Record Results and Outperformance
Underscores
Low Cost Glacier Montney Natural Gas
Supply
& Continuing Growth
(TSX: AAV, NYSE: AAV)
CALGARY, March 2, 2017 /CNW/ - Advantage Oil & Gas
Ltd. ("Advantage" or the "Corporation") is pleased to report the
Corporation outperformed its 2014 through 2016 Glacier Montney
development plan objectives and achieved record operating and
financial results in 2016. During the last three years, Advantage
transformed into a North American leading low cost Montney natural gas and liquids producer with
strong investment returns despite extended periods of historically
low commodity prices. As we embark on our 2017 through 2019
development plan and beyond, our achievements have further
strengthened the Corporation's capacity to continue delivering
profitable and sustainable growth based on a disciplined strategy
supported by a strong hedging program, market diversification and
firm transportation service. As we continue growth from our
fourth quarter 2016 production rate of 221 mmcfe/d (36,844 boe/d)
to a target of 316 mmcfe/d (52,670 boe/d) in 2019, we are excited
to continue development of our vast Montney natural gas and liquids resource
contained within the Corporation's land holdings.
We sincerely thank Advantage's Board of Directors and our
shareholders for their guidance and ongoing support. We especially
wish to thank our staff for their dedication and extra-efforts who
have contributed to the Corporation's success in achieving stellar
2016 results and for their accomplishments in the last three years
which are summarized below.
Resource Delineation and Capture
During the last three years, the Corporation grew its
Montney land holdings by 30%
through the acquisition of 36 net sections (23,040 net acres) of
targeted high quality lands through Alberta government land sales and producer
transactions for a total cost of $13
million. These sections were high graded based on
Advantage's geo-technical interpretations and complement the
Corporation's existing Montney
land holdings. Since 2008, a total of 181 Montney horizontal
wells have been drilled at Glacier leading to commercialization of
five development layers which are estimated to contain
approximately 1,100 future drilling locations. At our
Valhalla land block, we have
drilled three initial evaluation wells which confirmed natural gas
liquids and an additional four wells are planned to be drilled in
2017. At our Wembley and
Progress land blocks, industry drilling, in close proximity to our
lands, have demonstrated encouraging results and Advantage plans to
drill initial evaluation wells within the next 12 to 18 months.
Advantage currently has a total of 157 net sections (100,480
net acres) of Montney lands which
is 100% operated and controlled.
Operational Excellence
Over the last three years, Advantage increased annual production
by 74% (61% per share) to 203 mmcfe/d (33,890 boe/d) and reduced
operating costs per mcfe by 44% to $0.27/mcfe ($1.62/boe) in 2016. Through the application
of new technologies in conjunction with Advantage's Montney expertise, significant improvements in
well performance combined with lower well and facilities costs
contributed to improving all-in capital efficiencies to
$7,330/boe/d in 2016. Reserves
additions have been achieved at an average three year proved plus
probable finding and development ("F&D") cost of $0.46/mcfe ($2.76/boe) and proved F&D cost of
$0.75/mcfe ($4.53/boe) including the change in future
development capital. Advantage's 100% owned Glacier gas plant
was expanded from 160 mmcf/d in 2014 to 250 mmcf/d in 2016 with a
current expansion underway to further increase raw processing
capacity to 400 mmcf/d by the second quarter of 2018. These
achievements have created a solid foundation for a continued
industry leading low cost structure and targeted production growth
to 316 mmcfe/d (52,670 boe/d) in 2019.
Financial Strength
Advantage reduced its year-end total debt from $289 million in 2013 to $159 million in 2016 including reductions in its
total capital program requirements by $177
million, growing its cash flow by 96% (81% per share) and
achieving hedging gains of $73
million during the last three years. Total
corporate cash costs were reduced by 53% to $0.66/mcfe ($3.96/boe) in 2016 resulting in strong operating
netbacks of $2.83/mcfe ($16.98/boe) in the fourth quarter of 2016.
Advantage generated $39 million of
surplus cash (funds from operations less capital) in 2016 which
contributed to a strong balance sheet with a 2016 year-end total
debt to trailing cash flow ratio of 1.0 and an undrawn credit
facility of $247 million to provide
significant financial flexibility. Additionally, a commodity
risk management and market diversification program is in place
through 2019 to provide downside commodity price protection.
