NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.
Seaview Energy Inc. (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) ("Seaview" or the
"Company") is pleased to provide shareholders with an update of the Company's
reserves as at year-end and operations.
During 2009 Seaview continued to execute its balanced strategy of acquiring,
exploiting and exploring for high quality natural gas and light oil assets in
Western Canada. Seaview's capital program focused on exploration and
exploitation drilling on assets acquired in previous years, plus a total of five
property acquisitions further consolidating Seaview's assets in the Peace River
Arch.
As at December 31, 2009, Seaview's accomplishments are as follows:
- Increased Proven Producing reserves by 52% to 5,973 MBoe, compared to 3,941
MBoe at December 31, 2008.
- Increased Total Proven reserves by 49%, to 7,141 MBoe compared to 4,786 MBoe
at December 31, 2008.
- Increased Total Proven plus Probable reserves by 53% to 11,068 Mboe compared
to 7,256 MBoe at December 31, 2008.
- Achieved Proven FD&A costs of $14.93/boe and Proven plus Probable costs of
$10.32/boe (including changes to Future Development Costs "FDC" and technical
revisions).
- Achieved Proven F&D costs of $9.85/boe and Proven plus Probable costs of
$7.67/boe (including changes to FDC and technical revisions).
- 2009 average production of 2,315 boe/d, 115% increase over 2008 average
production of 1,077 boe/d.
- Fourth quarter 2009 average production of 2,725 boe/d based on an unaudited
internal estimate, representing a 52% increase as compared to fourth quarter
2008 production of 1,794 boe/d.
- Exceeded 2009 exit rate guidance of more than 3,000 boe/d with production for
January 2010 averaging 3,100 boe/d based on field estimates. In addition, the
Company has over 750 boe/d behind pipe to be placed on production over the next
two quarters.
Highlights of 2009
In 2009 Seaview continued to execute its balanced strategy of acquiring,
exploiting and exploring for high quality, long reserve life natural gas and
light oil assets in Western Canada. Despite the challenges of volatile commodity
prices and weak capital markets due the global economic crisis, Seaview's
business plan continued to deliver strong growth in 2009. Record production
levels for Q4-2009, of 2,725 boe/d, marks the Company's ninth consecutive
quarter of growth since inception in Q4-2007.
Seaview's management team continues to focus on consolidating high quality
assets within the Company's core areas, with significant exploration and
development opportunities. Operations highlights of 2009 include:
- Successfully closed five property acquisitions, further consolidating the
Company's core assets in the Peace River Arch.
-- Highlighted by the complimentary Peace River Arch assets acquired from a
senior producer for $26.6 million in June 2009 with a concurrent bought-deal
financing with gross proceeds of $15.7 million. This acquisition consolidated
Seaview's working interest in over 70% of the acquired assets focused in the
Balsam and Boundary Lake areas of northwest Alberta.
-- During the fourth quarter of 2009, Seaview purchased assets in four separate
acquisitions for total consideration of $3.9 million. Each of the minor property
acquisitions added high working interest follow-up drilling locations based on
the successful third quarter drilling program.
- Seaview drilled 9 (8.4 net) wells in 2009 at a 78% success rate.
-- In the Peace River Arch, Seaview drilled 7 (6.6 net) wells at an 86% success
rate. Results of the 2009 drilling program yielded 4 (3.6 net) producing gas
wells, 2 (2 net) potential gas wells, and 1(1 net) abandoned well. The lone
abandoned well encountered the target reservoir but was abandoned due to
operational problems while casing and will be redrilled in the first quarter of
2010.
-- As announced on November 19, 2009 the successful Q3-09 drilling program was
expected to add over 1,400 boe/d of new production capacity. Three of the four
successful wells were on online contributing a stable 1,500 boe/d net average
production for the month of December.
-- Seaview estimates current production behind pipe volumes at 750 boe/d from 6
(3.8 net) wells which will be tied-in over the next two quarters.
-- In southeast Saskatchewan, Seaview drilled 2 (1.8 net) wells with a 50%
success rate. Both wells were exploration projects targeting potential light oil
pools. The Company's exploration well in Rocanville (80% working interest) is
cased as a potential Birdbear oil well, various completion options are currently
being evaluated for this well.
