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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Diaz Resources Ltd | TSXV:DZR | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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Diaz Resources Ltd. (TSX VENTURE:DZR) ("Diaz" or the "Company") today filed its
Statement of Reserves Data and Other Oil and Gas Information as of December 31,
2012.
Summary of 2012 Reserves
The Company recorded a year-over-year 18% decrease in proved plus probable
reserves to 1,005 MBOE at December 31, 2012. The estimated net present value of
future net revenue attributable to the Company's reserves, before tax, using a
10% discount rate, decreased by 24% to $12.2 million (88% oil), compared with
$15.9 million at December 31, 2011.
The decrease in reserves resulted primarily from lower heavy oil and natural gas
prices used in the independent reserves report upon which the Statement of
Reserves Data is based compared with the prices used in the 2011 independent
reserves report. Downward technical revisions to the Company's Lloydminster
heavy oil property were partially offset by extensions at the Company's Macklin
property.
The Company's December 31, 2012 reserves were evaluated in accordance with the
Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities by McDaniel and Associates
Consultants Ltd. ("McDaniel"), independent reserves evaluators of Calgary,
Alberta, in a report prepared by McDaniel dated February 1, 2013 and effective
December 31, 2012 (the "McDaniel Report").
The following summary is based on the McDaniel Report.
SUMMARY OF OIL AND GAS RESERVES
AND NET PRESENT VALUES OF FUTURE NET REVENUE
AS OF DECEMBER 31, 2012
FORECAST PRICES AND COSTS
RESERVES
--------------------------------------------------------
COMPANY TOTAL LIGHT AND
MEDIUM OIL HEAVY OIL NATURAL GAS
--------------------
Gross Net (i) Gross Net (i) Gross Net (i)
RESERVES CATEGORY (MBbl) (MBbl) (MBbl) (MBbl) (MMcf) (MMcf)
----------------------------------------------------------------------------
PROVED
Producing 30.8 26.7 147.5 146.9 1,347.7 1,240.7
Non-producing - - 25.2 24.3 387.5 362.4
Undeveloped - - 121.2 116.8 - -
----------------------------------------------------------------------------
TOTAL PROVED 30.8 26.7 293.9 288.0 1,735.2 1,603.1
PROBABLE 3.9 3.1 337.8 324.0 272.3 250.0
----------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 34.7 29.8 631.7 612.0 2,007.5 1,853.1
----------------------------------------------------------------------------
--------------------------------------------------------
COMPANY TOTAL NATURAL GAS
LIQUIDS TOTAL TOTAL
--------------------
Gross Net (i) Gross Net (i)
RESERVES CATEGORY (MBbl) (MBbl) (MBOE) (MBOE)
----------------------------------------------------------------------------
PROVED
Producing 3.9 2.7 406.8 383.1
Non-producing 0.1 - 89.9 84.7
Undeveloped - - 121.2 116.8
----------------------------------------------------------------------------
TOTAL PROVED 4.0 2.7 617.9 584.6
PROBABLE 0.4 0.3 387.5 369.1
----------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 4.4 3.0 1,005.4 953.7
----------------------------------------------------------------------------
(i) Net is the Corporation's working interest (operating and non-operating)
share after deduction of royalty obligations, plus the Corporation's royalty
interests in production or reserves.
NET PRESENT VALUES OF FUTURE NET REVENUE
-------------------------------------------------------
COMPANY TOTAL BEFORE INCOME TAXES
--------------------
DISCOUNTED AT (% per year)
0 5 10 15 20
RESERVES CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$)
---------------------------------------------------------------------------
PROVED
Producing 6.45 5.87 5.42 5.06 4.76
Non-producing 0.75 0.76 0.73 0.68 0.63
Undeveloped 1.46 1.13 0.87 0.65 0.47
---------------------------------------------------------------------------
TOTAL PROVED 8.66 7.76 7.02 6.39 5.86
PROBABLE 8.29 6.48 5.14 4.15 3.40
---------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 16.95 14.24 12.16 10.54 9.26
---------------------------------------------------------------------------
NET PRESENT VALUES OF FUTURE NET REVENUE
--------------------------------------------------------
COMPANY TOTAL AFTER INCOME TAXES
--------------------
DISCOUNTED AT (% per year)
0 5 10 15 20
RESERVES CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$)
----------------------------------------------------------------------------
PROVED
Producing 6.45 5.87 5.42 5.06 4.76
Non-producing 0.75 0.76 0.73 0.68 0.63
Undeveloped 1.46 1.13 0.87 0.65 0.47
----------------------------------------------------------------------------
TOTAL PROVED 8.66 7.76 7.02 6.39 5.86
PROBABLE 8.29 6.48 5.14 4.15 3.40
----------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 16.95 14.24 12.16 10.54 9.26
----------------------------------------------------------------------------
Pricing Used in Evaluation
SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS
AS OF DECEMBER 31, 2012
FORECAST PRICES AND COSTS
OIL NATURAL GAS
-----------------------------------------------------
WTI Edmonton Bow River
Cushing Light Hardisty AECO NYMEX
Inflation Exchange Oklahoma Par Price Par Price Gas Price Gas Price
YEAR Rate Rate ($US/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/Mcf) ($US/Mcf)
----------------------------------------------------------------------------
2013 2.0% 1.000 92.50 87.50 75.30 3.35 3.75
2014 2.0% 1.000 92.50 90.50 77.80 3.85 4.30