As a result, Advantage's 2017 through 2019 development plan is
highly resilient and estimated to result in a total 2019 year-end
debt to trailing cash flow ratio of 0.2 assuming a three year AECO
natural gas price assumption of Cdn $2.95/mcf. Assuming an average three year AECO
natural gas price assumption of Cdn $2.00/mcf or $3.50/mcf, total 2019 year-end debt to trailing
cash flow ratios are estimated to be 1.4 or 0.0, including the
Corporation's current hedging positions, respectively.
Commodity Risk Management, Transportation and Market
Diversification
Advantage has continued with a multi-year commodity risk
management program in conjunction with its Montney development which began in 2008.
The volume and price targets related to our hedging positions have
and will continue to vary based on future capital program
content. Since we have significantly reduced our corporate
cash costs and improved capital efficiencies, a smaller volume of
hedging, even at lower commodity prices than historical levels, can
generate strong returns. Advantage has also proactively
secured increasing levels of firm sales gas transportation service
of up to 308 mmcf/d which will satisfy 100% of the Corporation's
annual production targets (natural gas and liquids) of 236 mmcfe/d,
272 mmcfe/d and 316 mmcfe/d for 2017, 2018 and 2019,
respectively. We have diversified our end-markets by securing
Henry Hub to AECO basis differentials of US$0.85/mcf on 25,000 mcf/d for calendar 2018 and
US$0.88/mcf on 50,000 mcf/d for
calendar 2019. Our exposure to AECO prices are estimated to
be approximately 57% in 2017.
The Corporation's achievements and strategic positioning further
bolsters our confidence in the future development of Advantage's
Montney assets to continue
generating attractive investment returns and to compete as an
industry leading North American natural gas and liquids supply
source. We look forward to reporting on our development plan
execution over the next three years.
Note: Please refer to Advantage's Year-end 2016
Reserves press release dated February 7,
2017 for additional details. F&D costs are calculated by
dividing total capital by reserve additions during the applicable
period. Total capital includes both capital expenditures incurred
and changes in future development capital required to bring proved
undeveloped reserves and probable reserves to production during the
applicable period. Reserve additions are calculated as the change
in reserves from the beginning to the end of the applicable period
excluding production.
2016 Operating and Financial Highlights (please refer to the
summary table at the end of this release)
Fourth quarter 2016 production was up 42% to a record 221
mmcfe/d (36,844 boe/d) and up 44% to average 203 mmcfe/d (33,890
boe/d) in 2016 representing a 36% increase on a per share
basis. Liquids production was up 494% on an annual basis to 915
bbls/d as compared to 2015. The Corporation's strategy to
maintain excess Montney well
productivity and to retain available processing capacity at its
100% owned Glacier gas plant provided operational flexibility to
capitalize on strengthening gas prices and to offset TransCanada
Pipeline Limited's ("TCPL") sales gas transportation restrictions
during 2016 and particularly in the fourth quarter of 2016.
Operating costs in the fourth quarter of 2016 were reduced by
37% to a record low of $0.22/mcfe
($1.32/boe) and reduced on an
annual basis by 25% to $0.27/mcfe
($1.62/boe) compared to the same
periods of 2015. This outstanding achievement was made possible by
Advantage's continued focus on operational excellence and through
the dedicated efforts of our Montney team.
Strong cash flow growth resulted in $39 million of surplus cash (funds from
operations less capital expenditures) during 2016.
Annual cash flow was up 35% to $167
million and up 28% on a per share basis to $0.92 which included hedging gains of
$53 million. Advantage's cash
netback for 2016 was $2.24/mcfe
($13.44/boe) which represents 78% of
the realized sales price, including hedging.
Total debt (including working capital deficit) was reduced by
$134 million to $159 million during 2016 resulting in a
year-end 2016 total debt to trailing cash flow of approximately
1.0x. These achievements were attained despite an average
daily AECO natural gas price of $2.16/mcf during 2016. Capital spending
during the fourth quarter of 2016 was $30
million and $128 million for
2016.
