Tuscany Announces 2013 Year End Reserves of 2.3 Million BOE, Having A Net Present Value (at 10%) of $39.0 Million
03 Março 2014 - 11:00AM
Marketwired
Tuscany Announces 2013 Year End Reserves of 2.3 Million BOE, Having
A Net Present Value (at 10%) of $39.0 Million
CALGARY, ALBERTA--(Marketwired - Mar 3, 2014) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS) is pleased to provide a summary of the
independent evaluation and estimate (the "McDaniel Report") of the
Company's proved and probable reserves as at December 31, 2013
prepared by McDaniel and Associates Consultants Ltd.
("McDaniel").
2013 Reserves
Proved plus probable
reserves totaled 2,254 MBOE as of December 31, 2013, a 48% increase
from the prior year. The estimated net present value of future net
revenue attributable to the Company's reserves, before tax, using a
10% discount rate, also increased by 35% to $39.2 million, compared
with $29.0 million at December 31, 2012. Tuscany has 19.4 million
shares outstanding.
The increase in
reserves resulted primarily from the acquisition of Diaz Resources
Ltd. and 4 additional heavy oil wells (3.2 net wells) drilled in
the Macklin and Evesham areas of Saskatchewan during 2013.
The Company's
December 31, 2013 reserves were evaluated in accordance with the
Canadian Oil and Gas Evaluation Handbook and National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities by
McDaniel, a qualified reserves evaluator. The McDaniel Report is
dated February 19, 2014 and effective December 31, 2013.
The following
summary is based on the McDaniel Report.
SUMMARY OF OIL AND GAS RESERVES |
AND NET PRESENT VALUES OF FUTURE NET REVENUE |
AS OF DECEMBER 31, 2013 |
FORECAST PRICES AND COSTS |
|
|
RESERVES |
|
|
|
LIGHT AND |
|
|
|
|
NATURAL GAS |
|
|
|
MEDIUM OIL |
HEAVY OIL |
NATURAL GAS |
LIQUIDS |
TOTAL |
TOTAL |
|
Gross |
Net * |
Gross |
Net * |
Gross |
Net * |
Gross |
Net * |
Gross |
Net * |
RESERVES CATEGORY |
(MBbl) |
(MBbl) |
(MBbl) |
(MBbl) |
(MMcf) |
(MMcf) |
(MBbl) |
(MBbl) |
(MBOE) |
(MBOE) |
PROVED |
|
|
|
|
|
|
|
|
|
|
|
Producing |
20.7 |
18.2 |
499.7 |
474.9 |
1,311.5 |
1,218.9 |
1.7 |
1.2 |
740.7 |
697.5 |
|
Non-producing |
- |
- |
131.5 |
128.2 |
22.4 |
22.4 |
- |
- |
135.2 |
131.9 |
|
Undeveloped |
- |
- |
448.9 |
432.2 |
- |
- |
- |
- |
448.9 |
432.2 |
TOTAL PROVED |
20.7 |
18.2 |
1,080.1 |
1,035.3 |
1,333.9 |
1,241.3 |
1.7 |
1.2 |
1,324.8 |
1,261.6 |
|
PROBABLE |
3.5 |
3.0 |
882.2 |
827.3 |
255.9 |
236.4 |
0.3 |
0.2 |
928.7 |
869.9 |
|
TOTAL PROVED PLUS PROBABLE |
24.2 |
21.2 |
1,962.3 |
1,862.6 |
1,589.8 |
1,477.7 |
2.0 |
1.4 |
2,253.5 |
2,131.5 |
|
|
|
|
|
|
|
|
|
|
|
* Net is the Corporation's working interest (operating
and non-operating) share after deduction of royalty obligations,
plus the Corporation's royalty interests in production or
reserves. |
|
NET PRESENT VALUES OF FUTURE NET REVENUE |
|
BEFORE INCOME TAXES |
AFTER INCOME TAXES |
|
DISCOUNTED AT (% per year) |
DISCOUNTED AT (% per year) |
|
0 |
5 |
10 |
15 |
20 |
0 |
5 |
10 |
15 |
20 |
RESERVES CATEGORY |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
(MM$) |
PROVED |
|
|
|
|
|
|
|
|
|
|
|
Producing |
13.66 |
13.15 |
12.56 |
11.97 |
11.42 |
13.61 |
13.10 |
12.52 |
11.94 |
11.39 |
|
Non-producing |
4.06 |
3.75 |
3.47 |
3.22 |
3.00 |
4.12 |
3.80 |
3.51 |
3.25 |
3.03 |
|
Undeveloped |
9.38 |
7.84 |
6.56 |
5.50 |
4.62 |
9.38 |
7.84 |
6.56 |
5.50 |
4.62 |
TOTAL PROVED |
27.10 |
24.74 |
22.59 |
20.69 |
19.04 |
27.11 |
24.74 |
22.59 |
20.69 |
19.04 |
|
PROBABLE |
25.17 |
20.31 |
16.62 |
13.79 |
11.59 |
23.73 |
19.19 |
15.74 |
13.09 |
11.02 |
|
TOTAL PROVED PLUS PROBABLE |
52.27 |
45.05 |
39.21 |
34.48 |
30.63 |
50.84 |
43.93 |
38.33 |
33.78 |
30.06 |
SUMMARY OF PRICING AND INFLATION AND EXCHANGE RATE
ASSUMPTIONS |
AS OF DECEMBER 31, 2013 |
FORECAST PRICES AND COSTS |
|
|
|
|
OIL |
NATURAL GAS |
|
|
|
WTI |
Edmonton |
Bow River |
AECO |
|
|
|
|
Cushing |
Light |
Hardisty |
spot |
NYMEX |
|
Inflation |
Exchange |
Oklahoma |
Par Price |
Par Price |
Gas Price |
Gas Price |
YEAR |
Rate |
Rate |
($US/bbl) |
($Cdn/bbl) |
($Cdn/bbl) |
($Cdn/Mcf) |
($US/Mcf) |
2014 |
2.0% |
0.950 |
95.00 |
95.00 |
77.90 |
4.00 |
4.25 |
2015 |
2.0% |
0.950 |
95.00 |
96.50 |
81.10 |
4.25 |
4.50 |
2016 |
2.0% |
0.950 |
95.00 |
97.50 |
81.90 |
4.55 |
4.75 |
2017 |
2.0% |
0.950 |
95.00 |
98.00 |
82.30 |
4.75 |
5.00 |
2018 |
2.0% |
0.950 |
95.30 |
98.30 |
82.60 |
5.00 |
5.25 |
2019 |
2.0% |
0.950 |
96.60 |
99.60 |
83.70 |
5.25 |
5.50 |
2020 |
2.0% |
0.950 |
98.50 |
101.60 |
85.30 |
5.35 |
5.60 |
2021 |
2.0% |
0.950 |
100.50 |
103.60 |
87.00 |
5.45 |
5.70 |
2022 |
2.0% |
0.950 |
102.50 |
105.70 |
88.80 |
5.55 |
5.85 |
2023 |
2.0% |
0.950 |
104.60 |
107.90 |
90.60 |
5.65 |
5.95 |
2024 |
2.0% |
0.950 |
106.70 |
110.00 |
92.40 |
5.75 |
6.05 |
2025 |
2.0% |
0.950 |
108.80 |
112.20 |
94.20 |
5.90 |
6.20 |
2026 |
2.0% |
0.950 |
111.00 |
114.50 |
96.20 |
6.00 |
6.30 |