2015 2.0% 1.000 93.60 92.60 79.60 4.35 4.85
2016 2.0% 1.000 95.50 94.50 81.30 4.70 5.25
2017 2.0% 1.000 97.40 96.40 82.90 5.10 5.70
2018 2.0% 1.000 99.40 98.30 84.50 5.45 6.10
2019 2.0% 1.000 101.40 100.30 86.30 5.55 6.20
2020 2.0% 1.000 103.40 102.30 88.00 5.70 6.35
2021 2.0% 1.000 105.40 104.30 89.70 5.80 6.45
2022 2.0% 1.000 107.60 106.50 91.60 5.90 6.60
2023 2.0% 1.000 109.70 108.50 93.30 6.00 6.70
2024 2.0% 1.000 111.90 110.70 95.20 6.15 6.85
2025 2.0% 1.000 114.10 112.90 97.10 6.25 7.00
2026 2.0% 1.000 116.40 115.20 99.10 6.35 7.10
2027 2.0% 1.000 118.80 117.50 101.10 6.50 7.25
After +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr
----------------------------------------------------------------------------
Detailed reserve information is contained in the Company's Statement of Reserves
Data and Other Oil and Gas Information which will be available on the Company's
SEDAR profile at www.sedar.com.
It should not be assumed that the estimates of future net revenue presented
above represent the fair market value of the reserves. There is no assurance
that the forecast prices and costs assumptions will be attained and variances
could be material.
Diaz is an oil and gas exploration and production company based in Calgary,
Alberta. Diaz's current focus is on oil development and exploration in Alberta
and Saskatchewan.
ADVISORY: This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "may", "will",
"project", "should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. In particular,
but without limiting the forgoing, this news release contains forward-looking
information and statements pertaining to the volumes and estimated net present
value of Diaz's oil and gas reserves.
The estimates of Diaz's reserves and the net present value of the future net
revenue attributable thereto provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered or that the forecast
prices and costs assumptions such estimates are based upon will be attained. In
addition, forward-looking statements or information are based on a number of
material factors, expectations or assumptions of Diaz which have been used to
develop such statements and information but which may prove to be incorrect.
Although Diaz believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed on
forward-looking statements because Diaz can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, among other things: that Diaz will continue to conduct its operations
in a manner consistent with past operations; results from drilling and
development activities; the continued and timely development of infrastructure
in areas of new production; the accuracy of the estimates of Diaz's reserve
volumes; continued availability of debt and equity financing and cash flow to
fund Diaz's current and future plans and expenditures; the impact of increasing
competition; the general stability of the economic and political environment in
which Diaz operates; the general continuance of current industry conditions; the
timely receipt of any required regulatory approvals; the ability of Diaz to
obtain qualified staff, equipment and services in a timely and cost efficient
manner; drilling results; the ability of the operator of the projects in which
Diaz has an interest in to operate the field in a safe, efficient and effective
manner; the ability of Diaz to obtain financing on acceptable terms; future
commodity prices; currency, exchange and interest rates; regulatory framework
regarding royalties, taxes and environmental matters in the jurisdictions in
which Diaz operates; and the ability of Diaz to successfully market its oil and
natural gas products.
The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon. Such
information and statement, including the assumptions made in respect thereof,
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking information or statements including, without limitation: changes
in commodity prices; changes in the demand for or supply of Diaz's products;
unanticipated operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters; changes in
development plans of Diaz or by third party operators of Diaz's properties,
increased debt levels or debt service requirements; inaccurate estimation of
Diaz's oil and gas reserve volumes; limited, unfavourable or a lack of access to
capital markets; increased costs; a lack of adequate insurance coverage; the
impact of competitors; and certain other risks detailed from time-to-time in
Diaz's public disclosure documents, (including, without limitation, those risks
identified in this news release). Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or to revise
any of the included forward -looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.
Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural
gas volumes have been converted to barrels of oil on the basis of six thousand
cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly
if used in isolation. A BOE conversion of six thousand cubic feet per barrel 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 mcf: 1
bbl, using a conversion on a 6 mcf: 1 bbl basis may be misleading as an
indication of value. References to oil in this discussion include crude oil and
natural gas liquids (NGLs).
FOR FURTHER INFORMATION PLEASE CONTACT:
Diaz Resources Ltd.
Robert W. Lamond
Chairman & CEO
(403) 269-9889
(403) 269-9890 (FAX)
Diaz Resources Ltd.
Donald K. Clark
Vice President Operations & COO
(403) 269-9889
(403) 269-9890 (FAX)
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