Current Activity Update and Looking Forward
Advantage currently has 13 completed, standing wells which are
expected to provide sufficient field production capability to
increase annual production by 16% to our 2017 production target of
236 mmcfe/d (39,337 boe/d). The average drill, complete,
equipping and tie-in costs for the 13 wells based on actual costs
to date and Management estimates are $4.4
million/well which reflects Advantage's structural cost
reductions as well as the continuation of lower service costs in
2016. A new 16 well pad will be rig released in the first
quarter of 2017 and will be completed during the latter part of
this year to support production growth through 2018.
The Corporation's Glacier gas plant expansion to increase raw
processing capacity from 250 mmcf/d to 400 mmcf/d, including
increasing propane plus ("C3+") liquids extraction capacity to
6,800 bbls/d, is progressing on-track. Approval has been received
from the Alberta Energy Regulator ("AER") and engineering design
and equipment orders have been completed. Construction is
expected to commence during the second half of 2017 with completion
targeted by the second quarter of 2018.
To achieve our 2017 through 2019 production growth, a total of
approximately 83 new Montney wells
will be required to be drilled out of our estimated drilling
inventory of 1,100 future locations at Glacier. This is
targeted to drive annual production growth by 53% to 316 mmcfe/d
(52,670 boe/d) in 2019. Operational flexibility to allow for
increasing growth targets and varying the number of dry gas wells
versus liquids rich wells have been included in our development
plan.
Commodity Risk Management Program & Market
Diversification
Advantage has hedged 45% of its 2017 targeted natural gas
production at an average AECO price of Cdn $3.19/mcf, 22% of 2018 targeted natural gas
production at an average AECO price of Cdn $3.02/mcf and 18% of Q1 2019 targeted natural gas
production at an average AECO price of Cdn $3.00/mcf (% hedged is net of royalties).
Additionally, we have secured Henry Hub to AECO basis
differentials of US$0.85/mcf on
25,000 mcf/d for calendar 2018 and US$0.88/mcf on 50,000 mcf/d for calendar 2019 to
diversify our natural gas markets.
We believe taking a disciplined approach to managing commodity
price risk for 2018 and beyond will be prudent as supply and demand
fundamentals are expected to remain volatile.
Consolidated Financial Statements and MD&A
The Corporation's audited consolidated financial statements for
the fiscal year ended December 31,
2016 together with the notes thereto, and Management's
Discussion and Analysis for the year ended December 31, 2016 have been filed on SEDAR and
with the SEC and are available on the Corporation's website at
http://www.advantageog.com/investors/financial-reports/2016. The
Corporation's audited consolidated financial statements for the
fiscal year ended December 31, 2015
are also available on the Corporation's website via the same
webpage. Upon request, Advantage will provide a hard copy of any
financial reports free of charge.
Fourth Quarter and Full Year 2016 Operating & Financial
Summary
|
Three months
ended
|
Year
ended
|
Financial and
Operating Highlights
|
December
31
|
December
31
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
Financial ($000,
except as otherwise indicated)
|
|
|
|
|
Sales including
realized hedging
|
$
|
71,090
|
$
|
42,654
|
$
|
215,027
|
$
|
165,054
|
Funds from
operations
|
$
|
54,610
|
$
|
31,656
|
$
|
166,861
|
$
|
123,630
|
|
per
share(1)
|
$
|
0.30
|
$
|
0.19
|
$
|
0.92
|
$
|
0.72
|
Total capital
expenditures
|
$
|
30,043
|
$
|
27,604
|
$
|
128,014
|
$
|
164,983
|
Working capital
deficit(2)
|
$
|
6,167
|
$
|
7,196
|
$
|
6,167
|
$
|
7,196
|
Bank
indebtedness
|
$
|
153,102
|
$
|
286,519
|
$
|
153,102
|
$
|
286,519
|
Basic weighted
average shares (000)
|
184,641
|
170,742
|
182,056
|
170,608
|
Operating
|
|
|
|
|
Daily
Production
|
|
|
|
|
|
Natural gas
(mcf/d)
|
215,369
|
154,241
|
197,852
|
139,927
|
|
Liquids
(bbls/d)
|
949
|
179
|
915
|
154
|
|
Total
mcfe/d(3)
|
221,063
|
155,315
|
203,342
|
140,851
|
|
Total
boe/d(3)
|
36,844
|
25,886
|
33,890
|
23,475
|
Average prices
(including hedging)
|
|
|
|
|
|
Natural gas
($/mcf)
|
$
|
3.35
|
$
|
2.96
|
$
|
2.75
|
$
|
3.18
|
|
Liquids
($/bbl)
|
$
|
53.01
|
$
|
43.24
|
$
|
47.97
|
$
|
44.60
|
Cash netbacks
($/mcfe)(3)
|
|
|
|
|
|
Natural gas and
liquids sales
|
$
|
3.17
|
$
|
2.37
|
$
|
2.18
|
$
|
2.57
|
|
Realized gains on
derivatives
|
0.32
|
0.61
|
0.71
|
0.64
|
|
Royalties
|
(0.18)
|
(0.10)
|
(0.07)
|
(0.11)
|
|
Operating
expense
|
(0.22)
|
(0.35)
|
(0.27)
|
(0.36)
|
|
Transportation
expense (4)
|
(0.26)
|
-
|
(0.09)
|
-
|
Operating
netback
|
2.83
|
2.53
|
2.46
|
2.74
|
|
General and
administrative
