CALGARY, AB, Feb. 1, 2022 /CNW/ - Yangarra
Resources Ltd. ("Yangarra" or the
"Company") (TSX: YGR) announces financial and operations
update and the results of its 2021 year-end oil and gas reserves
evaluation.
Financial Update (all numbers are unaudited and
approximate)
Fourth quarter production averaged 10,060 boe/d (44% liquids)
generating funds flow from operations of $32
million ($0.38 per
share). Capital spending for the fourth quarter of
$27 million was higher than
previously forecast primarily due to drilling through the Christmas
break and additional reclamation and abandonment activities.
The fourth quarter operating netback was $39.62/boe and net debt at December 31, 2021 was $197
million, resulting in an annualized debt to funds flow ratio
of 1.5:1 vs 2.1:1 for the quarter ended September 31, 2021.
Operations Update
The Company brought on four wells in late December 2021 and has drilled an additional eight
wells (completed six) on the fourteen-well pad in West Ferrier in
late January.
Since pioneering the economic development of bioturbated Cardium
wells five years ago, the strategic progression of the Company has
been as follows:
- 2016 & 2017 were used to determine where drilling
bioturbated wells was economic and to accumulate potential
acreage.
- 2018 & 2019 was spent building out the gathering and
compression infrastructure as well as expanding the fluid hauling
group to handle planned production growth.
- During 2020 & 2021 work commenced on ESG initiatives
including; identifying baseline carbon intensity, implementing
numerous methane and CO2 reduction initiatives, reducing the non
producing well ARO to less than $2
million and diversifying the Board of Directors and
staff. Also, during this period, the internal Oilfield
Servicing Group ("OFS") (working exclusively for Yangarra) was
expanded with the addition of earth moving, road maintenance and
rig hauling equipment.
- With these important building blocks in place, the Company will
focus on debt reduction for 2022, while maintaining a 30-well
capital program. 2022 production guidance remains at 12,000 boe/d
with funds flow from operations estimated at $130 million assuming CDN$78.00/bbl for Edmonton par and CDN$3.50/GJ for AECO natural gas.
ESG Report
The Company is pleased to announce the publication of its
inaugural ESG report. ESG standards have been a core principle of
Yangarra's operations for years as evidenced by the Company's low
ARO & recent work on reducing emissions. The ESG report will
allow stakeholders to benchmark Yangarra's metrics with a peer
group and highlights Yangarra's stellar track record. The report
can be found on our website at www.yangarra.ca.
Reserve Report Highlights
Summary
Yangarra has been drilling its bioturbated Cardium formation for
over five years. Initial decline profiles were
determined without the benefit of production history, as none
existed, and were therefore based entirely on initial production
rates. As significant production history is now available, the
reserve report and in particular the Company's proved developed
non-producing reserves is being revised appropriately with the
updated production history. To better reflect the accumulated
progression of drilling and production in the bioturbated Cardium,
the Company is presenting a 5-year average for F&D costs.
The reserve report uses an Edmonton Par price of $81.25/bbl for 2022 vs current pricing for
Edmonton par at over $95.00/bbl.
All reserves information contained in this press release are
based on the Company's 2021 NI 51-101 oil and gas reserve report
dated February 1, 2022, as prepared
by Deloitte LLP (The "2021 Reserve Report").
Proved Developed Producing ("PDP") Reserves
- 19.6 million boe (14% decrease from 2020)
- Net present value before tax discounted at 10% ("NPV10") of
$345 million (9% increase from
2020)
- Yangarra's trailing 5-year PDP F&D is $17.25/boe
- PDP net asset value per fully diluted common share ("NAV per FD
Share") of $1.63
- PDP Reserve Life Index ("RLI") based on fourth quarter 2021
production of 5.3 years
Total Proved reserves ("1P")
- 82.8 million boe (14% decrease from 2020)
- NPV10 of $1.0 billion (1%
decrease from 2020)
- 1P future development costs of $443
million
- Yangarra's trailing 5-year 1P F&D is $10.87/boe
- 1P NAV per FD Share of $8.92
- RLI based on fourth quarter 2021 production of 22.7 years
Proved plus probable reserves ("2P")
- 141.2 million boe (10% decrease from 2020)
- NPV10 of $1.5 billion (1%
increase from 2020)
- 2P Future development costs of $658
million
- Yangarra's trailing 5-year 2P F&D is $8.06/boe
- 2P NAV per FD Share of $13.86
- RLI of 38.7 years
Oil and Gas Reserves
The following tables summarize certain information contained in
the 2021 Reserve Report. The 2021 Reserve Report encompasses 100%
of Yangarra's oil and gas properties and was prepared in accordance
with definitions, standards and procedures contained in the
Canadian Oil and Gas Evaluation Handbook and National Instrument
51-101 - Standards of Disclosure for Oil and Gas Activities
("NI 51-101") by Deloitte.