Activity over the first half of 2010 includes the drilling of 6 (4.3 net) wells,
plus equip and tie-in activities on 2 (1.4 net) standing gas wells. To date the
Company has drilled 4 (2.6 net) gas wells in the first quarter of 2010 at a 75%
success rate resulting in 3 (1.6 net) gas wells to be tied in post breakup in
2010. Production adds from the 3 (1.6 net) successful wells drilled to date is
expected to add 250 boe/d net in Q3-10.
Remaining activity for the winter capital program includes drilling of 2 (1.7
net) wells. At Clayhurst, the Company will re-drill the well abandoned in Q3-09,
targeting a conventional Montney gas reservoir. Finally, the company is planning
to spud a horizontal well targeting an early stage light oil resource play in
northwest Alberta before spring break-up. Seaview has assembled a sizeable land
position and has exposure to 11.5 (6.5 net) sections of land on this exciting
exploration opportunity. The target zone in known to produce both oil and
natural gas regionally, however to date has not been developed using horizontal
wells with multi-frac completion technology.
Business Strategy
For the year ending December 31, 2009, Seaview has achieved significant reserves
and production growth as a result of successful execution of its business plan.
Despite volatile commodity prices and the impact of the global financial crisis
on capital markets, Seaview is well positioned to continue executing its
aggressive growth strategy.
Through a disciplined approach to capital management, Seaview has several key
characteristics that support continued growth and value creation for
shareholders despite the current economic climate:
- High-quality, long reserve life assets, focused on natural gas in the Peace
River Arch and light oil in southeast Saskatchewan, both desirable areas within
the Western Canadian Sedimentary Basin.
- Strong financial position including; a low cost structure, strong balance
sheet and $12 million of available credit facility providing Seaview with the
ability to capitalize on strategic opportunities.
- Attractive commodity risk management program to provide an enhanced cash flow
stream in order to maintain balance sheet strength, secure acquisition economics
and finance the Company's capital expenditures.
- Strong management team, directors and technical professionals with significant
ownership positions, ensuring strong alignment to shareholder's interests.
Seaview's strong financial position and deep prospect inventory has allowed the
company to maximize the benefits of the royalty incentive programs announced in
2009 (2009 RIP). The 2009 RIP provides a short-term opportunity to maximize the
net asset value by adding new reserves at reduced royalty rates on the new
production and earning drilling credits to reduce royalties payable on existing
production. The benefits of the 2009 RIP may be significant to Seaview as the
royalty credits earned through drilling offset more than 50% of the capital cost
to drill a typical well.
Despite weak natural gas prices, the economics of drilling Seaview's current
inventory is significantly improved by the combination of the reduced royalties
on initial production, earning of drilling credits as a reduction of capital
costs and finally a significant reduction in service costs for drilling and
completing wells. Seaview remains well positioned to capitalize on this
opportunity during a period where the industry is experiencing a pronounced slow
period.
Capital Efficiency and Reserve Additions
Certain financial estimates have been made herein to facilitate discussion of
the Company's 2009 capital program. Readers are advised that these financial
estimates are subject to the disclosure to be contained in the audited financial
statements of Seaview for the year ended December 31, 2009, management's
discussion and analysis related thereto and its Annual Information Form expected
to be filed on or about April 6, 2010.
The Company is pleased to report that a significant increase in reserves during
2009 as a result of its combined acquisitions and successful 2009 drilling
program. The independent reserves evaluation has been completed by Sproule and
Associates Limited "Sproule", with an effective date of December 31, 2009, in a
National Instrument 51-101 "NI 51-101" compliant report "Evaluation of the P&NG
Reserves of Seaview Energy Inc." Highlights of the report are summarized below:
- Increased Proven Producing reserves by 52% to 5,973 MBoe, compared to 3,941
MBoe at December 31, 2008.
- Increased Total Proven reserves by 49%, to 7,141 MBoe compared to 4,786 MBoe
at December 31, 2008.
- Increased Total Proven plus Probable reserves by 53% to 11,068 compared to
7,256 MBoe at December 31, 2008.
- Probable Developed Producing reserves assigned to Proved Producing assets are
2,286 MBoe, increasing Total Developed Proven plus Probable producing reserves
to 8,259 MBoe or 75% of the Total Proven plus Probable reserves. No future
development capital is required to convert the Probable Producing reserves to
Proven Producing over time.
