Forent Energy Announces 2014 Reserves
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/09/15 -- Forent Energy Ltd. (TSX VENTURE: FEN) ("Forent" or the "Company") is pleased to announce the results of its independent reserves evaluation ("The McDaniel Report") conducted by McDaniel and Associates Consultants Ltd. ("McDaniel"). McDaniel is a qualified reserves evaluator in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The McDaniel Report is dated February 18, 2015 and effective December 31, 2014.
The McDaniel Report shows growth in both reserve volumes and net present value.
2014 Highlights
Despite lower commodity pricing assumptions compared with the prior year's reserve report, Forent replaced 100% of its produced reserves from the 2014 year and modestly increased the reserve base value. Forent converted proved undeveloped reserves into proved developed producing reserves through an infill drilling program executed mid-2014, resulting in our largest category increases.
2014 Reserves
The increase in proven developed producing reserve volumes resulted primarily from the addition of 3 oil wells (3.0 net wells) drilled during 2014 in the Twining area in Alberta. The increased production from the 3 new wells assisted in lowering operating costs by distributing the fixed costs of operations in that area over a higher production base.
The following summary is based on the McDaniel Report:
Detailed reserve information will be available in the Company's NI 51-101 Oil and Gas Report which can be found on SEDAR when it is filed in conjunction with the Company's 2014 year-end financial information.
Forent is an oil and gas exploration, development and production company with mineral rights holdings, reserves and production in Alberta, Canada. The Company's three core properties in south central Alberta provide the majority of Forent's production.
Shares of Forent trade on the TSX Venture Exchange under the symbol "FEN".
ADVISORY: Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Forent believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Forent can give no assurance 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. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation 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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further there is no assurance that the forecast prices and costs assumptions will be attained and variances could be material.
Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at .
BOE presentation:
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
NEITHER THE 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.
Contacts:
Forent Energy Ltd.
Richard Wade
President & CEO
(403) 262-9444 #211
Forent Energy Ltd.
Brad R. Perry
CFO
(403) 262-9444 #208
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Datum: 09.03.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 376982
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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