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 |
|---|---|---|---|
| TSXV:PNE | 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
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES.
Pine Cliff Energy Ltd. (TSX VENTURE:PNE) ("Pine Cliff") is pleased to announce
its 2013 year-end reserves. Pine Cliff's independent reserve report was prepared
by McDaniel & Associates Limited ("McDaniel") in accordance with National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI
51-101") with the effective date of December 31, 2013.
As a result of three acquisitions in 2013, Pine Cliff is pleased to report
significant increases in its reserve base in 2013. The increases are mainly a
result of the acquisition of Skope Energy Inc. ("Skope") in the first quarter of
2013 and follow up acquisitions to increase Pine Cliff's working interest in the
Skope properties in July and August 2013. Highlights of Pine Cliff's reserves
for the 2013 year include:
-- Proved reserves increased to 14,425.9 MBOE at December 31, 2013 from
2,492.5 MBOE at December 31, 2012, an increase of 479%;
-- Proved plus probable reserves increased to 19,274.1 MBOE at December 31,
2013 from 3,839.5 MBOE at December 31, 2012, an increase of 402%;
-- Approximately 75% of total reserves are classified as proved reserves
with 25% classified as probable reserves;
-- Approximately 77% of proved reserves are classified as proved developed;
and
-- Net present value for proved plus probable reserves of $134.4 million,
discounted at 10%; an increase of $93.5 million, or 229%, from December
31, 2012.
McDaniel is using a price forecast of $95.00 and $96.50 per bbl for Edmonton
light crude oil in 2014 and 2015, respectively, and $4.00 and $4.25 per MMBtu
for AECO natural gas in 2014 and 2015, respectively.
Pine Cliff's Reserves
Summary of Remaining Working Interest Reserves, as of December 31, 2013
Natural Gas
(Non-
Light and associated
Medium and Natural Gas
Oil associated) Liquids BOE
---------------------------------------------------------------------------
Reserve Category: Mbbl MMcf Mbbl MBOE
---------------------------------------------------------------------------
Proved
Developed Producing 79.8 63,410.2 421.1 11,069.3
Developed Non-Producing - 255.3 9.8 52.4
Undeveloped 19.7 19,281.3 70.9 3,304.2
---------------------------------------------------------------------------
Total Proved 99.6 82,946.8 501.9 14,425.9
Probable 119.8 26,300.6 345.1 4,848.2
---------------------------------------------------------------------------
Total Proved plus Probable 219.3 109,247.4 846.9 19,274.1
---------------------------------------------------------------------------
Summary of Net Present Values of Future Net Revenue, Before Income Taxes, as of
December 31, 2013
Discounted at (% per Year)
($000's) 0% 5% 10% 15%
---------------------------------------------------------------------------
Reserve Category:
---------------------------------------------------------------------------
Proved
Developed Producing 101,478.2 92,342.9 84,238.6 77,304.0
Developed Non-Producing 379.4 335.9 295.7 259.8
Undeveloped 17,208.7 10,290.0 5,410.1 1,959.8
---------------------------------------------------------------------------
Total Proved 119,066.4 102,968.8 89,944.4 79,523.6
Probable 83,721.5 59,403.2 44,476.1 34,561.3
---------------------------------------------------------------------------
Total Proved plus Probable 202,787.8 162,372.0 134,420.5 114,084.9
---------------------------------------------------------------------------
Reconciliation of Gross Reserves by Principal Product Type, as of December 31, 2013
Light and Medium
Oil and
Natural Gas
Liquids Natural Gas BOE
---------------------------------------------------------------------------
Proved Proved Proved
plus plus plus
Proved Probable Proved Probable Proved Probable
(Mbbl) (Mbbl) (Mmcf) (Mmcf) (MBOE) (MBOE)
---------------------------------------------------------------------------
December 31, 2012 646.5 964.6 11,075.6 17,249.4 2,492.5 3,839.5
Extension 77.7 345.7 1,564.6 7,319.9 338.3 1,565.7
Technical
Revisions (0.5) (98.5) 247.3 (1,143.2) 40.7 (289.2)
Acquisitions 5.8 6.7 82,502.9 98,779.9 13,756.2 16,470.0
Economic
factors (25.9) (50.1) (554.3) (1,067.3) (118.3) (227.9)
Production (1) (102.1) (102.1) (11,889.2) (11,891.4) (2,083.6) (2,084.0)
---------------------------------------------------------------------------
December 31, 2013 601.5 1,066.2 82,946.8 109,247.4 14,425.9 19,274.1
---------------------------------------------------------------------------
(1) The production shown in the above reconciliation includes production
from the acquisitions as of the effective dates, whereas Pine Cliff's
production as presented in the financial statements includes production
from the closing dates of the acquisitions.