- Reserve Life Index of 7.2 years on a Total Proven basis and 11.1 years on a
Total Proven plus Probable basis using December 31, 2009 reserves, and estimated
Q4-09 production of 2,725 boe/d.
- Total capital expenditures based on unaudited financial results were $46.7
million; including changes in FDC total capital costs for the purpose of
calculating FD&A costs are $47.2 million.
-- Achieved FD&A costs of $14.93/boe Proven and $10.32/boe Proven plus Probable
(Including changes in FDC).
-- Seaview completed five strategic property acquisitions in 2009, highlighted
by the complimentary PRA assets acquired from a senior producer for $26.6 mm in
June 2009. Overall the acquisition program added 2,158 MBoe of Total Proven plus
Probable reserves, or 47% of the Total Proven plus Probable reserve additions in
2009.
-- Seaview's acquisitions and drilling success replaced production by 3.9 times
on a Proven basis and 5.7 times on a Proven plus Probable basis.
- Seaview completed an active drilling program in 2009 which included drilling 9
gross wells (8.4 net) with a 78% success rate. Capital expenditures based on
unaudited consolidated financial results were $16.3 million directed towards
drilling activity. Including changes to FDC, the total capital costs for the
purpose of calculating F&D costs are $18.9 million.
-- Achieved F&D costs of $9.85/boe Proven and $7.67/boe Proven plus Probable
(including FDC and after revisions).
-- Seaview enjoyed a very successful drilling program accounting for 2,458 mBoe
or 53% of the Total Proven and Probable reserve additions in 2009.
-- Seaview's drilling success replaced production by 2.1 times on a Proven basis
and 3.1 times on a Proven plus Probable basis.
- Seaview continues to drive reserve addition costs down through successful
execution of the Company's balanced acquisition, exploration and development
strategy. Management has been able to steadily reduce finding costs as a result
of a strong prospect inventory and successful grass-roots exploration. Seaview's
three year average reserve costs are:
-- Three year average Proven F&D costs of $14.04/boe Proven and Proven plus
Probable costs of $11.02/boe (including FDC and after revisions).
-- Three year average Proven FD&A costs of $21.91/boe Proven and Proven plus
Probable costs of $15.71/boe (including FDC and after revisions).
----------------------------------------------------------------------------
Historical Capital
Efficiency Highlights 2009 2008 2007-2009
----------------------------------------------------------------------------
Total Total Total
Proved Proved Proved
Total plus Total plus Total plus
Proved Probable Proved Probable Proved Probable
----------------------------------------------------------------------------
Capital Costs
($thousands)
----------------------------------------------------------------------------
Exploration
and
development
capital $16,284 $16,284 $20,907 $20,907 $40,827 $40,827
----------------------------------------------------------------------------
Acquisitions,
net of
dispositions $30,455 $30,455 $91,864 $91,864 $135,371 $135,371
----------------------------------------------------------------------------
Future
development
capital,
beginning
balance $5,219 $12,982 $843 $1,475 $0 $0
----------------------------------------------------------------------------
Future
development
capital, end
of period
balance $5,646 $15,551 $5,219 $12,982 $5,646 $15,551
----------------------------------------------------------------------------
Exploration
and
development
capital
including
change in
future
development
capital $16,711 $18,853 $25,283 $32,414 $46,437 $56,378
----------------------------------------------------------------------------
All-in
capital
including
change in
future
development
capital $47,166 $49,308 $119,098 $126,229 $ 183,890 $193,795
----------------------------------------------------------------------------
Reserve
additions
(including
technical
revisions)
----------------------------------------------------------------------------
Exploration
and
development
(MBoe) 1,696 2,458 1,393 2,321 3,309 5,118
----------------------------------------------------------------------------
Acquisitions,
net of
dispositions
(Mboe) 1,464 2,158 3,409 4,654 5,085 7,214
----------------------------------------------------------------------------
Total reserve
additions (MBoe) 3,160 4,616 4,802 6,976 8,395 12,332
----------------------------------------------------------------------------
Finding and
development
costs (F&D),
including
change in
future
development
capital
($/boe)(1) $9.85 $7.67 $18.16 $13.96 $14.04 $11.02
----------------------------------------------------------------------------
Finding,
development
and
acquisition
costs (FD&A),
including
change in
future
development
capital
($/boe) $14.93 $10.32 $24.80 $18.09 $21.91 $15.71
----------------------------------------------------------------------------
Operating
Efficiency
----------------------------------------------------------------------------
Operating
net-back
($/boe) $21.64 $21.64 $34.49 $34.49
----------------------------------------------------------------------------
Finding,
development
and
acquisition
costs (FD&A),
excluding
change in
future
development
capital ($/boe) $14.79 $10.13 $23.89 $16.44
----------------------------------------------------------------------------
Recycle-Ratio 1.5 2.1 1.4 2.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reserve
Replacement
----------------------------------------------------------------------------
Reserve
additions,
including
revisions
(MBoe) 3,160 4,616 4,802 6,976
----------------------------------------------------------------------------
Annual
production
(MBoe) 804 804 427 427
----------------------------------------------------------------------------
Production
replacement
ratio 3.9 5.7 11.3 16.3
----------------------------------------------------------------------------
Notes:
(1) 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.
