DXI Reports Q4 and Fiscal 2016 Results
Consolidated Petroleum & Natural Gas Reserves of $23MM at December 31, 2016
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/22/17 -- DXI Energy Inc. (TSX: DXI)(OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado''s Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and twelve month periods ended December 31, 2016.
2016 Key Financial and Operating Highlights are:
CORPORATE SUMMARY - THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2016
SUPPLEMENTAL FINANCIAL INFORMATION - NON-IFRS MEASURE
RESERVES
Independent Reserves Evaluation
DXI''s reserves were evaluated by independent evaluators as at December 31, 2016 in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). GLJ Petroleum Consultants ("GLJ") were retained by the Company to evaluate it Canadian properties and Gustavson Associates ("Gustavson") were retained by the Company to evaluate its US properties. The reserves evaluation was based on forecast pricing as outlined in the notes to the table below entitled "Forecast Prices in 2016 Reserves Report". Additional reserves disclosures are included in the Company''s AIF for the year ended December 31, 2016.
Summary of Reserves as at December 31, 2016(1)
Summary of Net Present Values, Before Tax
Future Development Costs
Forecast Prices in 2016 Reserves Report
The following table summarizes the first five years of the forecast prices used by GLJ and Gustavson in preparing DXI Energy''s estimated reserve volumes and net present values of future net revenues in the 2016 reserves report.
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado''s Piceance Basin (25,684 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the Toronto Stock Exchange (DXI.TO) and the OTCQB (DXIEF).
Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.''s operations or financial results, are included in DXI Energy Inc.''s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management''s estimates or opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Follow DXI Energy''s latest developments on: Facebook and Twitter (at)dxienergy.
Contacts:
DXI Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
Craig Allison
Investor Relations- New York
914-882-0960
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Datum: 22.03.2017 - 16:15 Uhr
Sprache: Deutsch
News-ID 1494281
Anzahl Zeichen: 3484
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Oil & Gas
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