Summary of Oil and Gas Reserves
(1)(2)
(Company Share Gross volumes based
on forecast price and costs)
Reserves
Category
|
|
|
|
|
|
|
|
|
Light
and
Medium
Oil
(Mbbl)
|
Natural
Gas
Liquids
(Mbbl)
|
Conventional
Gas
(MMcf)
|
Shale
Gas
(MMcf)
|
Total
BOE
2021
(Mboe)
|
|
Total
BOE
2020
(Mboe)
|
Proved Developed
Producing
|
3,972
|
4,029
|
68,792
|
521
|
19,553
|
|
22,754
|
Proved Developed
Non-Producing
|
143
|
296
|
5,092
|
0
|
1,288
|
|
12,595
|
Proved
Undeveloped
|
13,768
|
12,492
|
208,703
|
5,315
|
61,929
|
|
61,084
|
Total
Proved
|
17,883
|
16,817
|
282,587
|
5,835
|
82,770
|
|
96,434
|
Probable
|
12,109
|
12,350
|
196,865
|
7,692
|
58,461
|
|
61,127
|
Total Proved Plus
Probable
|
29,902
|
29,166
|
479,453
|
13,527
|
141,232
|
|
157,561
|
Notes:
|
(1) Total values may not add
due to rounding.
|
(2) BOEs are derived by
converting gas to oil equivalent in the ratio of six thousand cubic
feet of gas to one barrel of oil (6 Mcf:1 bbl).
|
Summary of Net Present Values of Future Net Revenue (Before Tax)
(1)(4)
(Based on forecast price and costs)
|
As At December 31,
2021(2)
|
|
As
At
December 31, 2020
(3)
|
Reserves
Category
|
0.0%
(M$)
|
5.0%
(M$)
|
10.0%
(M$)
|
15.0%
(M$)
|
20.0%
(M$)
|
|
10.0%
(M$)
|
Proved Developed
Producing
|
493,715
|
404,060
|
345,074
|
303,694
|
273,146
|
|
316,329
|
Proved Developed
Non-Producing
|
26,153
|
19,487
|
15,348
|
12,613
|
10,705
|
|
160,446
|
Proved
Undeveloped
|
1,242,479
|
890,609
|
676,652
|
536,017
|
438,033
|
|
573,429
|
Total
Proved
|
1,762,346
|
1,314,155
|
1,037,073
|
852,323
|
721,883
|
|
1,050,203
|
Probable
|
1,417,042
|
762,882
|
469,039
|
313,911
|
222,951
|
|
439,246
|
Total Proved Plus
Probable
|
3,179,388
|
2,077,037
|
1,506,113
|
1,166,235
|
944,834
|
|
1,489,449
|
Notes:
|
|
(1)
|
Total values may not
add due to rounding.
|
(2)
|
Forecast pricing used is based on Deloitte
published price forecasts effective December
31, 2021.
|
(3)
|
Forecast pricing used is based on Deloitte
published price forecasts effective December
31, 2020.
|
(4)
|
Cash flows are
reduced for future abandonment costs and estimated capital for
future development associated with the reserves.
|
Reserve Definitions:
(a)
|
"Proved" reserves are
those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining
quantities recovered will exceed the estimated proved
reserves.
|
(b)
|
"Probable" reserves
are those additional reserves that are less certain to be recovered
than proved reserves. It is equally likely that the actual
remaining quantities recovered will be greater or less than the sum
of the estimated proved plus probable reserves.
|
(c)
|
"Developed" reserves
are those reserves that are expected to be recovered from existing
wells and installed facilities or, if facilities have not been
installed, that would involve a low expenditure (e.g. when compared
to the cost of drilling a well) to put the reserves on
production.
|
(d)
|
"Developed Producing"
reserves are those reserves that are expected to be recovered from
completion intervals open at the time of the estimate. These
reserves may be currently producing or, if shut-in, they must have
previously been on production, and the date of resumption of
production must be known with reasonable certainty.
|
(e)
|
"Developed
Non-Producing" reserves are those reserves that either have not
been on production, or have previously been on production, but are
shut in, and the date of resumption of production is
unknown.
