Traverse Energy Announces 2015 Year End Reserves
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/14/16 -- Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE: TVL) presents its 2015 year-end reserves. Traverse''s independent reserve report was prepared by Sproule Associates Limited ("Sproule") in accordance with National Instrument 51-101 effective December 31, 2015.
Highlights
The Company''s gross proved reserves increased from the prior year report by 35% from 1,343.8 MBOE (thousand barrels of oil equivalent) to 1,822.0 MBOE.
Summary of oil and gas reserves
The following tables are a summary of Traverse''s petroleum and natural gas reserves, as evaluated by Sproule, effective December 31, 2015, using Sproule''s forecast prices and costs. It should not be assumed that the estimates of future net revenue presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of the Company''s crude oil, natural gas liquids, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater or less than the estimates provided herein. Reserves information may not add due to rounding.
Summary of oil and gas reserves:
Summary of net present value of future net revenue as of December 31, 2015:
Summary of net present value of future net revenue as of December 31, 2015 (continued):
Reserve reconciliations
The following tables reconcile Traverse''s gross reserves by principal product type. Gross reserves are Traverse''s working interest reserves before deduction of any royalties and before consideration of Traverse''s royalty interests:
BOE equivalent
The term "BOE" or barrels of oil equivalent may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Additionally, 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 ratio of 6:1 may be misleading as an indication of value.
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, 2015 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 2015 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 14, 2016.
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
403.264.9223
403.264.9558 (FAX)
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Datum: 14.03.2016 - 16:11 Uhr
Sprache: Deutsch
News-ID 1421604
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Oil & Gas
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