We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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
Premium
Diaz Resources Ltd. (TSX VENTURE:DZR) (the "Company" or "Diaz") today released
an updated Statement of Reserves Data and Other Oil and Gas Information
effective September 30, 2012.
September 30, 2012 Reserves
The Company recorded a 27% decrease in proved plus probable reserves to 814 MBOE
at September 30, 2012 compared with reserves of 1,121 MBOE at December 31, 2011.
The net present value of the Company's reserves, before tax, using a 10%
discount rate, decreased by 35% to $10.4 million, compared with $15.9 million at
December 31, 2011.
The decrease in reserves was primarily due to reduced oil prices compared with
the prices assumed in the independent reserves evaluation prepared effective
December 31, 2011, and a reduction in the value of the Company's Lloydminster
properties due to poorer than expected production performance.
The Company's September 30, 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 October 12, 2012 and effective
September 30, 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 SEPTEMBER 30, 2012
FORECAST PRICES AND COSTS
RESERVES
------------------------------------------------------------
COMPANY TOTAL
----------------
LIGHT AND MEDIUM OIL HEAVY OIL NATURAL GAS
RESERVES Gross Net (i) Gross Net (i) Gross Net (i)
CATEGORY (MBbl) (MBbl) (MBbl) (MBbl) (MMcf) (MMcf)
----------------------------------------------------------------------------
PROVED
Producing 26.9 23.2 138.6 139.5 948.8 855.2
Non-producing - - 23.7 22.8 217.8 201.4
Undeveloped - - 114.6 109.7 - -
----------------------------------------------------------------------------
TOTAL PROVED 26.9 23.2 276.9 272.0 1,166.6 1,056.6
PROBABLE 4.3 3.5 325.5 310.3 177.8 159.2
----------------------------------------------------------------------------
TOTAL PROVED
PLUS PROBABLE 31.2 26.7 602.4 582.3 1,344.4 1,215.8
----------------------------------------------------------------------------
SUMMARY OF OIL AND GAS RESERVES
AND NET PRESENT VALUES OF FUTURE NET REVENUE
AS OF SEPTEMBER 30, 2012
FORECAST PRICES AND COSTS
------------------------------------------------------------
COMPANY TOTAL
----------------
NATURAL GAS LIQUIDS TOTAL TOTAL
RESERVES Gross Net (i) Gross Net (i)
CATEGORY (MBbl) (MBbl) (MBOE) (MBOE)
----------------------------------------------------------------------------
PROVED
Producing 2.9 1.7 326.5 306.9
Non-producing 0.7 0.4 60.7 56.8
Undeveloped - - 114.6 109.7
----------------------------------------------------------------------------
TOTAL PROVED 3.6 2.1 501.8 473.4
PROBABLE 0.5 0.3 359.9 340.6
----------------------------------------------------------------------------
TOTAL PROVED
PLUS PROBABLE 4.1 2.4 861.7 814.0
----------------------------------------------------------------------------
(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 5.02 4.56 4.25 4.00 3.81
Non-producing 0.84 0.74 0.65 0.58 0.52
Undeveloped 1.18 0.91 0.70 0.52 0.38
----------------------------------------------------------------------------
TOTAL PROVED 7.04 6.21 5.60 5.10 4.71
PROBABLE 7.68 6.03 4.82 3.92 3.22
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE 14.72 12.24 10.42 9.02 7.93
----------------------------------------------------------------------------
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$)
----------------------------------------------------------------------------
PROVED
Producing 5.02 4.56 4.25 4.00 3.81
Non-producing 0.84 0.74 0.65 0.58 0.52
Undeveloped 1.18 0.91 0.70 0.52 0.38
----------------------------------------------------------------------------
TOTAL PROVED 7.04 6.21 5.60 5.10 4.71
PROBABLE 7.68 6.03 4.82 3.92 3.22
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE 14.72 12.24 10.42 9.02 7.93
----------------------------------------------------------------------------
Pricing Used in Evaluation
SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS AS OF SEPTEMBER 30, 2012
FORECAST PRICES AND COSTS
OIL NATURAL GAS
------------------------------------------------
WTI Edmonton Bow River
Cushing Light Hardisty AECO NYMEX
Inflation Gas Gas
Exchange Oklahoma Par Price Par Price Price Price
($US/ ($Cdn/ ($Cdn/ ($Cdn/ ($US/
YEAR Rate Rate bbl) bbl) bbl) Mcf) Mcf)
----------------------------------------------------------------------------
Historical
2011 2.0% 1.011 95.10 95.00 78.55 3.70 4.00
2012 (9
mos) 2.0% 1.011 96.20 86.90 75.60 2.20 2.50
Forecast
2012 (3
mos) 2.0% 0.975 92.50 89.90 74.70 3.05 3.40
2013 2.0% 0.975 92.50 91.90 76.70 3.55 3.90
2014 2.0% 0.975 93.60 94.00 78.60 3.95 4.35
2015 2.0% 0.975 95.50 96.90 81.30 4.50 4.95
2016 2.0% 0.975 97.40 98.90 82.90 4.85 5.35
2017 2.0% 0.975 99.40 100.90 84.60 5.30 5.85
2018 2.0% 0.975 101.40 102.90 86.30 5.70 6.30
2019 2.0% 0.975 103.40 105.00 88.00 5.80 6.40
2020 2.0% 0.975 105.40 107.00 89.70 5.95 6.55
2021 2.0% 0.975 107.60 109.20 91.60 6.10 6.70
2022 2.0% 0.975 109.70 111.40 93.40 6.15 6.80
2023 2.0% 0.975 111.90 113.60 95.20 6.30 6.95
2024 2.0% 0.975 114.10 115.80 97.10 6.45 7.10
2025 2.0% 0.975 116.40 118.20 99.10 6.55 7.20
2026 2.0% 0.975 118.80 120.60 101.10 6.65 7.35
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 is available on the Company's
SEDAR profile at www.sedar.com.
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 estimates of the
Company's reserves and net present value thereof, 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 and the net present value thereof provided
herein are estimates only and there is no guarantee that the estimated reserves
will 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 will be 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 ratio 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.
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)
1 Year Diaz Resources Ltd Chart |
1 Month Diaz Resources Ltd Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
