Junior oil and gas companies

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Junior producers focus their efforts on finding, exploring and developing their oil and gas assets. Their executives are making decisions and implementing strategies that consider both short and long-term sustainability, drive innovation, meet business goals and build stakeholder confidence.

To support your organization with informed, practical solutions that accurately reflect the environment you operate in, you want to work with an advisor that truly “gets you”. PwC is that advisor. We have a team that’s 100% dedicated to servicing the junior oil and gas sector. This commitment allows us to deliver assurance, consulting, deals and tax services catered to the unique needs of your business.

Our core services for the Junior oil and gas sector:

Transaction services

PwC professionals are well trained to assist you through the financial and tax due diligence process. We can assist in interpreting historical operating results and net working capital/debt position and exposures of the company being evaluated. Our team is available to assist post deal with closing adjustments, purchase price allocations, or other financial reporting needs. Our professionals work closely with your in-house team and your legal and technical advisors throughout the process to identify issues relevant to you on a timely basis. 

International expansion 

As part of a global network, PwC has an international team at its fingertips. This guarantees compliance with regulations, controls and accounting policies throughout the world. We have assisted many local-based companies interested in expanding globally with guidance on structuring and capitalizing their foreign investments and repatriating capital and profits for them. Our team is available to support you in gaining access to capital in other markets such as the AIM/LSE. 

Foreign Asset Investment Trust (FAIT)

Also known as cross-border income trusts – PwC is the only accounting firm that has been involved in each transaction over the past two years. We were heavily involved in the development of  the FAIT structure, so you’ll have access to the resources that understand the technical nuances in the financial models and we’ll be there to help you interpret the rules as they continue to change.

Enhanced Production Audit Program (“EPAP”)

Ensures compliance with Directive 076–“Operator Declaration Regarding Measurement and Reporting Requirements”.  PwC can assist with projects relating to controls over volumetric measurement and reporting. We can help you: assess how the key ERCB-EPAP related directives will impact your business; understand the linkage between ERCB reporting themes; non-compliance events and the non-compliance indicators; complete your annual risk assessment for EPAP; and document your current “as-is” operational and production accounting processes and the related controls around volumetric reporting and measurement.

Industry benchmarking study

Most of the benchmarking studies undertaken in the oil industry focus on the larger, global or complex companies. Information from these studies is especially important given recent volatile market conditions – whether investment, merger, pricing, operational, political, environmental or regulatory driven. Our first survey is broad-based and covers topics ranging from Information Technology, Human Resources, Supply Chain Management, Risk and Controls, Financial Effectiveness and Operations.


Under the Scientific Research and Experimental Development investment tax credit program, Canada offers some of the most lucrative tax credits in the world.  For certain Canadian-controlled private corporations, or for corporations undertaking SR&ED activities in Alberta, the credit is refundable even if tax isn’t owed.  At PwC, we can help optimize your SR&ED claim while minimizing administrative burden.

Value-add tax advice

In addition to the traditional tax compliance and planning services, PwC can help identify optimization opportunities to enhance shareholder value through effective global tax strategies by advising on: appropriate business and financial structures for foreign operations; acquisition and financing of operations and investments abroad; repatriation of funds and taxation of foreign-source income; and the impact of tax treaties, foreign tax holidays and exchange controls.

For start-up operations in Canada, PwC can optimize foreign and Canadian taxes, develop strategies to repatriate Canadian earnings and comply with Canadian tax filings. For those expanding abroad, we work closely with member firms worldwide to provide seamless global tax service to foreign-based multinationals. We help international companies optimize Canadian and foreign taxes, develop tax efficient strategies to repatriate cash to Canada, and comply with Canadian and foreign tax filings to better serve Canadian-based multinationals.