NI 51-101 Reserves Disclosure
Seaview has a Reserve Committee comprised of independent board members, which
reviews the qualifications and appointment of the independent reserve
evaluators. The committee also reviews the processes and technical data used to
determine the reserves booked.
The Company will file on April 6, 2010 its Annual Information Form which
includes Seaview's reserves data and other oil and gas information for the year
ended December 31, 2009 as mandated by "NI 51-101 - Standards for Disclosure for
Oil and Gas Activities of the Canadian Securities Administrators."
The December 31, 2009, evaluation was prepared by Sproule utilizing the
methodology and definitions as set out under NI 51-101. The reserves presented
herein include the total Company's working interest reserves before deduction of
royalties and exclude royalty interest reserves as at December 31, 2009.
Table 1 NI 51-101
Summary of Oil and Gas Reserves as of December 31, 2009 Forecast Prices and
Costs
Gross Reserves Net Reserves
------------------------------- -------------------------------
Light
and Light and
Medium Natural Medium Natural
Crude Heavy Gas Natural Crude Heavy Gas Natural
Oil Crude Liquids Gas Oil Crude Liquids Gas
-------- ----- -------- ------- --------- ----- ------- -------
Mbbls Mbbls Mbbls Mmcf Mbbls Mbbls Mbbls Mmcf
-------- ----- -------- ------- --------- ----- ------- -------
Proved
Developed 1,210.4 0 127.7 27,812 1,065.9 0 77.4 20,607
Producing
Developed 46.8 0 10.9 4,371 44.3 0 6.6 3,086
Non-Producing
Undeveloped 20.4 0 15.4 1,853 16.2 0 11.4 1,853
Total Proved 1,277.6 0 154.0 34,257 1,126.4 0 95.4 25,546
Probable 519.9 0 123.5 19,699 445.0 0 80.6 14,106
Total Proved
plus
Probable 1,797.5 0 277.5 53,956 1,571.3 0 176.0 39,653
Table 2 NI 51-101
Summary of Net Present Values of Future Net Revenue as of December 31, 2009
Forecast Prices and Costs
Unit Value
Before
Income Tax
Before Future Income Tax Expenses and Discounted
Discounted at at
------------------------------------------- -----------
0% 5% 10% 15% 20% 10%/yr
-------- -------- -------- -------- ------- -----------
(M$) (M$) (M$) (M$) (M$) ($/boe)
-------- -------- -------- -------- ------- -----------
Proved
Developed Producing 181,089 125,766 98,253 81,755 70,676 21.46
Developed
Non-Producing 17,586 14,034 11,614 9,881 8,586 20.55
Undeveloped 8,418 6,387 5,124 4,269 3,654 15.23
Total Proved 207,093 146,186 114,992 95,905 82,916 20.99
Probable 123,676 68,343 46,006 34,124 26,746 15.99
Total Proved plus
Probable 330,769 214,530 160,997 130,029 109,661 19.27
After Future Income Tax Expenses and Discounted at
----------------------------------------------------
0% 5% 10% 15% 20%
----------- --------- ---------- --------- ---------
(M$) (M$) (M$) (M$) (M$)
----------- --------- ---------- --------- ---------
Proved
Developed Producing 151,858 107,378 84,894 71,260 62,029
Developed Non-Producing 13,012 10,353 8,542 7,246 6,278
Undeveloped 6,207 4,557 3,528 2,833 2,336
Total Proved 171,077 122,288 96,964 81,339 70,643
Probable 91,771 50,445 33,659 24,691 19,108
Total Proved plus
Probable 262,848 172,733 130,623 106,030 89,751
Table 3 NI 51-101
Total Future Net Revenue Undiscounted as of December 31, 2009 Forecast
Prices and Costs
Abandon-
Develop- ment and
Operating ment Reclamation
Revenue Royalties Costs Costs Costs
------------------------------------------------------
(M$) (M$) (M$) (M$) (M$)
------------------------------------------------------
Total Proved
Reserves 419,428 80,234 119,105 5,646 7,351
