Bonterra Energy Corp. Announces 2015 Year End Corporate Reserves Information
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 02/11/16 -- Bonterra Energy Corp. () (TSX: BNE) ("Bonterra" or "the Company") is pleased to provide the summary results of its independent reserve report (the "Sproule Report") prepared by Sproule Associates Limited ("Sproule") with an effective date of December 31, 2015.
Corporate Reserves Information
The following summarizes certain information contained in the Sproule Report. The Sproule Report was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserve information as required under NI 51-101 will be included in the Company''s Annual Information Form which will be filed on SEDAR on or by March 18, 2016.
Reserve Report Highlights
Summary of Gross Oil and Gas Reserves as of December 31, 2015
Notes:
Reconciliation of Company Gross Reserves by Principal Product Type as of
December 31, 2015 (1)(2)
Notes:
Summary of Net Present Values of Future Net Revenue as of December 31, 2015
Notes:
Finding, Development & Acquisition (FD&A) and Finding & Development (F&D) Costs
The Company has historically been active in its capital development program and through 2015 successfully reduced capital costs per well through a combination of efficiencies and benefitting from reductions to the overall industry cost structure. Over the past three years, Bonterra has incurred the following FD&A(3) and F&D(3) costs both excluding and including Future Development Capital:
Notes:
Certain financial and operating information, such as production information, and finding and development costs included in this press release for the quarter and year ended December 31, 2015 are based on estimated unaudited financial results for the year and are subject to the same limitations as discussed under Forward Looking Statements set out below. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2015 and changes could be material.
Operational Highlights
Bonterra continued to realize operational success through 2015, despite a very challenging commodity price environment. In addition to completing the strategic acquisition of producing assets in the Pembina Cardium area in February, the Company was also successful adding new production volumes through its successful drilling program and innovative completions techniques across its asset base.
Offsetting the positive production additions were production curtailments which averaged 1,100 barrels of oil equivalent (BOE) per day for 2015. These curtailments were related to the combination of a prudent corporate strategy to restrict volumes because of low commodity prices combined with third party pipeline outages and a less intensive well servicing program.
As a result, Bonterra''s 2015 production volumes were as follows:
The Company has not released its audited 2015 financial results, and therefore the financial figures provided herein are estimates and are unaudited.
Caution Regarding Engineering Terms:
Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio of 6 MCF to 1 barrel has been used in all cases in this disclosure. This BOE conversion ratio is based on an energy equivalency conversion method primarily available at the burner tip and does not represent a value equivalency at the wellhead.
Forward Looking Information
Certain statements contained in this release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: expected cash provided by continuing operations; cash dividends; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The forward-looking information contained herein is expressly qualified by this cautionary statement.
The TSX does not accept responsibility for the accuracy of this release.
Contacts:
Bonterra Energy Corp.
George F. Fink
Chairman and CEO
(403) 262-5307
(403) 265-7488 (FAX)
Bonterra Energy Corp.
Robb D. Thompson
CFO and Secretary
(403) 262-5307
(403) 265-7488 (FAX)
Bonterra Energy Corp.
Adrian Neumann
COO
(403) 262-5307
(403) 265-7488 (FAX)
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Datum: 11.02.2016 - 16:30 Uhr
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