Traverse Energy Announces 2012 Year End Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/17/13 -- Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE: TVL) presents financial and operating results for the year ended December 31, 2012.
Reserves Highlights
Traverse has released the results of an independent reserves evaluation effective December 31, 2012. The report was completed by Sproule Associates Ltd. ("Sproule") and was prepared in accordance with National Instrument 51-101. Detailed reserves information is included in Traverse's annual information form for the year ended December 31, 2012 which is available for review on SEDAR at . The summary information that follows has been derived from that evaluation.
Summary of oil and gas reserves
Summary of net present value of future net revenue as of December 31, 2012
Operations Review
In 2012 Traverse participated in the drilling of 7 gross (6.25 net) wells all within the province of Alberta. This drilling resulted in 2.75 net oil wells, 1.75 net shut-in natural gas wells and 1.75 abandoned wells. In addition the Company completed 2D and 3D seismic programs in the Turin and Willow areas. Total capital expenditures during 2012 were approximately $8.1 million.
In the Brazeau area of west central Alberta Traverse has a gross overriding royalty interest in ten sections of land (6,400 acres). By December 31, 2012 a total of 17 horizontal Cardium wells were drilled on these lands by an industry partner. Subsequent to December 31, 2012 an additional 2 wells were drilled by the industry partner and 2 more wells are currently drilling.
The Company plans an active drilling program for 2013 with 10 wells planned on existing properties. The Board of Directors has approved a total exploration and development program of $12.6 million for 2013. During the first quarter 3 exploratory wells (100% working interest) were drilled. Two wells drilled in the Turin area resulted in 1 cased well awaiting completion and one dry hole. One well drilled in the Coyote area resulted in a potential oil well.
Non-IFRS measures
Funds from operations
Funds from operations is a measure not defined in IFRS that is commonly used in the oil and gas industry. Funds from operations is calculated as cash provided by operating activities before non-cash working capital as detailed under the heading "Cash and funds from operations and net loss" within the Company's management's discussion and analysis for the year ended December 31, 2012. The Company believes that in addition to net loss, funds from operations is a useful supplemental measure as it provides an indication of Traverse's operating performance. Funds from operations should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with IFRS. Traverse's determination of funds from operations may not be comparable to that reported by other companies. Traverse also presents funds from operations per share whereby share amounts are calculated using weighted average shares outstanding consistent with the calculation of income per share.
Operating netback
Management uses certain industry benchmarks such as operating netback to analyze financial and operating performance. This benchmark as presented does not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. Operating netback reflects petroleum and natural gas revenue and royalty income, less royalties, operating and transportation costs and is calculated on a per unit basis. Working interest netback is calculated as petroleum and natural gas revenue, less royalties, operating and transportation costs and is calculated on a per unit basis. Royalty netback is royalty income and is calculated on a per unit basis. The calculation of Traverse's netbacks is detailed under the heading "Operating netback" within the Company's management's discussion and analysis for the year ended December 31, 2012.
BOE equivalent
Unless otherwise stated, the volume conversion of natural gas to barrel of oil equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural gas being equal to 1 barrel of oil. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. BOE figures may be misleading, particularly if used in isolation.
Forward-looking information
This news release contains forward-looking information which is not comprised of historical fact. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes: the volumes and estimated value of Traverse's oil and gas reserves, future oil and natural gas prices and statements with respect to the drilling program for 2013. This forward looking information is subject to a variety of substantial known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward looking information. The Company's Annual Information Form filed on April 17, 2013 with securities regulatory authorities (accessible through the SEDAR website ) describes the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.
Although the Company believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. The Company disclaims any intention or obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Further details on the Company including the 2012 year end audited financial statements, the related management's discussion and analysis and Annual Information Form are available on the Company's website () and SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
Contacts:
Traverse Energy Ltd.
Laurie Smith
President and CEO
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Datum: 17.04.2013 - 21:02 Uhr
Sprache: Deutsch
News-ID 250161
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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