Sahara Energy Ltd. - 2010 Year End Reserves
April 01 2011 - 4:49PM
PR Newswire (Canada)
CALGARY, April 1 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE U.S./ CALGARY, April 1 /CNW/ -
Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") is
pleased to report that in accordance with National Instrument
51-101 - Standards of Disclosure for Oil and Gas Activities ("NI
51-101"), DeGolyer and MacNaughton Canada Limited have completed
the evaluation of the Company's reserves as of December 31, 2010.
Highlights of this report are as follows: TOTAL COMPANY COMPANY
SHARE - FORECAST PRICE CASE Future Net Revenue Before Income Tax as
of December 31, 2010 Reserve Undiscounted Discounted Category at 5%
at 10% at at 15% 20% M$ M$ M$ M$ M$ Proved Developed Producing 320
299 281 264 250 Non-Producing 587 567 546 527 508 Proved 2,439
1,927 1,532 1,222 977 Undeveloped Total Proved 3,346 2,793 2,359
2,013 1,735 Probable 12,839 10,037 7,941 6,352 5,132 Total Proved +
16,185 12,830 10,300 8,365 6,867 Probable 2,885 2,096 1,560 1,189
926 Possible Total 19,070 14,926 11,860 9,554 7,793 TOTAL COMPANY
COMPANY SHARE - FORECAST PRICE CASE Future Net Revenue After Income
Tax as of December 31, 2010 Reserve Undiscounted Discounted
Category at 5% at 10% at at 15% 20% M$ M$ M$ M$ M$ Proved Developed
Producing 320 299 281 264 250 Non-Producing 587 567 546 527 508
Proved 2,439 1,927 1,532 1,222 977 Undeveloped Total Proved 3,346
2,793 2,359 2,013 1,735 Probable 10,763 8,442 6,704 5,384 4,369
Total Proved + 14,109 11,235 9,063 7,397 6,104 Probable 2,174 1,582
1,181 904 708 Possible Total 16,283 12,817 10,244 8,301 6,812 TOTAL
COMPANY COMPANY SHARE - FORECAST PRICE CASE Remaining Reserves as
of December 31, 2010 Reserve Light Crude Heavy Crude Natural Gas
NGL Category Oil Oil Gross Net Gross Net Gross Net Gross Net Mbbl
Mbbl Mbbl Mbbl MMcf MMcf Mbbl Mbbl Proved Developed Producing 1 1
10 11 -- -- -- -- Non-Producing -- -- 31 28 -- -- -- -- Proved --
-- 85 70 -- -- -- -- Undeveloped Total Proved 1 1 126 109 -- -- --
-- Probable 1 1 422 360 36 29 -- -- Total Proved + 2 2 548 469 36
29 -- -- Probable 1 1 75 67 -- -- -- -- Possible Total 3 3 623 536
36 29 -- -- Sahara will file Forms 51-101F1, 51-101F2 and 51-101F3
relating to NI 51-101, concerning Sahara's oil and gas reserves as
at December 31, 2010 and copies of these documents will be made
available under the Company's SEDAR profile at www.sedar.com
Forward Looking Statements Certain information regarding Sahara set
forth in this news release, including with respect to Sahara's
reserves, may constitute forward-looking statements under
applicable securities laws and necessarily involve substantial
known and unknown risks and uncertainties. These forwardlooking
statements are subject to numerous risks and uncertainties, certain
of which are beyond Sahara's control, including without limitation,
risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of
markets, industry conditions, volatility of commodity prices,
environmental risks, the lack of availability of qualified
personnel or management, inability to obtain drilling rigs or other
services, capital expenditure costs, including drilling, completion
and facility costs, unexpected decline rates in wells, wells not
performing as expected, stock market volatility, delays resulting
from our inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada and
the United States, changes in laws and regulations (including the
adoption of new environmental laws and regulations) and changes in
how they are interpreted and enforced, increased competition,
fluctuations in foreign exchange or interest rates, stock market
volatility and market valuations of companies with respect to
announced transactions and the final valuations thereof. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Sahara's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that the Company will derive therefrom. Readers are
cautioned that the foregoing list of factors is not exhaustive. All
subsequent forward-looking statements, whether written or oral,
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these cautionary
statements. Additional information on these and other factors that
could affect Sahara's operations and financial results are included
in reports on file with Canadian securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com). The
forward-looking statements contained in this document are made as
at the date of this news release and Sahara 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. Neither 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/01/c8753.html
p Peter J. Boswellbr/ Chief Executive Officerbr/ Sahara Energy
Ltd.br/ Telephone: (403) 232-1359br/ Fax: (403) 232-1307br/
E-mail: a
href="mailto:pete@saharaenergy.ca"pete@saharaenergy.ca/a /p
Copyright
Sahara Energy (TSXV:SAH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sahara Energy (TSXV:SAH)
Historical Stock Chart
From Jul 2023 to Jul 2024