Traverse Energy Announces 2014 Year End Reserves
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/13/15 -- Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE: TVL) presents its 2014 year-end reserves. Traverse's independent reserve report was prepared by Sproule Associates Ltd. ("Sproule") in accordance with National Instrument 51-101 with an effective date of December 31, 2014.
Highlights
The Company share proved reserves increased from the prior year report by 28% from 1,447.2 MBOE (thousand barrels of oil equivalent) to 1,850.2 MBOE.
Summary of oil and gas reserves - forecast prices (1)
Summary of net present value of future net revenue as of December 31, 2014
Summary of net present value of future net revenue as of December 31, 2014 (continued)
Reserve reconciliations
The following tables reconcile Traverse's gross reserves by principal product type. Gross reserves are Traverse's working interest (operated or non-operated) share of reserves before deduction of royalty obligations and without including any over-riding royalty ("ORR") interests of Traverse:
The following tables reconcile Traverse's net over-riding royalty interest reserves by principal product type:
The following tables reconcile Traverse's company share reserves which include working interest reserves, before royalty payable, and royalty interest reserves:
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 of reserves attributable to the Company's assets and the estimate of the net present value of the future net revenue attributable thereto. 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 15, 2014 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.
The Company's 2014 year end audited financial statements, the related management's discussion and analysis and Annual Information Form are expected to be filed on or about April 15, 2015.
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: 13.03.2015 - 21:29 Uhr
Sprache: Deutsch
News-ID 378441
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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