Longbow Resources Inc. (TSX VENTURE:LBR) ("Longbow" or the "Company") wishes to
announce that it has received a final engineering evaluation (the "Sproule
Report") from one of its independent reserves evaluators, Sproule Associates
Limited ("Sproule"), which indicates that the Company achieved 355% year over
year growth in total proved Mboe reserves at December 31, 2007. The Sproule
Report is fully compliant with NI 51-101 standards.
The Company's complete NI 51-101 statement of reserves data is expected to be
completed and filed on www.sedar.com within the next few weeks, pending receipt
of some minor property reserve evaluations that were not included in the Sproule
Report. Management believes that the reserves evaluated in the Sproule Report
represent more than 95% of the net present value of the Company's total
reserves.
A summary of Longbow's reserve volumes and net present values as set out in the
Sproule Report are as follows:
----------------------------------------------------------------------------
Longbow Resources Inc.
Summary of the Evaluation of the Company's P&NG Reserves
(As of December 31, 2007)
----------------------------------------------------------------------------
Remaining Net Present
Reserves Values
------------------------ Before Income
Company Taxes (M$)
----------------------------------------------------------
At At At At
Gross Gross Net 0% 5.0% 10.0% 15.0%
----------------------------------------------------------------------------
Light/Medium Oil
(Mbbl)
Proved Developed
Producing 1,020.6 820.9 685.4 37,160 27,353 21,576 17,869
Proved Developed
Non-Producing 260.0 260.0 191.3 12,743 9,131 7,108 5,850
Provided
Undeveloped 777.2 777.2 547.4 30,907 20,790 15,157 11,685
Total Proved 2,057.8 1,858.1 1,424.0 80,810 57,274 43,841 35,403
Total Probable 1,058.7 893.7 678.8 38,775 22,407 14,539 10,213
Total 3,116.5 2,751.8 2,102.8 119,584 79,681 58,380 45,616
----------------------------------------------------------------------------
Solution Gas
(MMcf) - values
included with
lt/med oil
Proved Developed
Producing 1,675 1,000 667
Proved Developed
Non-Producing 505 505 361
Provided
Undeveloped 996 996 657
Total Proved 3,176 2,501 1,685
Total Probable 1,475 1,076 675
Total 4,651 3,577 2,359
----------------------------------------------------------------------------
Pipeline Gas (MMcf)
Proved Developed
Producing 1,657 440 382 1,501 1,298 1,151 1,038
Proved Developed
Non-Producing 1,462 463 381 1,421 1,235 1,086 964
Total Proved 3,118 903 763 2,922 2,533 2,236 2,002
Total Probable 2,854 627 509 2,924 2,150 1,718 1,443
Total 5,973 1,529 1,272 5,846 4,683 3,954 3,445
----------------------------------------------------------------------------
Natural Gas
Liquids (Mbbl)
- values included
with lt/med oil
and gas
Proved Developed
Producing 86.0 17.6 11.8
Proved Developed
Non-Producing 5.8 5.3 3.8
Provided
Undeveloped 11.8 11.8 7.8
Total Proved 103.6 34.7 23.4
Total Probable 99.6 20.3 12.9
Total 203.2 55.0 36.3
----------------------------------------------------------------------------
GRAND TOTAL (Mboe)
Proved Developed
Producing 1,661.8 1,078.4 872.1 38,661 28,651 22,727 18,907
Proved Developed
Non-Producing 593.6 426.6 318.6 14,164 10,366 8,193 6,813
Provided
Undeveloped 955.1 955.1 664.7 30,907 20,790 15,157 11,685
Total Proved 3,210.5 2,460.1 1,855.3 83,732 59,807 46,078 37,405
Total Probable 1,880.0 1,197.8 888.9 41,699 24,556 16,257 11,657
Total 5,090.4 3,657.9 2,744.3 125,431 84,364 62,335 49,061
----------------------------------------------------------------------------
Company Gross totals represent the Company's working interest share of reserves,
before deduction of any royalties. The estimates of remaining reserves and their
respective net present values, using forecasted prices and costs, were prepared
under NI 51-101 and summarized in the table above are prior to the provision for
income taxes, interest, debt service charges, and general and administrative
expenses. Actual oil and natural gas reserves and future production of the
disclosed oil and natural gas reserves does not represent the fair market value
of these reserves. "Mboe" is defined as a thousands of barrels of oil equivalent
(and is used herein to convert reserves of oil, natural gas, and natural gas
liquids to a common measure). The estimates of reserves and future net revenue
for individual properties may not reflect the same confidence level as estimates
of reserves for all properties of the Company.
Longbow is a junior oil and natural gas company based in Calgary, Alberta with
properties located in Alberta, British Columbia and Saskatchewan.
Certain statements contained herein may constitute forward-looking statements.
These statements relate to future events or our future performance. All
statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar expressions. These
statements 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 statements. We believe that the expectations reflected
in the forward-looking statements are reasonable based upon management's current
views but no assurance can be given that these expectations will prove to be
correct and such forward-looking statements should not be unduly relied upon. No
assurance can be given that actual results, performance or achievement expressed
in, or implied by these forward-looking statements will occur, or if they do,
that any benefits may be derived from them. Past results have been applied in
drawing a conclusion or making a forecast or projection set out in the
forward-looking information. The term barrels of oil equivalent ("boe") may be
misleading, particularly if used in isolation. A boe conversion ratio of six
thousand cubic fee per barrel (6mcf/bbl) of natural gas to barrels of oil
equivalence is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. All boe conversions herein are derived from converting gas to oil in
the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Longbow Resources Inc. (Tier2) (TSXV:LBR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Longbow Resources Inc. (Tier2) (TSXV:LBR)
Historical Stock Chart
From Jul 2023 to Jul 2024