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Share Name | Share Symbol | Market | Type |
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Lgx Oil And Gas, Inc. | TSXV:BWD | 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 | - |
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS. Bowood Energy Inc. ("Bowood" or the "Company") (TSX VENTURE:BWD) is pleased to announce its financial and operational results for the year ended December 31, 2010 and an operational update on current activity. 2010 Highlights -- Increased undeveloped land by 300% from 2009, including the acquisition of a significant land position in the rapidly emerging Alberta Bakken Petroleum System fairway ("Alberta Bakken"). -- Increased Total Proved Reserves and Total Proved plus Probable Reserves over 2009 by 26% and 10%, respectively. -- The Company is well positioned to execute its 2011 capital program with $5.6 MM of positive working capital and an unutilized $8.0 MM bank credit facility at year-end. -- Increased oil weighting of production to 18% in January 2011 from 1% in January of 2010. -- The Company was named one of the top 50 fastest growing companies on the TSX venture exchange. In 2010, the Company acquired a significant land position in the Alberta Bakken play, with a combination of freehold and crown leasing (approximately 30,000 additional acres) and the acquisition of a 60,640 acre lease on the Blood Tribe Reserve. In order to accelerate exploration of the these lands, we entered into a farmout and equalization agreement with an industry joint venture partner Legacy Oil + Gas Inc. ("Partner") whereby the Partner paid approximately $8 million for 50% of Bowood's interest in 52 sections of land, and further committed to drill up to 16 wells to earn a 50% working interest in the rest of the Company's Alberta Bakken acreage. With the equalization, Company land holdings on the Alberta Bakken are approximately 100,000 net acres. Total undeveloped land at December 31, 2010 was 143,487 gross (125,966 net) acres. In 2010, Bowood drilled 8 (5.35 net) wells, 5 of which were in the Armada area. Bowood received Good Production Practice (GPP) approval from the ERCB in the Armada Basal Quartz Q Pool and drilled two follow up successful development wells in the same pool. Both wells came on production in January 2011. A third well resulted in the discovery of a new oil pool at Armada with initial production of over 180 bpd (63 bpd net). Another Armada well discovered a new Mannville gas pool with initial production of over 1 MMCF/d (600 mcf/d net). The 8 gross wells drilled, 5.35 net wells resulted in reserve additions of 383 mboe on a Total Proved basis and 407 mboe on a P+P basis and increased the Company's reserve life index (RLI) from 5.6 years to 7.9 years. 2011 Operational Update Production For the first quarter of 2011, field estimated production averaged 520 boed, 19% oil and NGLs. The increase in oil production was a result of starting up four (2.55 net) new wells at Armada in January. This is a 13% increase over Q4 2010 production of 458 boed. Drilling - Armada Oil Property The Company licensed two new wells in Q1 2010 at Armada. These wells are anticipated to spud after spring break. Drilling - Alberta Bakken The Partner operated Spring Coulee 15-25-3-23W4 well spudded on March 22, 2011. The vertical pilot hole has now reached total depth and four cores were recovered successfully. The pilot hole has now been plugged back and the rig is drilling in the horizontal leg. A surface lease has been obtained on the Kipp (Blood) 8- 30-8-23W4 horizontal location and licensing is underway. The well is anticipated to spud prior to August 31, 2011. Financial Highlights Certain selected financial and operational information for the three months and year ended December 31, 2010 is set out below and should be read in conjunction with Bowood's Financial Statements and Management Discussion and Analysis ("MD & A"). The Company has filed its audited consolidated Financial Statements and related MD & A for the year ended December 31, 2010 with the Canadian securities regulatory authorities on SEDAR. In addition, Bowood will file its