|
(0.08)
|
(0.11)
|
(0.10)
|
(0.14)
|
|
Finance
expense
|
(0.09)
|
(0.21)
|
(0.13)
|
(0.21)
|
|
Other income
(expense)
|
0.02
|
(0.01)
|
0.01
|
0.01
|
Cash
netbacks
|
$
|
2.68
|
$
|
2.20
|
$
|
2.24
|
$
|
2.40
|
|
|
(1)
|
Based on basic
weighted average shares outstanding.
|
(2)
|
Working capital
deficit includes trade and other receivables, prepaid expenses and
deposits, and trade and other accrued liabilities.
|
(3)
|
A boe and mcfe
conversion ratio has been calculated using a conversion rate of six
thousand cubic feet of natural gas equivalent to one barrel of
liquids.
|
(4)
|
Please note that
commencing on November 1, 2016, Advantage requested that its gas
marketing contract be modified to reflect natural gas transportation as
a cost. Prior to November 1, 2016, Advantage's
realized natural gas prices
were reduced for natural gas transportation from the sales points
to AECO. This change has no effect on funds from operations, cash
netbacks, or net income (loss), however, Advantage believes
this is more
instructive for our investors to compare cost structures going
forward.
|
Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
These statements relate to future events or our future intentions
or performance. All statements other than statements of historical
fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "guidance",
"demonstrate", "expect", "may", "can", "will", "project",
"predict", "potential", "target", "intend", "could", "might",
"should", "believe", "would" and similar expressions and include
statements relating to, among other things, the Corporation's plans
to continue development of its Montney oil and natural gas resource contained
within its land holdings and increase production, including the
targeted amount of such production increase to be achieved by 2019;
the Corporation's drilling plans for 2017, including the
anticipated number of wells to be drilled and completed and the
expected timing thereof; anticipated number of future
drilling locations and the Corporation's focus on developing such
locations including the number of locations to be developed and the
expected timing thereof; the proposed expansion of Advantage's
Glacier gas plant processing capacity, including the anticipated
timing that construction will commence and be completed on the
proposed expansion; the Corporation's belief that its firm sales
gas transportation service will satisfy its annual production
targets from 2017 to 2019; Advantage's estimated exposure to AECO
prices in 2017; the Corporation's belief that its completed,
standing wells will provide sufficient field production capability
to increase annual production to its 2017 production target,
including the amount of such production target; anticipated
commodity prices; Advantage's future hedging positions; the
Corporation's belief that taking a disciplined approach to managing
commodity price risk for 2018 and beyond will be prudent as supply
and demand fundamentals are expected to remain volatile; and other
matters. Advantage's actual decisions, activities, results,
performance or achievement could differ materially from those
expressed in, or implied by, such 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, what benefits that Advantage will
derive from them.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Advantage's control,
including, but not limited to: changes in general economic, market
and business conditions; industry conditions; impact of significant
declines in market prices for oil and natural gas; actions by
governmental or regulatory authorities including increasing taxes
and changes in investment or other regulations; changes in tax
laws, royalty regimes and incentive programs relating to the oil
and gas industry; the effect of acquisitions; Advantage's success
at acquisition, exploitation and development of reserves;
unexpected drilling results; changes in commodity prices, currency
exchange rates, capital expenditures, reserves or reserves
estimates and debt service requirements; the occurrence of
unexpected events involved in the exploration for, and the
operation and development of, oil and gas properties, including
hazards such as fire, explosion, blowouts, cratering, and spills,
each of which could result in substantial damage to wells,
production facilities, other property and the environment or in
personal injury; changes or fluctuations in production levels;
delays in anticipated timing of drilling and completion of wells;
delays in completion of the expansion of the Glacier gas plant;
lack of available capacity on pipelines; individual well
productivity; competition from other producers; the lack of
availability of qualified personnel or management; credit risk;
changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are
