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ESG Commitment

As an operator of heavier oil assets, Lycos’ existing and targeted assets may have a higher surface risk related to asset retirement obligations (“ARO”), but fundamentally lower geological risk – which presents a favourable economic position. Given our asset portfolio, Lycos is prepared to manage higher ARO as part of our full-cycle strategy.

As a Western Canadian operator, Lycos is proud to provide some of the cleanest and most responsibly-developed oil in the world, produced under some of the world’s strictest environmental regulations. Our industry offers Canadian families vast economic opportunities, generates substantial revenue for governments, and benefits from innovation and leading investment in clean technology, emissions reduction and lowering water use intensities.

Indigenous Partnerships

We are excited and proud to have these new partnerships and look forward to bringing further prosperity to these communities.

Lycos has active operations on Indigenous partnered assets in Alberta within the Frog Lake First Nation and the Fishing Lake Metis Settlement. We work with and employ local people and services for our maintenance and growth.

Environment

Committed to responsible energy development that helps power the world while minimizing our environmental footprint

Minimizing surface impact and footprint

  • Deploying Octazontal & Fishbone wells expands capture below the surface while reducing impact on the surface.
  • Demonstrated a strong regulatory compliance record. All field staff are trained in spill response, environment impacts, proper reporting and investigation.
  • Lycos’ approach to protecting biodiversity and reducing our physical impact includes ongoing consultations with stakeholders, emergency response for incidents and proactive asset monitoring and integrity policies.

Managing emissions

  • Manage GHG emissions by mitigation of methane venting and flaring emissions. Accomplished by selling gas volumes and utilizing vent gas as fuel wherever possible. Bitcoin, combustors and incinerators have also been used.

Addressing Asset Retirement Obligations

  • Robust program in place to reclaim, decommission and reduce abandonment liabilities.
  • Lycos actively participated in the federal government recovery program and has received funding from the Saskatchewan government, including participation in the Indigenous Business Credit to assist with closure of dormant sites.

Managing fresh water

  • No fracture stimulation on our Lloyd heavy oil assets, therefore no freshwater usage for our completions. Any/all waterflooding is completed with only 100% produced water (brine).

Social

Promoting a culture of safety, accountability, inclusivity and stakeholder engagement

Safety is our #1 priority

Lycos has demonstrated a strong safety record since inception, with health and safety policies built on the foundation that our employees come first. We demonstrate this through zero recordable employee injuries with no lost time in 2022.

Regular stakeholder engagement

Lycos leads with a proactive approach including ongoing communication with government agencies and regulators to ensure we are at the forefront of evolving regulatory changes.

We actively participate in forums to provide our insights on future improvements, most recently in a small group of energy companies round table with the Premier of Saskatchewan.

Elevating our communities

Lycos strives to be a good corporate citizen and foster a strong relationship with our stakeholders and the communities in which we operate.

We have supported local charities and community events through the years and will include these initiatives in our 2023 budget.

Promoting diversity

44% of our current employees are women.

Executive (C-Suite) includes females and women have Board representation

Governance

Strong corporate governance and effective leadership are integral in promoting sustainability at Lycos.

Lycos has assembled a seasoned Board of Directors who bring significant corporate governance experience and a track record of transparency and high integrity. The Board has established sub-committees to oversee Environment/Heath & Safety along with Audit, Corporate Governance and Reserves. Individuals with diverse backgrounds, skills and demographics are represented on our Board including the areas of Corporate Governance, Business Development, Financial Literacy, Operations, EH&S Management, Financial Experience, Reserves Evaluation and Risk Management. Further, we have established Corporate Governance Policies that help inform acceptable behaviors from our board, officers and employees.