Total Proved plus
Probable 679,616 138,380 185,554 15,551 9,363
Future Net
Revenue
Before Future Net
Income Income Revenue After
Taxes Taxes Income Taxes
------------------------------------
(M$) (M$) (M$)
------------------------------------
Total Proved Reserves 207,093 36,016 171,077
Total Proved plus Probable 330,769 67,922 262,848
Table 4 NI 51-101
Net Present Value of Future Net Revenue By Production Group as of December
31, 2009 Forecast Prices and Costs
Future Net
Revenue Before Unit Value Before
Income Taxes Income Taxes
and (Discounted (Discounted at
at 10%/Year) 10%/Year)
----------------- ------------------
(M$) ($/boe)
----------------- ------------------
Proved
Light and Medium Crude Oil
(including solution gas and associated
by-products) 33,938 26.28
Heavy Crude Oil
(including solution gas and associated
by-products) 0 0
Natural Gas 85,054 19.35
(including associated by products)
Proved plus Probable
Light and Medium Crude Oil
(including solution gas and associated
by-products) 43,723 24.45
Heavy Crude Oil
(including solution gas and associated
by-products) 0 0
Natural Gas
(including associated by products) 117,274 17.86
Table 5 NI 51-101
Summary of Pricing and Inflation Rate Assumptions
As of December 31, 2009 Forecast Prices and Costs
NATURAL NATURAL GAS
CRUDE OIL GAS LIQUIDS
------------------------------- ---------- ----------------------
Edmonton Cromer
Par Price Medium Pentanes Butanes
WTI 40 degrees 29.3 degrees Alberta Plus FOB
Crude API API AECO Gas FOB Field Field
Year Oil Crude Oil Crude Oil Price Gate Gate
------- --------------------------------------------------------------------
($US/Bbl) ($Cdn/Bbl) ($Cdn/Bbl)($Cdn/mmbtu) ($Cdn/Bbl) ($Cdn/Bbl)
----------------------------------------------------------------------------
(1) (2) (3)
----------------------------------
Forecast
2010 79.17 84.25 80.04 5.36 86.28 59.65
2011 84.46 89.99 84.59 6.21 92.16 63.72
2012 86.89 92.61 85.20 6.44 94.84 65.57
2013 90.20 96.19 87.53 7.23 98.51 68.11
2014 92.01 98.13 88.32 7.98 100.50 69.48
Thereafter Various Escalation Rates
US/CAN
Exchange
Year Inflation Rate
-------- -----------------------
(%) ($US/Cdn)
-----------------------
Forecast
2010 2.0 0.920
2011 2.0 0.920
2012 2.0 0.920
2013 2.0 0.920
2014 2.0 0.920
Thereafter Various Escalation Rates
Notes:
(1) West Texas Intermediate at Cushing Oklahoma 40 degrees API, 0.5% sulphur
(2) Edmonton Light Sweet 40 degrees API, 0.3% sulphur
(3) Comer Medium (29.3 æ degrees API Heavy stream)
Net Asset Value per Class A Share
Information Based on Sproule Reserves Evaluation as at December 31, 2009
----------------------------------------------------------------------------
Before Tax 10% Discount
----------------------------------------------------------------------------
($M except share amounts) Proven
Developed Total Proven Total Proven
Producing Reserves plus Probable
----------------------------------------------------------------------------
Value of Reserves 98,253 114,992 160,997
Undeveloped Land (31,000 acres at
$200 per acre) 6,200 6,200 6,200
Estimated Net Debt as at December
31, 2009(1) (40,100) (40,100) (40,100)
----------------------------------------------------------------------------
Total Net Assets 64,353 81,092 127,097
Class A shares Outstanding (MM) as
at December 31, 2009 65.43 65.43 65.43
Estimated Net Asset Value per Class
A share $0.98 $1.24 $1.94
----------------------------------------------------------------------------
Notes:
(1) Estimated net debt excluding value of financial contracts.
