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Alberta Issues 1,764 Drilling Licenses in First Half of 2026, Busiest Start Since 2014
The province recorded its busiest start to a year since 2014. One-fifth of the permits targeted the Clearwater formation, the highest share on record.
Jul 9, 10:00 AM·1m read2 sources
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Alberta approved 1,764 drilling licenses between January 1 and June 12, 2026. The total marks the busiest start to a year in the province since 2014. Roughly one-fifth of the permits were issued for Clearwater wells.
That proportion is the highest ever recorded for the formation. Tamarack Valley Energy received 89 approvals through mid-June, including 80 in the Clearwater formation. The company sold assets outside the region for C$804 million and modestly increased its capital spending plans.
Headwater Exploration raised its oil price assumptions after geopolitical tensions involving Iran. The company now projects production growth of about 10 percent in 2026, supported by expanded water-flooding operations. Clearwater output has risen from roughly 30,000 barrels per day to more than 230,000 barrels per day since 2017.
Provincial estimates place recoverable reserves at about 1.6 billion barrels. Tamarack Valley Energy CEO Brian Schmidt said the economics favor quick development. "It doesn't take a whole bunch of capital to get started," he said.
Tamarack Valley and privately owned Spur Petroleum now rank among Alberta's largest oil producers.