|
(f)
|
"Undeveloped"
reserves are those reserves expected to be recovered from known
accumulations where a significant expenditure (for example, when
compared to the cost of drilling a well) is required to render them
capable of production. They must fully meet the requirements of the
reserves classification (proved, probable, possible) to which they
are assigned.
|
Reconciliations of Changes in Reserves
The following table sets out a reconciliation of the changes in
the Corporation's reserves as at December
31, 2021 against such reserves at December 31, 2020 based on forecast prices and
cost assumptions:
|
Light and Medium
Oil
|
Natural Gas
Liquids
|
|
Gross
Proved
|
Gross
Probable
|
Gross Proved Plus
Probable
|
Gross
Proved
|
Gross
Probable
|
Gross
Proved Plus
Probable
|
|
(Mstb)
|
(Mstb)
|
(Mstb)
|
(Mstb)
|
(Mstb)
|
(Mstb)
|
Opening
Balance
|
19,972.4
|
12,153.9
|
32,126.4
|
19,709.0
|
12,959.3
|
32,668.2
|
Production
|
-882.8
|
0.0
|
-882.8
|
-691.7
|
0.0
|
-691.7
|
Technical
Revisions
|
-3,006.8
|
-981.6
|
-3,988.5
|
-4,233.1
|
-1,678.0
|
-5,911.0
|
Extensions
|
1,785.5
|
818.5
|
2,604.0
|
2,020.7
|
1,045.0
|
3,065.7
|
Economic
Factors
|
15.0
|
28.2
|
43.2
|
11.7
|
23.1
|
34.8
|
Closing
Balance
|
17,883.4
|
12,018.9
|
29,902.3
|
16,816.5
|
12,349.5
|
29,166
|
|
|
|
|
Conventional
Gas
|
Shale
Gas
|
|
Gross
Proved
|
Gross
Probable
|
Gross
Proved Plus
Probable
|
Gross
Proved
|
Gross
Probable
|
Gross
Proved Plus
Probable
|
|
(MMcf)
|
(MMcf)
|
(MMcf)
|
(MMcf)
|
(MMcf)
|
(MMcf)
|
Opening
Balance
|
333,869.6
|
207,953.4
|
541,823.0
|
6,643.0
|
8,131.8
|
14,774.8
|
Production
|
-11,728.6
|
0.0
|
-11,728.6
|
-65.1
|
0.0
|
-65.1
|
Technical
Revisions
|
-74,175.3
|
-29,187.3
|
-103,362.6
|
-742.7
|
-439.6
|
-1,182.2
|
Extensions
|
34,417.6
|
17,697.1
|
52,114.8
|
0.0
|
0.0
|
0.0
|
Economic
Factors
|
204.1
|
401.9
|
606.0
|
0.0
|
0.0
|
0.0
|
Closing
Balance
|
282,587.4
|
196,865.2
|
479,452.6
|
5,835.2
|
7,692.2
|
13,527.4
|
|
MBOE
|
|
|
|
Gross
Proved
|
Gross
Probable
|
Gross
Proved Plus
Probable
|
|
|
(Mboe)
|
(Mboe)
|
(Mboe)
|
|
Opening
Balance
|
96,433.5
|
61,127.4
|
157,560.9
|
|
Production
|
-3,540.1
|
0.0
|
-3,540.1
|
|
Technical
Revisions
|
-19,726.2
|
-7,597.4
|
-27,323.6
|
|
Extensions
|
9,542.5
|
4,813.0
|
14,355.5
|
|
Economic
Factors
|
60.7
|
118.3
|
179.0
|
|
Closing
Balance
|
82,770.3
|
58,461.4
|
141,231.6
|
|
Forecast Prices Used in Estimates
The forecast price and market forecasts prepared by Deloitte are
based on information available from numerous government agencies,
industry publication, oil refineries, natural gas marketers, and
industry trends. The prices are Deloitte's best estimate of how the
future will look, based on the many uncertainties that exist in
both the domestic Canadian and international petroleum industries.
Deloitte considers the current monthly trends, the actual and
trends for the year to date, and the prior year actual in
determining the forecast. The crude oil and natural gas forecasts
are based on yearly variable factors weighted to higher percent in
current data and reflecting a higher percent to the prior year
historical. These forecasts are Deloitte's interpretation of
current available information and while they are considered
reasonable, changing market conditions or additional information
may require alteration from the indicated effective date.
