Mapan Energy Ltd. Announces 2014 Year-End Reserves, Operations Update and Executive Appointment
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 01/28/15 -- Mapan Energy Ltd. ("Mapan" or the "Company") (TSX VENTURE: MPG) is pleased to announce its 2014 year-end reserves. Mapan's independent reserve report (the "GLJ report") was prepared by GLJ Petroleum Consultants ("GLJ") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with an effective date of December 31, 2014.
Highlights
Operations
On January 20, 2015, shut-in production from Mapan's properties in the Deep Basin North, processed at the Elmworth Gas Plant, came back on line as Trans Canada Pipeline lifted production restrictions on its natural gas transmission pipeline ("NGTL") system at Elmworth and put back into service a 30 inch pipeline in this area. Company production of approximately 9mmcf/d (1,500 BOE/D) had been shut in for 137 days due to this outage on NGTL. Mapan's current production is approximately 6,100 BOE/D. Approximately 600 to 700 BOE/D remains shut-in due to current, ongoing inspections, repairs and outages on the NGTL system well downstream of Mapan's producing properties. These new production restrictions on the NGTL system are expected to last several weeks.
Reserves
Summary of Oil and Gas Reserves
Summary of Net Present Value of Future Net Revenue
Reconciliation of Gross Reserves (before Royalties) by Principal Product Type
Pricing
GLJ employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2014 in the GLJ Report in estimating the net present value of the future net revenue attributable to the reserves. Actual wellhead prices received by the Company may vary due to transportation charges and product quality adjustments:
Corporate Presentation
Mapan has updated its corporate presentation to reflect the 2014 year-end reserves which can be found on its website at .
Executive Appointment
Mapan is pleased to announce the appointment of Colin Taylor to the position of Vice President Land. Mr. Taylor has over ten years of industry experience and will be a key addition to the Mapan team.
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the timing that production may be shut-in, the reserves attributable to the Company's assets and the estimate of the net present value of the future net revenues attributable thereto. Although Mapan believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Mapan cannot give assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Mapan will derive therefrom. Additional information on these and other factors that could affect Mapan are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (). The forward-looking statements contained in this press release are made as of the date hereof and Mapan undertakes no obligation 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.
Barrels of Oil Equivalent: Disclosure provided herein in respect of barrels of oil equivalent (BOE) 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1; utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Richard A. Walls
President & CEO
Tel: 403-536-5771
Jennifer Dugdale
Chief Financial Officer
Tel: 403-536-5773
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Datum: 29.01.2015 - 02:05 Uhr
Sprache: Deutsch
News-ID 367652
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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