PwC provides risk and control services, as well as NI 52-109 compliance. We have consolidated all of our SOX and CSOX testing engagements. Using a single common methodology and reporting standard, our top-down and risk-based approach is based on the following key principles: 

  • Using an account-based financial reporting and disclosure risk assessment process to focus on what areas to test (i.e. accounts, processes, transactions), what types of controls to test (i.e. entity-level controls, automated application controls, manual business process controls), when to test (walk-through, preliminary testing, roll-forward testing), and how to test (i.e. re-performance, examination, observation and inquiry);
  • Assessing entity-level controls that helps management mitigate financial reporting and disclosure risks before more detailed business process-level controls are considered;
  • Documenting and evaluating IT General Computing Controls as a key element for reliance on automated applications within your controls environment;
  • Addressing residual risk remaining after applying entity-level controls by testing business process-level controls, with a focus on which controls are effective in addressing more than one objective and risk; and
  • Incorporating the documentation and evaluation of disclosure controls and procedures using PwC’s proprietary oil and gas controls database.   

Accounting advisory services

We provide a wide variety of integrated services to both audit and non-audit clients, tailored to accommodate each client’s unique circumstances and needs. Our team of highly experienced accounting professionals, subject matter specialists and local resources across Canada are ready to help you address:

  • Accounting Standard Adoption;
  • GAAP / IFRS Interpretation and Conversions;
  • IPOs and Capital Market Transactions
  • Complex Mergers and Acquisitions;
  • Regulatory Issues and Restatements; and
  • Training Services / Expert Secondments. 

Additional services

Capital Markets and Accounting Advisory Services

Complex Mergers and Acquisitions

  • Carve-out financial statements
  • Pro-forma financial information
  • Accounting function integration

IPOs and Capital Market Transactions

  • Readiness assessments for public reporting
  • Advice on regulatory and exchange requirements
  • Assistance with financial statements, prospectus and other documents
  • Assistance with due diligence process
  • Advice on alternatives
  • Assistance with offering documents

Regulatory Issues and Restatements

  • Assistance with offering documents
  • Support in responding to regulatory comments and requests
  • Advice on alternatives

GAAP / IFRS Interpretation and Conversions

  • Diagnostic summary of key impacts on transition
  • Evaluation and development of accounting policies
  • Training development
  • Support in analyzing and documenting technical accounting issues

Accounting Standard Adoption

  • Adoption of new standards under IFRS, U.S. GAAP and Canadian GAAP for Private Enterprises
  • Diagnostic summary of key impacts on adoption
  • Evaluation and development of accounting policies
  • Training development and implementation
  • Support in analyzing and documenting technical accounting issues

Other Services and Products

  • On-site assistance / expert secondment
  • Quantitative analysis and model development
  • Tax Accounting Services
  • Comperio
  • Automated Disclosure Checklists
  • PwC IFRS Manual of Accounting

Financial reporting

  • Interpretation and adoption of IFRS and GAAP standards and reporting requirements
  • Corporate reporting
  • Analysis and documentation of technical accounting issues
  • Support in responding to regulatory comments and requests
  • Advice on accounting alternatives

Optimizing income statement & balance sheet positions

Regulatory advisory services

  • Assistance with regulatory files
  • Preparation for regulatory hearings
  • Expert witness services

Risk assurance

Internal audit effectiveness

  • Outsourcing and co-sourcing
  • Function transformation
  • Effectiveness and quality assessments

Optimizing controls

  • Enterprise resource planning (ERP) controls
  • Business controls advisory – planning, design and assessment

Managing risk in IT

  • Data assurance and analytics
  • IT risk assurance
  • Cybersecurity and privacy
  • Project assurance

Performance assurance

  • End-to-end performance assurance solutions
  • Third party risk management
  • Third-party assurance including trust service attestations (SysTrust) for processes and systems
  • Business process assurance and controls optimization

Capital project risk assurance

  • Capital project governance and controls optimization
  • Project audit (pre-construction readiness, construction and hand over to operations)
  • Commercial and contract assurance (cost management, recovery and contract management optimization)

Business resilience

  • Regulatory compliance
  • Business continuity management

Sustainability and climate change

  • Strategy and implementation
  • Reporting and assurance
  • Severe weather and climate adaptation
  • Health, safety and environment management systems
  • Governance management

Audit & other services

Mergers and acquisitions and corporate finance

  • Lead advisory services from transaction inception to close (buy and sell side)
  • Market entry strategy

