Harvest Operations Announces 2014 Year End Results and Reserves Information and Files 2014 Year End Disclosure Documents
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/31/15 -- Harvest Operations Corp. ("Harvest" or "the Company") announces its financial and operating results for the fourth quarter and full year ended December 31, 2014 in conjunction with its 2014 year end reserves information.
2014 HIGHLIGHTS:
RESERVES SUMMARY
Harvest's reserves for the year ended December 31, 2014 were evaluated in accordance with National Instrument 51-101 (NI 51-101) by the independent reserve evaluators GLJ Petroleum Consultants Ltd. (GLJ). The complete reserves disclosure required under NI 51-101 has been filed on SEDAR () on March 31, 2015.
The following table is a summary, as at December 31, 2014, of Harvest's petroleum and natural gas reserves as evaluated by GLJ. These estimates are subject to positive and negative revisions as additional reservoir and production information becomes available. These reserves attributed to Harvest are based on judgments regarding future events therefore actual results will vary and the variations may be material. Reserves information may not add due to rounding.
Note: totals may not match the sum of the figures above due to rounding.
As of December 31, 2014, Harvest's total P+P reserves base was 427.3 MMboe, a 8% decrease from 2013 primarily as a result of non-core asset sales and lower production replacement due to a lower level of capital spending.
ORGANIZATIONAL CHANGES
To align with the lower level of planned operating activity for 2015, the Company has reduced its staffing levels, however, expects current staff levels to persist to maintain operations and execute on future strategic plans.
"Cost control and management has been an ongoing focus for Harvest. The dramatic drop in commodity prices has impacted our entire industry, and Harvest is not immune. It was a difficult decision to undertake staff reductions and we unfortunately had to reduce our total workforce number by 105 positions, which includes permanent, temporary and contractors, at both our head office in Calgary and in the field," said Mr. John Wearing, Chief Operating Officer.
CONFERENCE CALL
Harvest will be holding a conference call to discuss our 2014 year end results on Wednesday, April 1, 2015 at 9:00 a.m. Mountain Daylight Time (11:00 a.m. Eastern Daylight Time).
To access the conference call dial 1-866-225-0198 (international callers) or 1-416-340-2219 (Toronto local) a few minutes prior to start and request the Harvest conference call. The call will be available for replay by dialing 1-800-408-3053 (international callers) or dial 1-905-694-9451 (Toronto local) and entering the passcode 3360441. The replay will be available up to and including April 15, 2015.
ANNUAL FILINGS
The Company has filed its Annual Information Form (AIF) and its Statement of Reserves Data and Other Oil and Gas Information Form 51-101F1 for the year ended December 31, 2014.
Additionally, the Company has also filed the Report of Independent Qualified Reserves Evaluator Form 51-101F2 and the Report of Management and Directors Form 51-101F3 all under the Canadian Securities Administrators National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
This press release serves as notification that the audited consolidated financial statements and Management's Discussion and Analysis (MD&A) for the year ended December 31, 2014 are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at , U.S. Securities and Exchange Commission on the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at and on the Company's website at .
HARVEST CORPORATE PROFILE
Harvest is a wholly-owned, subsidiary of Korea National Oil Corporation ("KNOC"). Harvest is a significant operator in Canada's energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas (Upstream) and an oil sands project under construction and development in northern Alberta (BlackGold).
KNOC is a state owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources. KNOC will fully establish itself as a global government-run petroleum company by applying ethical, sustainable and environment-friendly management and by taking corporate social responsibility seriously at all times. For more information on KNOC, please visit their website at .
ADVISORY
Certain information in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factor that may cause actual results to be materially different from future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements.
Readers are cautioned that the forward-looking information may not be appropriate for other purposes and the actual results may differ materially from those anticipated. Although management believes that the forward-looking information is reasonable based on information available on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity and achievements. Therefore, readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Although we consider such information reasonable at the time of preparation, it may prove to be incorrect and actual results may differ materially from those anticipated. Harvest assumes no obligation to update forward- looking statements should circumstances, estimates or opinions change, except as required by law. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Contacts:
INVESTOR & MEDIA CONTACTS:
Harvest Operations Corp.
John Wearing
Chief Operating Officer
Harvest Operations Corp.
Greg Foofat
Investor Relations
Toll Free Investor Mailbox: (866) 666-1178
Harvest Operations Corp.
1500, 700 - 2nd Street S.W.
Calgary, AB Canada T2P 2W1
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Datum: 31.03.2015 - 22:57 Uhr
Sprache: Deutsch
News-ID 382622
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