2027 |
2.0% |
0.950 |
113.20 |
116.70 |
98.00 |
6.15 |
6.45 |
2027 |
2.0% |
0.950 |
115.50 |
119.10 |
100.00 |
6.25 |
6.55 |
After |
+2%/yr |
0.095 |
+2%/yr |
+2%/yr |
+2%/yr |
+2%/yr |
+2%/yr |
Detailed reserve
information is contained in the Company's Statement of Reserves
Data and Other Oil and Gas Information which will be available on
the Company's SEDAR profile at www.sedar.com.
It should not be
assumed that the estimates of future net revenue presented above
represent the fair market value of the reserves. There is no
assurance that the forecast prices and costs assumptions will be
attained and variances could be material.
Please refer to
Tuscany's website at www.tuscanyenergy.com for more information on
the Company's Evesham and Macklin fields and other prospects in
Alberta and Saskatchewan.
ADVISORY:
This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information or statements. In particular, but
without limiting the forgoing, this news release contains
forward-looking information and statements pertaining to the
following: the volumes and estimated net present value of Tuscany's
oil and gas reserves; and Tuscany's drilling plans.
The estimates of
Tuscany's reserves and the net present value of the future net
revenue attributable thereto provided herein are estimates only and
there is no guarantee that the estimated reserves will be recovered
or that the forecast prices and costs assumptions such estimates
are based upon will be attained. In addition, forward-looking
statements or information are based on a number of material
factors, expectations or assumptions of Tuscany which have been
used to develop such statements and information but which may prove
to be incorrect. Although Tuscany believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking
statements because Tuscany can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: that Tuscany will continue
to conduct its operations in a manner consistent with past
operations; results from drilling and development activities; the
continued and timely development of infrastructure in areas of new
production; the accuracy of the estimates of Tuscany's reserve
volumes; continued availability of debt and equity financing and
cash flow to fund Tuscany's current and future plans and
expenditures; the impact of increasing competition; the general
stability of the economic and political environment in which
Tuscany operates; the general continuance of current industry
conditions; the timely receipt of any required regulatory
approvals; the ability of Tuscany to obtain qualified staff,
equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects in
which Tuscany has an interest in to operate the field in a safe,
efficient and effective manner; the ability of Tuscany to obtain
financing on acceptable terms; future commodity prices; currency,
exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in
which Tuscany operates; and the ability of Tuscany to successfully
market its oil and natural gas products.
The forward-looking
information and statements included in this news release are not
guarantees of future performance and should not be unduly relied
upon. Such information and statement, including the assumptions
made in respect thereof, involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information or statements including, without
limitation: changes in commodity prices; changes in the demand for
or supply of Tuscany'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
Tuscany or by third party operators of Tuscany's properties,
increased debt levels or debt service requirements; inaccurate
estimation of Tuscany's oil and gas reserve 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
Tuscany's public disclosure documents, (including, without
limitation, those risks identified in this news release).
Furthermore, the forward-looking statements contained in this
news release are made as at the date of this news release and the
Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by applicable securities laws.
Where amounts
are expressed on a barrel of oil equivalent (BOE) basis, natural
gas volumes have been converted to barrels of oil on the basis of
six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be
misleading, particularly if used in isolation. A BOE conversion 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 mcf: 1 bbl, using a conversion on a 6 mcf:
1 bbl basis may be misleading as an indication of value. References
to oil in this discussion include crude oil and natural gas liquids
(NGLs).
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Tuscany Energy Ltd.Robert W. LamondPresident & CEO(403)
269-9889(403) 269-9890Tuscany Energy Ltd.Donald K. ClarkVice
President Operations(403) 269-9889(403)
269-9890www.tuscanyenergy.com
Tuscany Energy Ltd. (TSXV:TUS)
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