Egret-Hibernia(!) is a well-explored petroleum system (3.25 billion barrels oil equivalent [BOE]) located in the Jeanne d'Arc Basin on the Labrador–Newfoundland shelf. Rifting and sediment fill began in the Late Triassic. Egret source rock was deposited in the Late Jurassic at about 153 Ma. After this time, alternating reservoir rock and seal rock were deposited with some syndepositional faulting. By the end of the Early Cretaceous, faults and folds had formed numerous structural traps. For the next 100 m.y., overburden rock thermally matured the source rock when it reached almost 4 km (2.5 mi) burial depth. For 2 km (1.25 mi) below this depth, oil and gas were expelled, until the source was depleted. The expelled petroleum migrated updip to nearby faulted, anticlinal traps, where much of it migrated across faults and upsection to the Hibernia Formation (44% recoverable oil) and Avalon Formation (28%). Accumulation size decreased, and gas content increased from west to east, independent of trap size. These changes correspond to a decrease in source rock richness and quality from west to east.

Almost all (96%) of the discovered petroleum resides in the Lower Cretaceous or older reservoir rock units. All accumulations found to date are normally pressured in structural traps. Fifty-two exploration wells found eighteen discoveries. Their size ranges from 1.2 to 0.01 billion BOE. Most discoveries were made between 1979 and 1991. The discovery cycle began with larger accumulations and progressed to smaller accumulations. The estimated sizes of the larger accumulations have grown since 1990. Estimated mean value for undiscovered hydrocarbons is 3.8 billion BOE, thereby raising the ultimate size of Egret-Hibernia(!) to 6.19 billion BOE.