Donnycreek Reports Fiscal Year-End Reserves at July 31, 2013
26 Setembro 2013 - 9:02PM
Marketwired Canada
Donnycreek Energy Inc. ("Donnycreek" or the "Company") (TSX VENTURE:DCK) reports
the results of its July 31, 2013 Evaluation of Oil and Gas Reserves on its
Alberta oil and gas properties, as evaluated by McDaniel & Associates
Consultants Ltd. ("McDaniel") in accordance with National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
A summary of the Company's reserves volumes according to reserve category as at
July 31, 2013 is as provided in the following table. Unless otherwise stated,
the reserves information included in this release is stated on a "working
interest" basis, which represents Donnycreek's working interest (operated and
non-operated) share of remaining reserves before deduction of royalties or
including any royalty interests received. Numbers presented in table may not add
exactly due to rounding.
COMPANY SHARE OF REMAINING RESERVES (GROSS)
Light and Natural Gas Total Oil
Medium Oil Natural Gas Liquids Equivalent
Reserves
Category (Mbbl) (MMcf) (Mbbl) (Mboe)
----------------------------------------------------------------------------
Proved
Producing 1.0 2,610 373 809
Non-Producing 0.0 436 68 141
Undeveloped 0.0 5,870 921 1,899
Total Proved 1.0 8,916 1,362 2,849
Probable 0.3 24,314 3,799 7,851
Total Proved
plus Probable 1.3 33,230 5,160 10,700
A summary of the Company's estimated future net revenues associated with
Donnycreek's reserves as at July 31, 2013 based on the McDaniel July 1, 2013
price forecast is provided in the following table. It should not be assumed that
the net present values estimated by McDaniel represent the fair market value of
the reserves. Numbers presented in table may not add exactly due to rounding.
Before Income Taxes Discounted at (%/year)
0% 5% 10% 15% 20%
Reserves Category (M$) (M$) (M$) (M$) (M$)
----------------------------------------------------------------------------
Proved
Producing 23,085 20,074 17,853 16,159 14,828
Non-Producing 3,874 3,127 2,609 2,232 1,947
Undeveloped 44,118 28,821 19,381 13,111 8,690
Total Proved 71,077 52,022 39,843 31,502 25,465
Probable 230,127 139,792 93,670 66,920 49,865
Total Proved plus
Probable 301,205 191,813 133,513 98,422 75,331
Relevant portions of the McDaniel July 1, 2013 price forecast used in the
Company's evaluation are as follows:
Year Natural Gas Light Crude Oil
------------------------------ ------------------------------
Henry Hub AECO Gas Price WTI Edmonton
($U.S./MMBtu) ($CDN/MMBtu) ($US/bbl) ($CDN/bbl)
------------- ------------------------------ ------------------------------
Forecast
-------------
2013 (6 mos) 4.00 3.55 95.00 92.00
2014 4.25 3.80 93.50 91.50
2015 4.85 4.35 93.60 92.60
2016 5.25 4.70 95.50 94.50
2017 5.70 5.10 97.40 96.40
2018 6.10 5.45 99.40 98.30
2019 6.20 5.55 101.40 100.30
2020 6.35 5.70 103.40 102.30
2021 6.45 5.75 105.40 104.30
2022 6.60 5.90 107.60 106.50
Condensate & Natural
Year Gasolines Inflation Rates Exchange Rate
-----------------------
Edmonton
($CDN/bbl) (%/year) ($US/$CDN)
----------------------------------------------------------------------------
Forecast
-------------
2013 (6 mos) 102.00 2.0 1.00
2014 96.60 2.0 1.00
2015 95.70 2.0 1.00
2016 97.70 2.0 1.00
2017 99.60 2.0 1.00
2018 101.60 2.0 1.00
2019 103.70 2.0 1.00
2020 105.70 2.0 1.00
2021 107.80 2.0 1.00
2022 110.10 2.0 1.00
Further information relating to Donnycreek is also available on its website at
www.Donnycreekenergy.com.
ON BEHALF OF THE BOARD OF DONNYCREEK ENERGY INC.
Malcolm F. W. Todd, Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news release contains forward-looking
statements or information ("forward-looking statements"), including statements
regarding the Company's reserves and future net revenues. Statements relating to
reserves are by their nature forward-looking statements, as they involve the
implied assessment, based on certain estimates and assumptions, that the
reserves can be profitably produced in the future. It should not be assumed that
the estimated future net cash flow shown below is representative of the fair
market value of the Company's properties. There is no assurance that such price
and natural gas liquids ("NGLs") and natural gas reserves provided herein are
estimates only and there is no guarantee that the estimated reserves will be
recovered. Actual crude oil, NGLs and natural gas reserves may be greater than
or less than the estimates provided herein.
Forward-looking statements are based on a number of material factors,
expectations or assumptions of Donnycreek which have been used to develop such
statements and information but which may prove to be incorrect. Although
Donnycreek believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on them because
Donnycreek can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Further, events or
circumstances may cause actual results to differ materially from those predicted
as a result of numerous known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of the Company, including, without
limitation: changes in commodity prices; changes in the demand for or supply of
the Company's products; unanticipated operating results or production declines;
changes in tax or environmental laws, royalty rates or other regulatory matters;
changes in development plans of Donnycreek or by third party operators of
Donnycreek's properties, increased debt levels or debt service requirements;
inaccurate estimation of Donnycreek's oil and gas reserve and resource volumes;
limited, unfavourable or a lack of access to capital markets; increased costs; a
lack of adequate insurance coverage; the impact of competitors; and certain
other risks detailed from time-to-time in Donnycreek's public disclosure
documents. Additional information regarding some of these risks, expectations or
assumptions and other factors may be found under in the Company's Revised Annual
Information Form and Management's Discussion and Analysis prepared for the year
ended July 31, 2012. The reader is cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements contained in
this news release are made as of the date hereof and Donnycreek undertakes no
obligations to update publicly or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, unless so required
by applicable securities laws.
Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural
gas volumes have been converted to oil equivalence at six thousand cubic feet
per barrel. The term BOE may be misleading, particularly if used in isolation. A
BOE conversion ratio of six thousand cubic feet per barrel is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that the value ratio
based on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.
References to oil in this discussion include crude oil and NGLs. NGLs include
condensate, propane, butane and ethane. References to gas in this discussion
include natural gas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Donnycreek Energy Inc.
Jack Marsh
Vice President - Engineering
(403) 255-2356
(403) 265-3506 (FAX)
www.Donnycreekenergy.com
Donnycreek Energy (TSXV:DCK)
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