s the one number no one else can verify from outside the data room. Meridian reads it from orbit and nets it into every screen.
- ARO-adjusted PV10
- Every comp and every screen nets the liability out of the headline multiple — the bid you'd actually defend.
- Liability-loaded breakevens
- Play breakevens carry the closure cost per boe, so a cheap-looking package prices as what it is.
- Verified from orbit
- The recovery score behind the ARO is rules-based and satellite-derived — a third-party number, not the seller's.
Imagery & data
- Sentinel-2 L2A
- Microsoft Planetary Computer
- Petrinex
- SEDAR+ filings
- AER · BCER · SK ER public record
Methodology & standards
- AER Directive 011
- OSFI B-15
- IFRS ARO (IAS 37)
- LMR / LLR
Built for the desks that move capital in the basin.
From the teams hunting the next acquisition or drilling program, to the capital that underwrites it — one satellite-verified source of truth for what an asset earns and what it owes.
- Private equity & private capital
- Screen the basin for entry points, benchmark against every disclosed deal, and diligence a package — netbacks, breakevens, ARO — in hours instead of weeks.
- Corp dev & A&D teams
- Rank acquisition targets by netback gap and liability-loaded breakeven; know a package's real cost before the data room opens.
- Lenders & banks
- ARO-adjusted PV10 for the borrowing base, LMR and decommissioning-reserve covenant monitoring, and live deal context across the book.
- Advisors & technical evaluators
- One reconciled per-well record — registry, filings, satellite — behind every number in the fairness opinion or evaluation.
The basin keeps its own record. We read all of it.
Field notes on the basin — deals, ARO, and recovery.
June 2026 · 6 min read
How satellites measure land recovery on reclaimed well sites
You can't reclaim what you can't measure. Here's how 10-metre satellite imagery turns a disturbed lease into an objective, repeatable recovery score.
ReadJune 2026 · 6 min read
LMR and liability management in Alberta oil & gas
A single ratio can constrain an operator's ability to transfer assets, trigger security demands, and shape a lender's covenant package. Here's how it works.
ReadJune 2026 · 5 min read
What is an Asset Retirement Obligation (ARO)?
The future cost to abandon a well and reclaim the land has moved from an accounting footnote to a number that credit committees, auditors, and regulators all want defended.
ReadFAQ
Common questions.
What is Meridian?
Meridian is a basin-intelligence platform for Western Canadian oil and gas. It maps every well, play, and disclosed deal in the Western Canadian Sedimentary Basin — play-level breakevens, operator netbacks, M&A comps, and ownership lineage — and pairs each of the basin's 684,158 well sites with a satellite-verified recovery score and a dynamic asset-retirement-obligation (ARO) estimate, so acquisition, drilling, and lending decisions get made with the liability priced in.
How does Meridian help find acquisition and drilling opportunities?
Meridian screens the basin on the numbers that decide a deal: play-level breakevens repriced live against the commodity strip, the gap between an operator's reported netback and what the strip implies, comparable-transaction multiples from every disclosed WCSB deal, and an ARO-adjusted view of value. Because every lens reads from the same per-well data spine, a target that looks cheap on headline metrics but carries heavy closure liability shows up as exactly that.
What is an asset retirement obligation (ARO)?
An asset retirement obligation (ARO) is the estimated future cost to abandon a well, decommission its facilities, and reclaim the land back to a regulated standard. It has become a first-order input to acquisition pricing, borrowing bases, and regulatory transfer approvals — and historically one of the most disputed lines in a model. Meridian produces a per-site ARO estimate that updates as ground conditions and cost drivers change.
How does Meridian score land recovery?
Meridian derives a 0–100 recovery score from 10-metre multispectral satellite imagery (Sentinel-2) using a documented, rules-based composite of vegetation, moisture, and bare-soil indices. The method is interpretable by design: every score traces back to an observation and a rule, so it can be defended in a diligence process or a redetermination and reconciled with a regulator's numbers — not a black-box machine-learning output.
What deal and financial data does Meridian cover?
Meridian classifies every disclosed WCSB A&D transaction — extracting $/boe/d, $/well, PV10 and reserves multiples from the source announcements and reconciling announced deals to actual licence transfers — and reads operator netbacks and financials directly from public SEDAR+ filings, joined to production data and the well registry.
What is LMR (Liability Management Rating)?
Liability Management Rating (LMR) is a regulatory ratio comparing a licensee's deemed assets to its deemed liabilities; in Alberta it is administered by the regulator and can constrain licence transfers and trigger security demands — which makes it deal-relevant, not just compliance-relevant. Meridian tracks LMR and decommissioning-reserve positions so a constraint is visible before it stalls a close.
Who is Meridian for?
Meridian is built for the desks that move capital in the basin: private-equity and corp-dev teams screening acquisitions, A&D and business-development groups at operators, reserve-based lenders monitoring borrowing bases and covenants, and the advisors and technical evaluators supporting them.
Where does Meridian provide coverage?
Meridian covers Western Canada today — Alberta, British Columbia, Saskatchewan, and Manitoba — across more than 684,000 well sites, with expansion to additional North American energy basins planned.
See the basin the way you’d bid it.
Meridian is onboarding a small number of design partners — deal teams, private capital, lenders, and operators. Request access and we’ll run your area of interest through the screener: breakevens, netback gaps, comps, and the ARO behind them.