Annual Information Form, which includes Bowood's statement of reserves data and other oil and gas information for the year ended December 31, 2010 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. An electronic copy of these materials will be available under Bowood's issuer profile on SEDAR at www.sedar.com and on the Company's website at www.bowoodenergy.ca. Three Months Year Ended Ended December 31, December 31, Financial highlights 2010 2010 (all amounts in Cdn $ except common share data) Petroleum and natural gas revenue 1,095,671 5,247,202 Per share - basic 0.004 0.026 - diluted 0.004 0.026 Funds flow from operations 314,890 898,286 Per share - basic 0.001 0.004 - diluted 0.001 0.004 Net loss (79,242) (2,761,312) Per share - basic (0.000) (0.014) - diluted (0.000) (0.014) Capital expenditures 9,341,004 14,506,098 Net debt (surplus) (excluding fixed commodity contracts) (5,552,955) (5,552,955) Shareholders' equity 42,993,541 42,993,541 Total assets 50,784,334 50,784,334 Common share data: Weighted average basic 251,326,851 202,649,400 Weighted average diluted 251,326,851 202,649,400 Issued and outstanding 274,283,373 274,283,373 Three Months Year Ended Ended December 31, December 31, Operating Highlights 2010 2010 (6:1 boe conversion) Average daily production Natural gas (mcf/d) 2,522 2,900 Liquids (Oil & NGLs) (bbls/d) 38 38 Oil equivalent (boe/d) 458 521 Production (boe/d) per million shares 2 2 Average sales price (including fixed commodity contracts): Natural gas ($/mcf) 4.64 4.83 Liquids (Oil & NGLs) ($/bbl) 70.55 67.59 Oil equivalent ($/boe) 31.39 31.80 Operating cost ($/boe) 9.03 12.65 Operating netback ($/boe) (including fixed commodity contracts) 20.03 16.51 Wells drilled - gross (net): Gas 2 (2.00) 4 (2.80) Oil -- 4 (2.55) Suspended -- -- D & A -- -- Total 2 (2.00) 8 (5.35) Reserves Bowood's reserves were evaluated at December 31, 2010 by GLJ Petroleum Consultants ("GLJ"), an independent engineering firm. GLJ's evaluation was conducted in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook and is compliant with National Instrument 51-101 ("NI 51-101"). All reserve numbers are Company gross(i) before royalties. Bowood Energy Light and 2010 Reserves (before Medium Heavy royalties) (forecast Gas Oil Oil NGLs Total prices) mmcf mbbls mbbls mbbls mboe ---------------------------------------------------------------------------- December 31, 2010 Proved producing 4,029 97 4 16 788 Proved developed non- producing 1,177 58 0 6 261 Proved undeveloped 488 27 0 2 110 ---------------------------------------------------------------------------- Total Proved 5,694 182 4 24 1,159 Probable 2,697 86 1 15 552 ---------------------------------------------------------------------------- Total Proved plus Probable 8,391 269 6 39 1,711 ---------------------------------------------------------------------------- Note: Columns may not add due to rounding (i)"Gross" reserves means the Company's working interest (operating and non-operating) share before deduction of royalties payable to others and without including any royalty interest of the Company Reserve Reconciliation The following tables provides a reconciliation of the Company's gross reserves of oil, natural gas, and natural gas liquids for the year ended December 31, 2010 versus the year ending December 31 2009. Light and Medium Natural Crude Natural Gas Oil Heavy Oil Gas Liquids BOE -------------------------------------------------- (Mbbl) Mbbl (MMcf) (Mbbl) (Mboe) Proved ---------------------------------------------------------------------------- Balance at Dec. 31, 2009 64 2 5,060 11 921 Extensions and Improved Recovery 79 - 397 3 147 Technical Revisions 2 4 223 8 48 Discoveries 47 - 1,096 6 236 Acquisitions - - 2 - 0 Dispositions - - - - - Economic Factors - - (25) - (4) Production (9) (1) (1,058) (3) (190) -------------------------------------------------- Balance at Dec. 31, 2010 182 4 5,694 24 1,159 -------------------------------------------------- -------------------------------------------------- Light and Natural Medium Natural Gas Crude Oil Heavy Oil Gas Liquids BOE -------------------------------------------------- (Mbbl) Mbbl (MMCF) (Mbbl) (Mboe) Proved plus Probable ---------------------------------------------------------------------------- Balance at Dec. 31, 2009 193 3 8,019 24 1,557 Extensions and Improved Recovery 19 - 182 - 49 Technical Revisions (1) 4 (409) 9 (57) Discoveries 66 - 1,695 9 358 Acquisitions - - 3 - - Dispositions - - - - - Economic Factors - - (40) - (7) Production (9) (1) (1,058) (3) (190) -------------------------------------------------- Balance at Dec. 31, 2010 269 6 8,391 39 1,711 -------------------------------------------------- Note: Columns and rows may not add due to rounding NET PRESENT VALUES OF FUTURE NET REVENUE AS OF DECEMBER 31, 2010 (Forecast Prices and Costs) Before Income Tax ($000s) -------------------------------------------------- Discounted at Reserve Category 0% 5% 10% 15% 20% ---------------------------------------------------------------------------- Proved Developed Producing 13,892 12,052 10,654 9,566 8,700 Developed Non-Producing 6,055 5,055 4,306 3,731 3,280 Proved Undeveloped 1,844 1,491 1,220 1,007 839 Total Proved 21,791 18,598 16,180 14,305 12,819 Probable 14,161 10,088 7,572 5,916 4,771 Total Proved and Probable 35,953 28,686 23,752 20,221 17,590 After Income Tax ($000s) -------------------------------------------------- Discounted at Reserve Category 0% 5% 10% 15% 20% ---------------------------------------------------------------------------- Proved Developed Producing 13,892 12,052 10,654 9,566 8,700 Developed Non-Producing 6,055 5,055 4,306 3,731 3,280 Proved Undeveloped 1,844 1,491 1,220 1,007 839 Total Proved 21,791 18,598 16,180 14,305 12,819 Probable 12,532 8,882 6,659 5,212 4,219 Total Proved and Probable 34,323 27,479 22,839 19,517 17,038 Note: Columns may not add due to rounding It should not be assumed that the undiscounted and discounted future net revenues estimated by GLJ which are set forth above represent fair market value. GLJ's reserves evaluation is based upon the following price forecast (effective January 1, 2011) Medium and Light Crude Oil Natural Gas NGL ------------------------------------------------------------ WTI Cushing Edmonton Cromer Alberta Oklahoma Par Price Medium Gas 40 40 29 Reference degrees degrees degrees Price AECO - C Pentanes Exchange API API API Plantgate Spot Plus Rate Year (US$/bbl) ($/bbl) ($/bbl) ($/MMBtu) ($/MMBtu) ($/bbl) ($US/$Cdn) --------------------------------------------------------------------------- 2011 88.00 86.22 82.78 3.89 3.92 90.54 0.98 2012 89.00 89.29 83.04 4.37 4.51 91.96 0.98 2013 90.00 90.92 83.64 4.91 5.06 92.74 0.98 2014 92.00 92.96 84.59 5.35 5.52 94.82 0.98 2015 95.17 96.19 87.54 5.80 5.97 98.12 0.98 2016 97.55 98.62 89.75 6.09 6.28 100.59 0.98 2017 100.26 101.39 92.26 6.31 6.50 103.42 0.98 2018 102.74 103.92 94.57 6.45 6.65 106.00 0.98 2019 105.45 106.68 97.08 6.60 6.80 108.82 0.98 2020 107.56 108.84 99.04 6.75 6.95 111.01 0.98 Escalated at 2.0% per year thereafter. Annual General Meeting Bowood Oil and Gas Inc. has scheduled its Annual General and Special Meeting for Friday June 3rd, at 3:00 pm MST at the Calgary Petroleum Club. About Bowood Energy Inc. With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Current projects are in the Province of Alberta. Bowood Energy Inc. Robert Mercier, President & CEO Reader Advisories Forward-Looking Statements: This news release contains certain forward-looking statements, including but not limited to, management's assessment of future plans and operations, the anticipated spudding dates of various wells, capital expenditures and the timing thereof and expected timing and results from operations, that involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, those associated with oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2010, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 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. BOE may be misleading, particularly if used in isolation. A BOE conversion 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. For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the updated corporate presentation please visit our website at: http://www.bowoodenergy.ca.
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