Iona Energy Inc. Announces 2012 Financial Results and Year End Reserves
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/29/13 -- NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE: INA) announces its financial results for the twelve months ended December 31, 2012 and the Company's independently evaluated reserves as of the same date.
HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2012
Financial
Operational
Acquisitions
Corporate
Reserves
(i)2P Reserves comprises 82% oil and 18% natural gas
Post Year End
Notes:
The Company's petroleum and natural gas reserves (the "reserves") were independently evaluated by Gaffney, Cline & Associates Ltd ("GCA") in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions and evaluation practices and procedures as specified by National Instrument 51- 101 ("NI 51-101"). The evaluation uses GCA's forecast prices and costs at December 31, 2012. The Company's Form 51-101F1 Statement of reserves data for the year ended December 31, 2012 ("Statement of Reserves Data"), which includes the disclosure and reports relating to reserves data and other oil and gas information along with the Form 51-101F2 Report on Reserves Data by GCA and Form 51-101F3 Report of Management and Directors on Reserves Data and Other Information are available for review at .
Further details on the above are provided in the Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2012, which have been filed with securities regulatory authorities in Canada. These documents are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at and on the Company's website: .
Iona is an oil and natural gas acquisition, appraisal, and development corporation active through its 100% wholly owned United Kingdom subsidiary, Iona Energy Company (UK) Ltd. in the United Kingdom's Continental Shelf ("UKCS").
Forward-looking statements
Some of the statements in this announcement are forward-looking, including statements regarding Iona's plans for the development of its properties, anticipated effects of the UK small field allowance, and estimates of the net present value of future net revenue of proved and probable reserves from Iona's properties. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with estimated production levels and future activity or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, the risk that Iona's development plans change as a result of new information or events, and the risk that drilling results differ materially from management's current estimates. These forward-looking statements speak only as of the date of this announcement. Iona Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.
Note: "Boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
It should not be assumed that the present worth of estimated future net revenue represents the fair market value of the reserves disclosed in this press release. The reserve and related revenue estimates set forth in this press release are estimates only and the actual reserves and realized revenue may be greater or less than those calculated. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. As used in this press release, "possible reserves" are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
Additionally, this press release uses certain abbreviations as follows:
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+011 (44) 7919 057989
Iona Energy Inc.
Graham Heath
Interim Chief Financial Officer
(403) 605-6726
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2013 - 02:57 Uhr
Sprache: Deutsch
News-ID 254121
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 221 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Iona Energy Inc. Announces 2012 Financial Results and Year End Reserves"
steht unter der journalistisch-redaktionellen Verantwortung von
Iona Energy Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