Inflation forecasts and exchange rates, an integral part of the
forecast, have also been considered.
|
Price Inflation
Rate
|
Cost Inflation
Rate
|
Cdn to US Exchange
Rate
|
2022
|
0.0%
|
0.0%
|
0.800
|
2023
|
2.0%
|
2.0%
|
0.800
|
2024
|
2.0%
|
2.0%
|
0.800
|
2025
|
2.0%
|
2.0%
|
0.800
|
2026
beyond
|
2.0%
|
2.0%
|
0.800
|
Oil, NGL, and natural gas base case prices, utilized by Deloitte
in the Deloitte Reserve Report were as follows:
|
Oil
|
Natural
Gas
|
Natural Gas
Liquids
|
|
Year
|
WTI
Cushing
(Oklahoma)
|
Edmonton
City Gate
40° API
|
Alberta
Reference –
Gas
Prices
|
Alberta
AECO – Gas
Prices
|
Pentanes +
Condensate
Edmonton
|
Butanes
Edmonton
|
Propane
Edmonton
|
|
($US/bbl)
|
($Cdn/bbl)
|
($Cdn/mcf)
|
($Cdn/mcf)
|
($Cdn/bbl)
|
($Cdn/bbl)
|
($Cdn/bbl)
|
Forecast
|
|
|
|
|
|
|
|
2022
|
$69.00
|
$81.25
|
$3.25
|
$3.65
|
$85.30
|
$56.90
|
$44.70
|
2023
|
$65.30
|
$75.25
|
$2.85
|
$3.25
|
$79.00
|
$45.15
|
$33.85
|
2024
|
$61.40
|
$70.25
|
$2.75
|
$3.15
|
$73.75
|
$42.15
|
$31.65
|
2025
|
$62.60
|
$71.65
|
$2.80
|
$3.25
|
$75.25
|
$43.00
|
$32.25
|
2026
|
$63.85
|
$73.05
|
$2.85
|
$3.30
|
$76.75
|
$43.85
|
$32.90
|
|
|
Escalation of 2.0%
Thereafter
|
|
Notes:
- All prices are in Canadian dollars except WTI which are in U.S.
dollars.
- Edmonton City Gate prices based on light sweet crude posted at
major Canadian refineries (40 Deg. API <0.5% Sulphur).
- Natural Gas Liquid prices are forecasted at Edmonton therefore an additional
transportation cost must be included to plant gate sales
point.
- 1 Mcf is equivalent to 1 mmbtu.
- Alberta gas prices, except
AECO, include an average cost of service to the plant gate.
Finding and Development Costs
Yangarra's F&D costs for 2021, 2020 and the five-year
average are presented in the tables below. The costs used in the
F&D calculation are the capital costs related to: land
acquisition and retention; drilling; completions; tangible well
site; tie-ins; and facilities, plus the change in estimated future
development costs as per the independent reserve report.
Acquisition costs are net of any proceeds from dispositions of
properties. Due to the timing of capital costs and the subjectivity
in the estimation of future costs, the aggregate of the exploration
and development costs incurred in the most recent financial year
and the change during that year in estimated future development
costs generally will not reflect total finding and development
costs related to reserve additions for that year. The reserves used
in this calculation are Company net reserve additions, including
revisions.