Executive Appointment
Pine Cliff is pleased to announce the appointment of Kristi Barr to the position
of Vice President Finance and Controller. Ms. Barr joined the Company in April
2012 as the Controller. Ms. Barr has over 10 years of experience in the oil and
gas industry and has played a key role in the growth and success of Pine Cliff
to date.
Cautionary statements and definitions:
Certain statements contained in this news release include statements which
contain words such as "anticipate", "could", "should", "expect", "seek", "may",
"intend", "likely", "will", "believe" and similar expressions, statements
relating to matters that are not historical facts, and such statements of our
beliefs, intentions and expectations about development, results and events which
will or may occur in the future, constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and are based on
certain assumptions and analysis made by us derived from our experience and
perceptions. Forward-looking information in this news release includes the
impact of general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other industry participants, the lack of
availability of qualified personnel or management, stock market volatility and
ability to access sufficient capital from internal and external sources. All
such forward-looking information is based on certain assumptions and analyses
made by us in light of our current experience and expected future developments,
as well as other factors we believe are appropriate in the circumstances. The
risks, uncertainties, and assumptions are difficult to predict and may be
impacted by other factors, many of which are beyond our control.
Actual results, performance or achievements could differ materially from those
expressed in, or implied by, this forward-looking information and, accordingly,
no assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of them do, what
benefits will be derived there from. Except as required by law, Pine Cliff
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise.
The forward-looking information contained in this release is expressly qualified
by this cautionary statement. This news release should not be considered a
suitable source of information for readers who are unfamiliar with Pine Cliff
and should not be considered in any way as a substitute for reading all of Pine
Cliff's public disclosure.
Tables may not add due to rounding.
Where amounts are expressed in a BOE, natural gas volumes have been converted to
barrels of oil equivalent on the basis that six Mcf of natural gas is equal to
one bbl of oil. This conversion ratio is based on energy equivalence primarily
at the burner tip and does not represent a value equivalency at the wellhead.
The term BOE may be misleading, particularly if used in isolation.
Definitions and abbreviations
Bbl barrel MMBtu millions of British thermal units
Mbbl thousands of barrels Mcf thousand cubic feet
BOE barrel of oil equivalent MMcf million cubic feet
MBOE thousands of barrels of oil
equivalent
As defined in NI 51-101, proved reserves are those reserves that can be
estimated with a high degree of certainty to be recoverable. It is likely that
the actual remaining quantities recovered will exceed the estimated proved
reserves. Probable reserves are those additional reserves that are less certain
to be recovered than proved reserves. It is equally likely that the actual
remaining quantities recovered will be greater or less than the sum of the
estimated proved plus probable reserves.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pine Cliff Energy Ltd.
George F. Fink
Executive Chairman
(403) 269-2289
Pine Cliff Energy Ltd.
Philip B. Hodge
President, CEO and Director
(403) 269-2289
info@pinecliffenergy.com
www.pinecliffenergy.com
1 Year Pine Cliff Energy Ltd. Chart |
1 Month Pine Cliff Energy Ltd. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
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