interpreted and enforced; our ability to comply with current and
future environmental or other laws; stock market volatility and
market valuations; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and
natural gas reserves; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; geological,
technical, drilling and processing problems and other difficulties
in producing petroleum reserves; ability to obtain required
approvals of regulatory authorities; and ability to access
sufficient capital from internal and external sources. Many of
these risks and uncertainties and additional risk factors are
described in the Corporation's Annual Information Form which is
available at www.Sedar.com and www.advantageog.com. Readers are
also referred to risk factors described in other documents
Advantage files with Canadian securities authorities.
With respect to forward-looking statements contained in this
press release, Advantage has made assumptions regarding, but not
limited to: conditions in general economic and financial markets;
effects of regulation by governmental agencies; current and future
commodity prices and royalty regimes; future exchange rates;
royalty rates; future operating costs, cash costs and liquids
transportation costs; frac stages per well; lateral lengths per
well; well costs; availability of skilled labor; availability of
drilling and related equipment; timing and amount of capital
expenditures; the impact of increasing competition; the price of
crude oil and natural gas; that the Corporation will have
sufficient cash flow, debt or equity sources or other financial
resources required to fund its capital and operating expenditures
and requirements as needed; that the Corporation's conduct and
results of operations will be consistent with its expectations;
that the Corporation will have the ability to develop the
Corporation's properties in the manner currently contemplated;
available pipeline capacity; that the Corporation will be able to
complete the expansion and increase capacity at the Glacier gas
plant; that Advantage's production will increase; current or, where
applicable, proposed assumed industry conditions, laws and
regulations will continue in effect or as anticipated; and that the
estimates of the Corporation's production and reserves volumes and
the assumptions related thereto (including commodity prices and
development costs) are accurate in all material respects.
Production estimates contained herein for the years ended
December 31, 2017, 2018 and 2019 are
expressed as anticipated average production over the calendar year.
In determining anticipated production for the years ended
December 31, 2017, 2018 and 2019
Advantage considered historical drilling, completion and production
results for prior years and took into account the estimated impact
on production of the Corporation's 2017, 2018 and 2019 expected
drilling and completion activities.
Management has included the above summary of assumptions and
risks related to forward-looking information in order to provide
shareholders with a more complete perspective on Advantage's future
operations and such information may not be appropriate for other
purposes. Advantage'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 Advantage will derive there from. Readers are
cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of
this press release and Advantage disclaims any intent or obligation
to update publicly any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
This press release contains a number of oil and gas metrics,
including F&D cost, operating netback, and reserve additions,
which do not have standardized meanings or standard methods of
calculation and therefore such measures may not be comparable to
similar measures used by other companies and should not be used to
make comparisons. Such metrics have been included herein to provide
readers with additional measures to evaluate the Corporation's
performance; however, such measures are not reliable indicators of
the future performance of the Corporation and future performance
may not compare to the performance in previous periods and
therefore such metrics should not be unduly relied upon. Management
uses these oil and gas metrics for its own performance measurements
and to provide securityholders with measures to compare Advantage's
operations over time. Readers are cautioned that the information
provided by these metrics, or that can be derived from the metrics
presented in this news release, should not be relied upon for
investment or other purposes. Operating netback is calculated by
adding natural gas and liquids sales with realized gains and losses
on derivatives and subtracting royalty expense, operating expense
and transportation expense.
