Sahara Energy (TSXV:SAH)
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CALGARY, April 1 /CNW/ --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
CALGARY, April 1 /CNW/ - Sahara Energy Ltd. (TSXV: SAH) ("Sahara" or the "Company") is pleased to report that in accordance with National Instrument
51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), DeGolyer and MacNaughton Canada Limited have completed the
evaluation of the Company's reserves as of December 31, 2010.
Highlights of this report are as follows:
TOTAL COMPANY COMPANY SHARE - FORECAST PRICE CASE
Future Net Revenue Before Income Tax as of December
31, 2010
Reserve Undiscounted Discounted
Category
at 5% at 10% at at
15% 20%
M$ M$ M$ M$ M$
Proved
Developed
Producing 320 299 281 264 250
Non-Producing 587 567 546 527 508
Proved 2,439 1,927 1,532 1,222 977
Undeveloped
Total Proved 3,346 2,793 2,359 2,013 1,735
Probable 12,839 10,037 7,941 6,352 5,132
Total Proved + 16,185 12,830 10,300 8,365 6,867
Probable 2,885 2,096 1,560 1,189 926
Possible
Total 19,070 14,926 11,860 9,554 7,793
TOTAL COMPANY COMPANY SHARE - FORECAST PRICE CASE
Future Net Revenue After Income Tax as of December 31,
2010
Reserve Undiscounted Discounted
Category
at 5% at 10% at at
15% 20%
M$ M$ M$ M$ M$
Proved
Developed
Producing 320 299 281 264 250
Non-Producing 587 567 546 527 508
Proved 2,439 1,927 1,532 1,222 977
Undeveloped
Total Proved 3,346 2,793 2,359 2,013 1,735
Probable 10,763 8,442 6,704 5,384 4,369
Total Proved + 14,109 11,235 9,063 7,397 6,104
Probable 2,174 1,582 1,181 904 708
Possible
Total 16,283 12,817 10,244 8,301 6,812
TOTAL COMPANY COMPANY SHARE - FORECAST PRICE CASE
Remaining Reserves as of December 31, 2010
Reserve Light Crude Heavy Crude Natural Gas NGL
Category Oil Oil
Gross Net Gross Net Gross Net Gross Net
Mbbl Mbbl Mbbl Mbbl MMcf MMcf Mbbl Mbbl
Proved
Developed
Producing 1 1 10 11 -- -- -- --
Non-Producing -- -- 31 28 -- -- -- --
Proved -- -- 85 70 -- -- -- --
Undeveloped
Total Proved 1 1 126 109 -- -- -- --
Probable 1 1 422 360 36 29 -- --
Total Proved + 2 2 548 469 36 29 -- --
Probable 1 1 75 67 -- -- -- --
Possible
Total 3 3 623 536 36 29 -- --
Sahara will file Forms 51-101F1, 51-101F2 and 51-101F3 relating to NI
51-101, concerning Sahara's oil and gas reserves as at December 31,
2010 and copies of these documents will be made available under the
Company's SEDAR profile at www.sedar.com
Forward Looking Statements
Certain information regarding Sahara set forth in this news release,
including with respect to Sahara's reserves, may constitute
forward-looking statements under applicable securities laws and
necessarily involve substantial known and unknown risks and
uncertainties. These forwardlooking statements are subject to numerous
risks and uncertainties, certain of which are beyond Sahara's control,
including without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, loss of markets, industry conditions, volatility of
commodity prices, environmental risks, the lack of availability of
qualified personnel or management, inability to obtain drilling rigs or
other services, capital expenditure costs, including drilling,
completion and facility costs, unexpected decline rates in wells, wells
not performing as expected, stock market volatility, delays resulting
from our 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 and the United States,
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, 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. Readers are cautioned that the foregoing list
of factors is not exhaustive. Sahara's actual results, performance or
achievement could differ materially from those expressed in, or implied
by, these forward-looking statements and, accordingly, no assurance 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 therefrom. Readers are cautioned
that the foregoing list of factors is not exhaustive. 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.
Additional information on these and other factors that could affect
Sahara's operations and financial results are included in reports on
file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this document are made as at
the date of this news release and Sahara 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.
Neither 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/01/c8753.html
p Peter J. Boswellbr/ Chief Executive Officerbr/ Sahara Energy Ltd.br/ Telephone: (403) 232-1359br/ Fax: (403) 232-1307br/ E-mail: a href="mailto:pete@saharaenergy.ca"pete@saharaenergy.ca/a /p