Proved Developed Producing Finding & Development Costs ($
millions)
|
2021
|
2020
|
2017 –
2021
|
Capital
expenditures
|
88.5
|
51.5
|
494.8
|
|
|
|
|
Reserve additions,
net production (Mboe)
|
58.9
|
845
|
28,686
|
|
|
|
|
Proved Developed
Producing F&D costs – including future capital
($/boe)
|
1,502.2
|
60.76
|
17.25
|
|
|
|
|
Proved Recycle
Ratio ($32.25/boe annual operating netback)
|
0.02
|
0.26
|
|
Proved Finding & Development Costs ($ millions)
|
2021
|
2020
|
2017 -
2021
|
Capital
expenditures
|
88.5
|
51.5
|
494.8
|
Change in future
capital
|
23.5
|
(9.7)
|
193.0
|
Total capital for
F&D
|
108.5
|
41.8
|
684.3
|
|
|
|
|
Reserve additions,
net production (Mboe)
|
(10,404)
|
14,452
|
63,289
|
|
|
|
|
Proved F&D costs
– including future capital ($/boe)
|
N/A
|
2.88
|
10.87
|
Proved F&D costs
– excluding future capital ($/boe)
|
N/A
|
3.55
|
7.82
|
|
|
|
|
Proved Recycle
Ratio
|
|
|
|
Including future capital
|
N/A
|
5.56
|
|
Excluding future capital
|
N/A
|
4.51
|
|
Proved plus Probable Finding & Development Costs ($
millions)
|
2021
|
2020
|
2017 -
2021
|
Capital
expenditures
|
88.5
|
51.5
|
494.8
|
Change in future
capital
|
36.4
|
(28.2)
|
291.8
|
Total capital for
F&D
|
121.4
|
23.3
|
783.1
|
|
|
|
|
Reserve additions,
net production (Mboe)
|
(13,070)
|
15,534
|
97,572
|
|
|
|
|
Proved plus Probable
F&D costs – including future capital ($/boe)
|
N/A
|
1.49
|
8.06
|
Proved plus Probable
F&D costs – excluding future capital ($/boe)
|
N/A
|
3.31
|
5.07
|
|
|
|
|
Proved plus
Probable Recycle Ratio
|
|
|
|
Including future capital
|
N/A
|
10.74
|
|
Excluding future capital
|
N/A
|
4.85
|
|
Net Asset Value ("NAV")
As at December 31,
2021
|
PDP
|
Total
Proved
|
Proved +
Probable
|
|
|
|
|
Present Value
Reserves, before tax (discounted at 10%)
|
345.1
|
1037.1
|
1,506.1
|
Total Net Debt ($
million) (unaudited)
|
(197.0)
|
(197.0)
|
(197.0)
|
Proceeds from the
exercise of options (2)
|
7.1
|
7.1
|
7.1
|
Net Asset
Value
|
155.2
|
847.2
|
1,316.2
|
|
|
|
|
Fully diluted common
shares outstanding (million)
|
94.9
|
94.9
|
94.9
|
Net asset value
per share
|
$1.63
|
$8.92
|
$13.86
|
Notes to table:
(1)
|
The preceding table
shows what is customarily referred to as a "produce out" net asset
value calculation under which the current value of Yangarra's
reserves would be produced at the Deloitte forecast future prices
and costs. The value is a snapshot in time as at December 31, 2021
and is based on various assumptions including commodity prices and
foreign exchange rates that vary over time. In this analysis, the
present value of the proved and probable reserves is calculated at
a before tax 10 percent discount rate.
|
(2)
|
The calculation of
proceeds from exercise of stock options and the diluted number of
common shares outstanding only include stock options that are
"in-the-money" based on the closing price of YGR of $1.57 as at
December 31, 2021.
|
(3)
|
Net debt or adjusted
working capital (deficit), which represent current assets less
current liabilities, excluding current derivative financial
instruments, are used to assess efficiency, liquidity and the
general financial strength of the Company. There is no IFRS measure
that is reasonably comparable to net debt or adjusted working
capital (deficit).
|
Year End Disclosure
The audited financial statements for the year-ended December 31, 2021 are scheduled to be released on
March 3, 2022.
Additional reserve information as required under NI 51-101 will
be included in the Company's Annual Information Form which will be
filed on SEDAR on or before March 31,
2022.
Reader Advisories:
Unaudited Financial Information and Non-IFRS Measures
Certain financial and operating information included in this
press release for the quarter and year ended December 31, 2021, including F&D costs and
netbacks are based on estimated unaudited financial results for the
quarter and year then ended, and are subject to the same
limitations as discussed under Forward Looking Information set out
below. These estimated amounts may change upon the completion of
audited financial statements for the year ended December 31, 2021 and changes could be
material.
Oil and Gas Advisories. Natural gas has been converted to
a barrel of oil equivalent (Boe) using 6,000 cubic feet (6 Mcf) of
natural gas equal to one barrel of oil (6:1), unless otherwise
stated. The Boe conversion ratio of 6 Mcf to 1 Bbl is based on an
energy equivalency conversion method and does not represent a value
equivalency; therefore Boe's may be misleading if used in
isolation. References to natural gas liquids ("NGLs") in this news
release include condensate, propane, butane and ethane and one
barrel of NGLs is considered to be equivalent to one barrel of
crude oil equivalent (Boe). One ("BCF") equals one billion cubic
feet of natural gas. One ("Mmcf") equals one million cubic feet of
natural gas.