Barrels of oil equivalent (boe) and thousand cubic feet of
natural gas equivalent (mcfe) may be misleading, particularly if
used in isolation. Boe and mcfe conversion ratios have been
calculated using a conversion rate of six thousand cubic feet of
natural gas equivalent to one barrel of oil. A boe and mcfe
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.
This press release discloses drilling locations in three
categories: (i) proved locations; (ii) probable locations; and
(iii) unbooked locations. Proved locations and probable locations
are derived from the Corporation's most recent independent reserves
evaluation as prepared by Sproule Associates Limited as of
December 31, 2016 and account for
drilling locations that have associated proved and/or probable
reserves, as applicable. Of the 1,100 drilling locations disclosed
in this press release, 793 are unbooked locations. Unbooked
locations are internal estimates based on the Corporation's
prospective acreage and an assumption as to the number of wells
that can be drilled per section based on industry practice and
internal review. Unbooked locations do not have attributed
reserves. Unbooked locations have been identified by management as
an estimation of our multi-year drilling activities based on
evaluation of applicable geologic, seismic, engineering, production
and reserves information. There is no certainty that the
Corporation will drill all unbooked drilling locations and if
drilled there is no certainty that such locations will result in
additional oil and gas reserves, resources or production. The
drilling locations on which Advantage actually drills wells will
ultimately depend upon the availability of capital, regulatory
approvals, seasonal restrictions, oil and natural gas prices,
costs, actual drilling results, additional reservoir information
that is obtained and other factors. While certain of the unbooked
drilling locations have been derisked by drilling existing wells in
relative close proximity to such unbooked drilling locations, other
unbooked drilling locations are farther away from existing wells
where management has less information about the characteristics of
the reservoir and therefore there is more uncertainty whether wells
will be drilled in such locations and if drilled there is more
uncertainty that such wells will result in additional oil and gas
reserves, resources or production.
The Corporation discloses several financial measures that do
not have any standardized meaning prescribed under International
Financial Reporting Standards ("IFRS"). These financial measures
include operating netbacks, cash netbacks, surplus cash and total
debt to trailing cash flow ratio. Cash netbacks are dependent on
the determination of funds from operations and include the primary
cash sales and expenses on a per mcfe basis that comprise funds
from operations. Total debt to trailing cash flow ratio is
calculated as indebtedness under the Corporation's credit
facilities plus working capital deficit divided by funds from
operations for the prior twelve month period. Management believes
that these financial measures are useful supplemental information
to analyze operating performance and provide an indication of the
results generated by the Corporation's principal business
activities. Investors should be cautioned that these measures
should not be construed as an alternative to net income or other
measures of financial performance as determined in accordance with
IFRS. Advantage's method of calculating these measures may differ
from other companies, and accordingly, they may not be comparable
to similar measures used by other companies. Please see the
Corporation's most recent Management's Discussion and Analysis,
which is available at www.sedar.com and www.advantageog.com for
additional information about these financial measures, including a
reconciliation of funds from operations to cash provided by
operating activities.The following abbreviations used in this press
release have the meanings set forth below:
boe
|
barrels of oil
equivalent of natural gas, on the basis of one barrel of oil or
NGLs for six thousand cubic feet of natural gas
|
boe/d
|
barrels of oil
equivalent per day
|
GJ
|
gigajoule
|
kpa
|
kilopascal
|
mcf
|
thousand cubic
feet
|
mcfe
|
thousand cubic
feet equivalent on the basis of six thousand cubic feet of natural
gas for one barrel of oil or NGLs
|
mmcf
|
million cubic
feet
|
mmcf/d
|
million cubic feet
per day
|
mmcfe
|
million cubic feet
equivalent
|
mmcfe/d
|
million cubic feet
equivalent per day
|
SOURCE Advantage Oil & Gas Ltd.