Debt and capital advisory

  • Financing solutions for borrowers and shareholders

Valuation, modelling and disputes

  • Strategic value consulting (using analytics to quantify the associated tangible and intangible value impacts)
  • Fairness opinions
  • Disputes including litigation support
  • Business modelling


  • Perform buy side or sell side financial, tax and operational due diligence

Infrastructure & project finance

  • Financial advisory services (private sector and public sector side)
  • Business case and feasibility analysis


  • Investigate, analyze and remediate potential or actual crises including financial, regulatory and legal implications

Delivering deal value

  • Merger integration and divestiture/carve-out support
  • Operational, IT, and HR diligence
  • Synergy identification and management

Corporate tax and advisory

  • Corporate tax returns, tax obligations and compliance advisory
  • Capital tax planning, provincial and national tax strategy

International tax

  • Selection of appropriate business and financial structures for foreign operations
  • Acquisition and financing of operations and investments abroad
  • Repatriation of funds and the taxation of foreign-source income
  • Impact of tax treaties, foreign tax holidays and exchange controls

Transfer pricing

  • Planning, assessment, compliance and dispute resolution

Indirect tax

  • Jurisdictional obligations for GST, value-added tax, severance, property, employment and custom duties

Human resource services

  • Global mobility program assistance, including payroll, compensation and benefits
  • International tax structures and policies


  • Canadian and global tax and legal services to support immigration programs (including governance strategy and training)

Scientific research and experimental development (SR&ED) credit

  • Assessment of R&D eligibility and grant applications and submissions

Tax mergers and acquisitions

  • Assess and manage acquisition and merger risk
  • Optimal tax deal structuring
  • Pre-acquisition and pre-sale due diligence
  • Post-deal tax solutions

Tax reporting and strategy

  • Tax operations management
  • Tax strategy assessments
  • Improve data management
  • Technology updates


  • Technology advisory (including IT strategy, governance, processes, systems selection and optimization)

Cybersecurity & privacy

  • Cyber threat intelligence and risk assessment
  • Security and resilience strategy development
  • Crisis management, incident response and containment
  • Forensics and investigation


  • Strategy development, business consulting and benefits realization
  • Platform selection and architecture design
  • Systems integration and implementation advice
  • Data extraction and analytics on workforce productivity

Enterprise applications (Oracle, Microsoft, Salesforce, SAP and Workforce)

  • Custom Application design, development, testing and deployment
  • Enterprise Application Integration
  • Enterprise Resource Planning
  • Customer Relationship Management
  • Supply Chain Management
  • Product Lifecycle Management (including product design and launch)

Delivering deal value

  • Merger integration and divestiture/carve-out support
  • Operational, IT and HR diligence
  • Synergy identification and management

Finance effectiveness

  • Finance operations
  • Enterprise performance management
  • Sustainable cost reduction

Operations excellence

  • Operations strategy and transformation
  • Procurement and sourcing
  • Lean operations and change management programs

Capital project & asset management

  • Capabilities transformation and execution (including project management, controls, procurement, turnover and commissioning)
  • Asset lifecycle management
  • Enterprise asset management (including strategy, assessment and technology implementation)

Procurement and supply chain

  • Production and supply chain execution
  • Supply chain planning and optimization
  • Outsourcing advisory

Workforce transformation

  • Strategy development and assessment
  • Business and technology transformation
  • Organizational design
  • Change leadership and communication
  • Talent management
  • Workforce performance measurement

Risk consulting

  • Assessment and implementation of asset risk management frameworks
  • Corporate governance and risk compliance
  • Financial risk management including market credit and insurance risk
  • Regulatory advisory
  • Risk function and operating model advisory services

Digital innovation and transformation

  • Strategy, development, implementation and change management

Contact us

Scott Althen
Tel: +1 403 509 7490

David Whiteley
ESTMA National Leader; Partner, Accounting Advisory Services
Tel: +1 403 509 6653

Reynold Tetzlaff
Calgary Managing Partner and National Energy Leader
Tel: +1 403 509 7520

Eugene Quo
Tel: +1 403 509 6379

Jason Grodziski
Tel: +1 403 441 6319

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