Freehold has one of the largest independently owned portfolios of royalty lands in Canada. We have interests in over 42,000 oil and gas wells on approximately 5.9 million gross acres of land, located mainly in Alberta and Saskatchewan. At Freehold, corporate responsibility is an important component of our business. We acknowledge the importance of sustainability as a driver of long-term value creation for our shareholders.
As a royalty owner, Freehold does not directly operate any of our royalty assets. Royalty owners are not generally responsible for operating or capital costs, or environmental or reclamation liabilities. The projects on which we receive royalty revenue are owned and operated by independent oil and gas companies which are typically publicly listed (commonly referred to as our "Third Party Operators" or "Lessees"). Our royalty payors are represented by some of the largest and most recognized Third Party Operators in the Canadian oil and gas industry. These companies are committed to ethical, safe and environmentally responsible operations within the Canadian regulatory framework - which is one of the strongest in the world.
Freehold also owns working interests in oil and natural gas properties. We are liable for our share of ongoing environmental obligations and for the ultimate reclamation of our working interest properties upon abandonment. For our working interest properties, environment, health and safety falls under the responsibility of Rife as Manager of Freehold’s assets. Rife has a comprehensive program that includes policies and procedures designed to protect the environment and the health and safety of its employees, contractors, and the public.