All reserve references in this press release are "Company share
gross reserves". Company share gross reserves are the Company's
total working interest reserves (operating or non-operating) before
the deduction of any royalty obligation s but including royalty
interests payable the Company. It should not be assumed that the
present worth of estimated future cash flow presented in the tables
above represents 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. The recovery and reserve
estimates of Yangarra's crude oil, natural gas liquids and natural
gas reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Actual
crude oil, natural gas and natural gas liquids reserves may be
greater than or less than the estimates provided herein.
This press release contains metrics commonly used in the oil and
natural gas industry which have been prepared by management, such
as "recycle ratio", "operating netback", "finding and development
costs", "reserve life index" and "net asset value". These terms do
not have a standardized meaning and may not be comparable to
similar measures presented by other companies and, therefore,
should not be used to make such comparisons.
Management uses these oil and gas metrics for its own
performance measurements and to provide shareholders with measures
to compare Yangarra's operations over time. Readers are cautioned
that the information provided by these metrics, or that can be
derived from metrics presented in this press release, should not be
relied upon for investment or other purposes.
All amounts in this news release are stated in Canadian dollars
unless otherwise specified. Our oil and gas reserves statement for
the year ended December 31, 2019,
which will include complete disclosure of our oil and gas reserves
and other oil and gas information in accordance with NI 51-101,
will be contained within our Annual Information Form which will be
available on our SEDAR profile at www.sedar.com on or before
March 31, 2022. The recovery and
reserve estimates contained herein are estimates only and there is
no guarantee that the estimated reserves will be recovered. In
relation to the disclosure of estimates for individual properties,
such estimates may not reflect the same confidence level as
estimates of reserves and future net revenue for all properties,
due to the effects of aggregation. The Company's belief that it
will establish additional reserves over time with conversion of
probable undeveloped reserves into proved reserves is a
forward-looking statement and is based on certain assumptions and
is subject to certain risks, as discussed below under the heading
"Forward-Looking Information"
Forward Looking Information. This press release contains
forward-looking statements and forward-looking information
(collectively "forward-looking information") within the meaning of
applicable securities laws relating to the Company's plans and
other aspects of our anticipated future operations, management
focus, strategies, financial, operating and production results and
business opportunities. Forward-looking information typically uses
words such as "anticipate", "believe", "continue", "sustain",
"project", "expect", "forecast", "budget", "goal", "guidance",
"plan", "objective", "strategy", "target", "intend" or similar
words suggesting future outcomes, statements that actions, events
or conditions "may", "would", "could" or "will" be taken or occur
in the future, including statements about our strategy, plans,
objectives, priorities and focus, growth plans; our estimations on
future costs; volatility of commodity prices, and currency
fluctuations. Statements relating to "reserves" are also deemed to
be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves described exist in the quantities predicted or estimated
and that the reserves can be profitably produced in the future.
The forward-looking information is based on certain key
expectations and assumptions made by our management, including
expectations and assumptions concerning prevailing commodity
prices, exchange rates, interest rates, applicable royalty rates
and tax laws; future production rates and estimates of operating
costs; performance of existing and future wells; reserve volumes;
anticipated timing and results of capital expenditures; the success
obtained in drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; benefits to
shareholders of our programs and initiatives, the timing, location
and extent of future drilling operations; the expected timing of
release of our audited financials and AIF; the state of the economy
and the exploration and production business; results of operations;
performance; business prospects and opportunities; the availability
and cost of financing, labour and services; the impact of
increasing competition; ability to efficiently integrate assets and
employees acquired through acquisitions, ability to market oil and
natural gas successfully and our ability to access capital.
Although we believe that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Yangarra can give no assurance that they will
prove to be correct. Since forward-looking information addresses
future events and conditions, by its very nature they involve
inherent risks and uncertainties. Our actual results, performance
or achievement could differ materially from those expressed in, or
implied by, the forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits that we will derive therefrom. Management
has included the above summary of assumptions and risks related to
forward-looking information provided in this press release in order
to provide security holders with a more complete perspective on our
future operations and such information may not be appropriate for
other purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. Additional information on these and other factors
that could affect our operations or financial results are included
in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com).
These forward-looking statements are made as of the date of this
press release and we disclaim any intent or obligation to update
publicly any forward-looking information, whether as a result of
new information, future events or results or otherwise, other than
as required by applicable securities laws.
All reference to $ (funds) are in Canadian
dollars unless otherwise stated.
Neither the TSX nor its Regulation Service
Provider (as that term is defined in the Policies of the TSX)
accepts responsibility for the adequacy and accuracy of this
release.
SOURCE Yangarra Resources Ltd.