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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 | - |
Hot Features
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Diaz Resources Ltd. (TSX VENTURE:DZR) today released the December 31, 2012,
Reserve Evaluation and updates the Macklin, Saskatchewan, heavy oil development.
2011 Reserves
The Company recorded a 63% decrease in proved plus probable reserves to 1,221
MBOE at December 31, 2011. The net present value of the Company's reserves,
before tax, using a 10% discount rate, decreased by 58% to $15.9 million (90%
oil), compared with $37.97 million at December 31, 2010.
The decrease in reserves was primarily due to low natural gas prices resulting
in the majority of Diaz's natural gas properties becoming uneconomic.
The Company's December 31, 2011 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 March 26, 2012 and effective
December 31, 2011 (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, 2011
FORECAST PRICES AND COSTS
COMPANY TOTAL RESERVES
----------------------------------------------------------------------------
LIGHT AND
MEDIUM OIL HEAVY OIL NATURAL GAS
Gross Net Gross Net Gross Net
RESERVES CATEGORY (MBbl) (MBbl) (MBbl) (MBbl) (MMcf) (MMcf)
----------------------------------------------------------------------------
PROVED
Producing 33.2 28.6 171.3 161.3 2,056.3 1,828.8
Non-producing - - 30.0 29.1 - -
Undeveloped - - 176.0 167.0 - -
----------------------------------------------------------------------------
TOTAL PROVED 33.2 28.6 377.3 357.4 2,056.3 1,828.8
PROBABLE 5.5 4.5 325.0 303.1 800.1 721.0
----------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 38.7 33.1 702.3 660.5 2,856.4 2,549.8
----------------------------------------------------------------------------
SUMMARY OF OIL AND GAS RESERVES
AND NET PRESENT VALUES OF FUTURE NET REVENUE
AS OF DECEMBER 31, 2011
FORECAST PRICES AND COSTS
COMPANY TOTAL RESERVES RESERVES RESERVES
----------------------------------------------------------------------------
NATURAL GAS LIQUIDS TOTAL TOTAL
Gross Net Gross Net
RESERVES CATEGORY (MBbl) (MBbl) (MBOE) (MBOE)
----------------------------------------------------------------------------
PROVED
Producing 2.6 1.5 549.8 496.2
Non-producing - - 30.0 29.1
Undeveloped - - 176.0 167.0
----------------------------------------------------------------------------
TOTAL PROVED 2.6 1.5 755.8 692.3
PROBABLE 1.4 0.9 465.2 428.7
----------------------------------------------------------------------------
TOTAL PROVED PLUS
PROBABLE 4.0 2.4 1,221.0 1,121.0
----------------------------------------------------------------------------
COMPANY TOTAL NET PRESENT VALUES OF FUTURE NET REVENUE
----------------------------------------------------------------------------
BEFORE INCOME TAXES AFTER INCOME TAXES
DISCOUNTED AT (% per year) DISCOUNTED AT (% per year)
0 5 10 15 20 0 5 10 12 20
RESERVES
CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$) (MM$)
----------------------------------------------------------------------------
PROVED
Producing 8.89 7.98 7.29 6.75 6.30 8.89 7.98 7.29 6.75 6.30
Non-
producing 0.77 0.67 0.59 0.52 0.46 0.77 0.67 0.59 0.52 0.46
Undeveloped 3.03 2.44 1.96 1.56 1.24 3.03 2.44 1.96 1.56 1.24
----------------------------------------------------------------------------
TOTAL PROVED 12.69 11.09 9.84 8.83 8.00 12.69 11.09 9.84 8.83 8.00
PROBABLE 10.26 7.78 6.06 4.83 3.95 10.26 7.78 6.06 4.84 3.95
----------------------------------------------------------------------------
TOTAL PROVED
PLUS
PROBABLE 22.95 18.87 15.90 13.66 11.95 22.95 18.87 15.90 13.67 11.95
----------------------------------------------------------------------------
Pricing Used in Evaluation
SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS
AS OF DECEMBER 31, 2011
FORECAST PRICES AND COSTS
Alberta
WTI Edmonton Bow River
Crude Light Hardisty
Inflation Exchange Oil Crude Oil Crude Oil
YEAR Rate Rate $US/bbl $Cdn/bbl $Cdn/bbl
