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Share Name | Share Symbol | Market | Type |
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TSXV:MQL | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
CALGARY, Feb. 4, 2015 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQL") is pleased to announce the results of its independent reserve evaluation as of December 31, 2014, which includes a 39% increase in proved developed producing reserves. The Company's core assets at Michichi and Lloydminster now comprise more than 90% of its total proved reserves on a 10% discounted before tax net present value basis ("NPV10").
Reserve Report Highlights(1)
2014 YEAR END RESERVES
Marquee's year end reserves for 2014 are based on the Sproule Associates Limited ("Sproule") independent evaluation of the Company's reserves dated effective December 31, 2014 which were conducted pursuant to NI 51-101 and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Additional reserves information required under NI 51-101 will be included in Marquee's Annual Information Form to be filed on SEDAR on or before March 31, 2015.
Sproule is using a price forecast of US$65 WTI and US$80 WTI for light oil for 2015 and 2016 respectively, and $3.32 per MMBtu and $3.71 MMBtu for AECO natural gas in 2015 and 2016 respectively.
Summary of Reserves
As at December 31, 2014(1)
Gross Company Reserves (2)(3) | |||||
Description |
Light and Medium |
Heavy Oil (Mbbl) |
Natural Gas (MMcf) |
NGL (Mbbl) |
Total (Mboe) |
Proved producing |
2,529 |
858 |
31,678 |
277 |
8,944 |
Proved non-producing |
1,003 |
1 |
168 | ||
Proved undeveloped |
2,025 |
712 |
5,459 |
79 |
3,726 |
Total proved |
4,554 |
1,570 |
38,137 |
358 |
12,838 |
Probable |
3,414 |
883 |
16,224 |
177 |
7,178 |
Total proved plus probable |
7,967 |
2,454 |
54,363 |
535 |
20,016 |
(1) |
Based on Sproule December 31, 2014 forecast prices |
(2) |
Gross Company reserves are the Company's total working interest share before the deduction of royalties. |
(3) |
Totals may not add due to rounding |
Summary of Before Tax Net Present Values
As at December 31, 2014(1)
Before Tax Net Present Value of Future Revenue ($M) | |||||
Discount Rate | |||||
Description |
0% |
5% |
10% |
15% |
20% |
Proved producing |
199,749 |
156,775 |
129,912 |
111,532 |
98,167 |
Proved non-producing |
1,051 |
675 |
406 |
211 |
68 |
Proved undeveloped |
89,864 |
61,686 |
43,312 |
30,830 |
22,044 |
Total proved |
290,664 |
219,136 |
173,631 |
142,572 |
120,279 |
Probable |
191,100 |
122,606 |
84,311 |
60,732 |
45,200 |
Total proved plus probable |
481,764 |
341,742 |
257,942 |
203,305 |
165,480 |
Per Basic Share |
$4.01 |
$2.84 |
$2.14 |
$1.69 |
$1.38 |
(1) |
Based on Sproule December 31, 2014 forecast prices |
Reconciliation of Reserves
2014 Reserves Reconciliation | |||||
Description (mboe) |
December |
Acquired |
Production |
Additions, |
December |
Total proved |
11,461 |
(584) |
(1,772) |
3,733 |
12,838 |
Probable |
5,727 |
(769) |
0 |
2,220 |
7,178 |
Proved plus probable |
17,188 |
(1,353) |
(1,772) |
5,953 |
20,016 |
Finding, Development and Acquisition Costs
Marquee incurred capital expenditures of $59.6 million in 2014 (2013 - $33.3 million; 2012 - $45.1 million), of which $51.4 million (2013 - $28.1 million; 2012 – 38.0 million) was spent on exploration and development and $8.2 million (2013- $5.2 million; 2012 - $6.4 million) was spent on land and seismic. Costs related to reserve acquisitions in 2014 are $11.8 million (2013 - $34.8 million; 2012 – $22.2 million), and includes the announced purchase price of acquisitions including any estimated working capital deficit or surplus rather than the amounts allocated to property, plant and equipment for accounting purposes. The following table summarizes Marquee's Finding, Development and Acquisition costs including changes in Future Development Costs.
Including the Change in Future Development Costs(1) | ||||||
Description |
2014 |
2013 |
2012 |
3 Year Weighted | ||
Total proved ($/boe) |
||||||
F&D costs(2) |
$21.90 |
$23.03 |
$17.92 |
$21.17 | ||
FD&A costs(3) |
$14.76 |
$16.66 |
$18.35 |
$16.13 | ||
FDC |
$74 Million |
$91 million |
$58 million |
|||
Proved plus probable ($/boe) |
||||||
F&D costs(2) |
$19.70 |
$24.60 |
$8.82 |
$17.08 | ||
FD&A costs(3) |
$14.12 |
$14.21 |
$10.38 |
$13.50 | ||
FDC |
$152 million |
$133 million |
$109 million |
(1) |
Future development costs excludes capitalized administration costs |
(2) |
F&D costs include actual expenditures during the year including the change in FDC divided by the increase in reserves, excluding acquisitions and dispositions |
(3) |
FD&A costs include acquisitions and actual expenditures during the year including the change in FDC divided by the increase in reserves, excluding dispositions |
Information Regarding Disclosures on Oil and Gas Reserves and Operational Information
Estimates of future net revenues presented do not 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 reserves estimates of Marquee'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 crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
The aggregate of the exploration and development costs incurred during the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.
Forward looking Statements or Information
Certain statements included or incorporated by reference in this news release may constitute forward looking statements under applicable securities legislation. Such forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this news release may include, but are not limited to:
Such forward-looking statements or information are based on a number of assumptions all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things:
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking information. The material risk factors affecting the Company and its business are contained in Marquee's Annual Information Form which is available under Marquee's issuer profile on SEDAR at www.sedar.com.
The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement.
Additional Advisories
Boes are presented on the basis of one Boe for six Mcf of natural gas. Disclosure provided herein in respect of Boe may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 bbl 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 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Marquee Energy Ltd.
Copyright 2015 Canada NewsWire
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