Americas Petrogas Announces 2014 Results and Reserves
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/01/15 -- Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE: BOE) announces that it has filed its 2014 audited consolidated financial statements, including the Auditor's Report thereon, and Management's Discussion and Analysis ("MD&A") relating to its 2014 year-end results. These filings can be accessed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) website: and on the Company's website at .
The Company also filed on SEDAR the disclosure and reports relating to reserves data and other oil and gas information required pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
The following Summary of Selected Financial and Operational Highlights have been derived from the audited consolidated financial statements and MD&A. Readers are strongly encouraged to review the entire audited consolidated financial statements, including the Auditor's Report thereon, and MD&A.
All amounts are in Canadian dollars unless otherwise stated.
Summary of Selected Financial and Operational Highlights
Notes:
Barclay Hambrook, President and CEO of Americas Petrogas stated, "2014 presented numerous challenges to our Company. Many of these challenges were beyond our control. We are energetically reviewing strategic alternatives to enhance shareholder value. A number of companies are showing interest in opportunities our Company has to offer. Jefferies LLC, the Company's financial advisor, continues to assist us."
Mr. Guimar Vaca Coca, President and Managing Director of Americas Petrogas Argentina, the Company's wholly-owned subsidiary, stated, "Recently, more companies are showing interest in joint ventures, farm-outs and similar transactions with Americas Petrogas. As this is an important election year in Argentina, there is growing optimism towards increased investment in the country's hydrocarbon sector, and in particular, the Vaca Muerta shales."
Even with the active review of strategic alternatives and increased interest by third parties, there is no assurance that the steps being undertaken will be successful.
Reserves
The information set forth below is derived from independent engineering reports which have been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook and the reserves definitions contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The full content of the Company's Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2014, including the significant assumptions, is filed on SEDAR.
SUMMARY OF OIL AND GAS RESERVES
AS OF DECEMBER 31, 2014
BASED ON FORECAST PRICES AND COSTS
NET PRESENT VALUE
AS OF DECEMBER 31, 2014
BASED ON FORECAST PRICES AND COSTS
Highlights and Recent Activities
Argentina
Peru
For further information regarding the Company's financial results, financial position and related changes, please see the consolidated financial statements, including the Auditor's Report thereon, and the related MD&A.
An updated corporate presentation will be available on the Company's website by Tuesday, May 5.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and YPF, on various blocks in the shale oil and gas corridor in the Neuquen Basin, Argentina. Americas Petrogas and Indian Farmers Fertiliser Co-operative Limited (IFFCO) own GrowMax Agri Corp., a private company involved in exploration for near-surface phosphates, potash and other minerals, and potential development of a fertilizer project in Peru.
Forward Looking Information
This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth strategy, long-term production testing of the LTE.x-1 well and the ADA.x-1 well, connecting of the ALL.x-1 well to a regional gas pipeline, drilling, production at Medanito Sur, outstanding Oil Plus benefits, strategic opportunities available to the Company and the ongoing review of strategic alternatives, new contract terms on the Huacalera Block, registration of additional staked land in Peru, testing of new holes in Peru, and estimates of reserves and resources and potential of the Company's phosphate project in Peru. Additional forward-looking information is contained in the Company's Annual MD&A, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in that document.
Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves and resources information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks, extensions of concessions and commitments), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity and the risk of being unable to raise significant funds on terms acceptable to the Company to meet its capital and operating expenditure requirements in respect of its properties.
Statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be profitably produced in the future.
The term BOE (barrels of oil equivalent) is used in this press release. All calculations converting natural gas to BOE have been made using a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise stated. The use of BOE may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil 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.
Uncertainty Ranges are described by the COGEH as low, best, and high estimates for reserves and resources. The Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development.
In the case of undiscovered resources or a subcategory of undiscovered resources, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. For undiscovered hydrocarbons, the term 'unrisked' means that no geologic or chance of discovery ("play risk") has been incorporated into the hydrocarbon volume estimates
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingences may include such factors as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as Contingent Resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.
In the case of discovered resources or a subcategory of discovered resources other than reserves, there is no certainty that it will be commercially viable to produce any portion of the resources. For discovered hydrocarbons, the term 'unrisked' means that no chance of development risk ("commercial risk") has been incorporated in the hydrocarbon volume estimates.
For additional details regarding the Ryder Scott Resource Report and the update thereto, including applicable definitions, disclosures, advisories and disclaimers, please refer to the news releases of Americas Petrogas dated August 22, 2013 and April 30, 2014 which are filed on SEDAR at .
The Company's reserve estimates have been prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Accordingly, the Company classifies its reserves as proved, probable or possible. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable - it is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves - it is equally likely that the actual remaining quantities recovered will be greater or less than the sum of estimated proved plus probable reserves. 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. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered.
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 THE RELEASE.
Contacts:
Americas Petrogas Inc.
Barclay Hambrook
President & Chief Executive Officer
(403) 685-1888
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 01.05.2015 - 13:11 Uhr
Sprache: Deutsch
News-ID 390190
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Farming
Diese Pressemitteilung wurde bisher 228 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Americas Petrogas Announces 2014 Results and Reserves"
steht unter der journalistisch-redaktionellen Verantwortung von
Americas Petrogas Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