----------------------------------------------------------------------------
2012 2.0% 0.975 97.50 99.00 82.00
2013 2.0% 0.975 97.50 99.00 82.00
2014 2.0% 0.975 100.00 101.50 84.10
2015 2.0% 0.975 100.80 102.30 84.70
2016 2.0% 0.975 101.70 103.20 85.50
2017 2.0% 0.975 102.70 104.20 86.30
2018 2.0% 0.975 103.60 105.10 87.10
2019 2.0% 0.975 104.50 106.00 87.80
2020 2.0% 0.975 105.40 106.90 88.60
2021 2.0% 0.975 107.60 109.20 90.40
2022 2.0% 0.975 109.70 111.30 92.20
2023 2.0% 0.975 111.90 113.50 94.00
2024 2.0% 0.975 114.10 115.80 95.90
2025 2.0% 0.975 116.40 118.10 97.80
2026 2.0% 0.975 118.80 120.50 99.80
After+ 2.0% 0.975 +2%/yr +2%/yr +2%/yr
----------------------------------------------------------------------
SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS
AS OF DECEMBER 31, 2011
FORECAST PRICES AND COSTS
Alberta Alberta U.S. Alberta Sask.
Heavy AECO Henry Hub Average Spot Sales
Crude Oil Gas Price Gas Price Plantgate Plantgate
YEAR $Cdn/bbl $Cdn/Mcf $US/Mcf $Cdn/MMBtu $Cdn/MMBtu
----------------------------------------------------------------------------
2012 74.00 3.50 3.75 3.30 3.40
2013 74.00 4.20 4.50 4.00 4.10
2014 75.90 4.70 5.05 4.50 4.60
2015 76.50 5.10 5.50 4.90 5.00
2016 77.10 5.55 5.95 5.35 5.45
2017 77.90 5.90 6.35 5.70 5.80
2018 78.60 6.25 6.70 6.00 6.10
2019 79.20 6.45 6.95 6.20 6.30
2020 79.90 6.70 7.20 6.45 6.55
2021 81.60 6.85 7.35 6.60 6.70
2022 83.20 6.95 7.45 6.70 6.80
2023 84.80 7.05 7.60 6.80 6.90
2024 86.50 7.20 7.75 6.95 7.10
2025 88.20 7.40 7.95 7.15 7.30
2026 90.10 7.55 8.10 7.30 7.45
After+ +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr
----------------------------------------------------------------------
Detailed reserve information will be contained in the Company's Reserve Data and
Other Oil and Gas Information which will be available on the Company's SEDAR
profile at www.sedar.com .
Macklin Update
The three recently drilled horizontal Dina heavy oil wells are now on production
and all three wells are producing in excess of 100 bopd, each. Diaz has now
drilled a total of six horizontal Dina oil wells at Macklin.
Diaz has a 45 % working interest in the Macklin project. The remaining 55 %
working interest in Macklin is held by Tuscany Energy Ltd.
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: Certain information in this news release, including drilling plans and
projected drilling, completion and equipping costs, and production rates from
the Lloydminster and Macklin fields may constitute forward-looking statements
under applicable securities laws and necessarily involve risks including,
without limitation, risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, capital expenditure costs, including drilling, completion and
facilities costs, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from internal and
external sources. As a consequence, actual results may differ materially from
those anticipated in the forward-looking statements. Readers are cautioned that
the foregoing list of factors is not exhaustive.
The estimates of Diaz's reserves provided herein are estimates only and there is
no guarantee that the estimated reserves or resources with be recovered. 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 consistent with past operations; the continued and timely
development of infrastructure in areas of new production; the accuracy of the
estimates of Diaz's reserve and resource 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.
Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural
gas volumes have been converted to barrels of oil at 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. References to oil in
this discussion include crude oil and natural gas liquids (NGLs).
The forward looking statements contained in this press release are made as of
the date hereof and Diaz undertakes no obligations to update publicly or revise
any forward looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
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