Net Asset Value per Fully Diluted Share(1)
Information Based on Sproule Reserves Evaluation as at December 31, 2009
----------------------------------------------------------------------------
Before Tax 10% Discount
----------------------------------------------------------------------------
($M except share amounts) Proven
Developed Total Proven Total Proven
Producing Reserves plus Probable
----------------------------------------------------------------------------
Value of Reserves 98,253 114,992 160,997
Undeveloped Land (31,000 acres
at $200 per acre) 6,200 6,200 6,200
Estimated Net Debt as at
December 31, 2009(2) (38,560) (38,560) (38,560)
----------------------------------------------------------------------------
Total Net Assets 65,893 82,632 128,637
Fully Diluted shares
Outstanding (MM) as at
December 31, 2009 (3) 77.34 77.34 77.34
Estimated Net Asset Value per
Fully Diluted share $0.85 $1.07 $1.66
----------------------------------------------------------------------------
Notes:
(1) Fully diluted shares including "in-the-money" options and converted
Class B shares based on closing price of $1.10 per Class A share as at
December 31, 2009.
(2) Estimated net debt excluding value of financial contracts, net of
proceeds from "in-the-money" options of $1,523,964
(3) Fully diluted shares outstanding based on 65,433,182 Class A shares,
Class B shares converted to 9,577,636 Class A shares based on conversion
price of $1.10 per Class A share as at December 31, 2009, and 2,328,500
"in-the-money" options as at December 31, 2009.
COMMODITY PRICE RISK MANAGEMENT
A key component to Seaview's balance sheet management is the Company's commodity
price risk program. The price risk management program is intended to reduce
price volatility in order to support cash flow, protect acquisition economics
and finance ongoing capital expenditures.
Subsequent to the end of the third quarter of 2009, Seaview entered into
additional financial contracts for 2010 and 2011 providing for increased
downside protection designed to minimize the impact of volatile commodity prices
on future capital expenditure plans. Seaview currently has approximately 1,380
boe/d (approximately 43% of estimated current production) hedged for the
remainder of 2010;
- 7,500 GJ/d of natural gas hedged in puts and fixed contracts providing for a
"net of cost" floor of $4.70/GJ;
- 200 bbl/d of crude oil hedged in put contracts for 2010 with a "net of cost"
floor of CDN$75.00/bbl;
- On a combined basis, Seaview has 8,300 mcfe/d, hedged at a "net of cost" floor
price of $6.05/mcfe, which will provide for guaranteed revenue in 2010 of $18.3
million.
RELEASE OF 2009 FINANCIALS AND ANNUAL INFORMATION FORM
Seaview intends to file its financial results for the year ended December 31,
2009 including the audited consolidated financial statements and related
management's discussion and analysis ("MD&A") on or about April 6, 2010.
Additionally on April 6, 2010, the Company will file its Annual Information Form
which includes Seaview's reserves data and other oil and gas information for the
year ended December 31, 2009 as mandated by National Instrument 51-101 Standards
for Disclosure for Oil and Gas Activities of the Canadian Securities
Administrators. These filings will be available in their entirety at
www.seaviewenergy.com and www.sedar.com or by contacting the Company directly on
or after April 7, 2010.
Barrels of oil equivalent (boe) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural
gas to one barrel (bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a value
equivalency at the wellhead. All boe conversions in this press release are
derived by converting natural gas to oil in the ratio of six thousand cubic feet
of natural gas to one barrel of oil. Certain financial amounts are presented on
a per boe basis, such measurements may not be consistent with those used by
other companies.
Estimated values disclosed in this press release do not represent fair market value.
This press release may contain forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include estimates,
plans, anticipations, expectations, opinions, forecasts, projections, guidance
or other similar statements that are not statements of fact. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to be correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements. These risks include, but are not limited to: the risks associated
with the oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses and health, safety and environmental risks),
commodity price and exchange rate fluctuation and uncertainties resulting from
potential delays or changes in plans with respect to exploration or development
projects or capital expenditures. The Company's forward-looking statements are
expressly qualified in their entirety by this cautionary statement. The
forward-looking statements contained in this press release are made as of the
date hereof and the Company undertakes no obligations to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
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