NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Crew Energy Inc. (TSX:CR) of Calgary, Alberta ("Crew" or the "Company") is
pleased to announce the results of its independent reserve evaluation for the
year ended December 31, 2010 as prepared by GLJ Petroleum Consultants Ltd.
("GLJ").
2010 HIGHLIGHTS
-- Achieved all in finding, development and acquisition costs of $11.40 per
boe on proved plus probable reserves and $11.03 per boe on proved
reserves (including future development costs and revisions).
-- Proved plus probable reserves at December 31, 2010 increased by 14% to
74.7 million boe after 2010 production of 5.0 million boe and 2010
dispositions of 7.1 million boe of proved plus probable reserves.
-- Proved reserves per share increased by 12% and proved plus probable
reserves per share increased 11% over 2009.
-- Reserve replacement was 279% (420% including replacement of the 2010
dispositions) on proved plus probable reserves and 218% (308% including
replacement of the 2010 dispositions) on proved reserves.
-- The proved plus probable reserve life index (RLI) at December 31, 2010,
based on annualized fourth quarter 2010 average production of 14,654 boe
per day, increased by 12% to 14.0 years from 12.5 years at December 31,
2009.
-- 2010 reserve additions resulted in a 32% increase in the Company's oil
and natural gas liquids proved plus probable reserves which are now 39%
of Crew's total proved plus probable reserves.
-- At Princess, Alberta the 2010 drilling program resulted in a 59%
increase in proved plus probable reserves to 24.1 million boe including
73 net undeveloped horizontal Pekisko locations. Reserves per well
increased significantly to 162,000 boe per well (90% oil) on average.
-- At Septimus, British Columbia proved plus probable reserves increased
19% to 25.7 million boe including 31 net undeveloped horizontal Montney
locations. Average per well bookings increased to 2.9 bcf per well.
-- Crew's net asset value per share at December 31, 2010 is estimated at
$13.15 per diluted share based on the proved plus probable reserve value
discounted at 10% ($17.04 per share at 5% discount). This amount was
bolstered by a 28% increase in forecasted oil and natural gas liquids
revenues (disc. at 10%) which offset an 18% decline in forecasted
natural gas revenues (disc. at 10%) due to a significant decline in
forecasted natural gas prices from 2009 to 2010.
UPDATE
In early February, the Company successfully completed the expansion of the
Septimus gas processing facility doubling its capacity from its previous limit
of approximately 25 mmcf per day. Upon completion of the expansion the Company
completed a previously arranged transaction with Aux Sable Canada Inc. ("ASC")
recovering the $16.9 million cost of the expansion from ASC which now owns 100%
of the expanded facility. Under the arrangement Crew will remain operator of the
facility and has retained the option to re-purchase a 50% interest in the
facility, at Crew's option, on or before January 1, 2014.
Also in February, Crew's banking syndicate increased the Company's credit
facility to $240 million, an increase of $30 million over the previous $210
million facility. This additional lending capacity combined with cash flow and
the proceeds from the Company's recently announced $100 million bought deal
equity financing will provide the Company with adequate available capital to
finance an increased 2011 capital program and provide capital for additional
resource capture.
The Company continues to engage in an active hedging program to ensure a base
level of cash flow to fund capital expenditures. For 2011, the Company has 16.4
mmcf per day of natural gas hedged at an average price of $5.30 per mcf and
3,250 bbl per day of WTI oil hedged at an average minimum floor price of
CDN$86.40 per bbl. For 2012, the Company has added 1,000 bbl per day of WTI oil
swapped at an average price of CDN$100.74 per bbl and has sold calls on 1,750
bbl per day of WTI oil at a price of approximately CDN $89.00 per bbl.
2011 GUIDANCE
Subject to the completion of the equity financing, Crew's Board of Directors has
approved a revised $260 million, 2011 capital expenditure budget which is
expected to incorporate the drilling of a minimum of 132 wells of which the
majority will be wells targeting oil at Princess, Alberta. This capital program
is forecasted to yield average production of between 18,300 to 19,300 boe per
day in 2011 with forecasted 2011 exit production between 21,000 and 22,000 boe
per day.
LAND HOLDINGS
The Company has completed an internal evaluation of the fair market value of the
Company's undeveloped land holdings as at December 31, 2010. This evaluation was
completed principally using industry activity levels, third party transactions
and land acquisitions that occurred in proximity to Crew's undeveloped lands
during the past year. The Company has estimated the value of its net undeveloped
acreage at $270 million.
A summary of the Company's land holdings at December 31, 2010 is outlined below:
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(acres) Developed Undeveloped Total
Gross Net Gross Net Gross Net
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Alberta 332,517 192,413 462,880 395,084 795,397 587,497
British Columbia 114,638 52,044 268,351 179,134 382,989 231,178
Other 1,440 403 377,321 37,785 378,761 38,188
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Total 448,595 244,860 1,108,552 612,003 1,557,147 856,863
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RESERVES
The reserves data set forth below is based upon an independent reserves
assessment and evaluation prepared by GLJ with an effective date of December 31,
2010 (the "GLJ Report"). The following presentation summarizes the Company's
crude oil, natural gas liquids and natural gas reserves and the net present
values before income tax of future net revenue for the Company's reserves using
forecast prices and costs based on the GLJ Report. The GLJ Report has been
prepared in accordance with the standards contained in the COGE Handbook and the
reserve definitions contained in NI 51-101.
All evaluations and reviews of future net cash flows are stated prior to any
provisions for interest costs or general and administrative costs and after the
deduction of estimated future capital expenditures for wells to which reserves
have been assigned. It should not be assumed that the estimates of future net
revenues presented in the tables below 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 reserve
estimates of our 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.
See "Information Regarding Disclosure on Oil and Gas Reserves and Operational
Information" for additional cautionary language, explanations and discussions
and "Forward Looking Information and Statements" for a statement of principal
assumptions and risks that may apply.
Reserves Summary
The Company's total proved plus probable reserves increased by 14% in 2010 to
74.7 MMboe and proved reserves increased by 15% to 45.6 MMboe. These increases
were realized despite the Company having produced 5.0 MMboe during 2010 and
having sold 7.1 MMboe of proved plus probable reserves and 4.6 MMboe of proved
reserves in 2010 comprised mainly of the Edson disposition completed in April.
The following table provides summary reserve information based upon the GLJ
Report and using the published GLJ (2011-01) price forecast.
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Oil(1) Natural gas liquids
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Comp. Comp.
Int.(3) Gross(4) Net(5) Int.(3) Gross(4) Net(5)
(Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl)
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Proved
Producing 6,484 6,483 4,909 2,307 2,291 1,791
Non-producing 574 574 437 538 538 432
Undeveloped 4,736 4,736 3,476 1,495 1,495 1,243
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Total proved 11,794 11,793 8,822 4,340 4,324 3,466
Probable 10,391 10,391 7,830 2,384 2,381 1,915
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Total proved
plus probable 22,186 22,184 16,652 6,724 6,705 5,380
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Natural gas(2) Barrels of oil equivalent(6)
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Comp. Comp.
Int.(3) Gross(4) Net(5) Int.(3) Gross(4) Net(5)
(Mmcf) (Mmcf) (Mmcf) (Mboe) (Mboe) (Mboe)
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Proved
Producing 83,848 83,409 67,392 22,766 22,675 17,932
Non-producing 27,746 27,746 22,630 5,737 5,737 4,640
Undeveloped 65,045 64,949 52,464 17,071 17,055 13,463
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Total proved 176,639 176,104 142,485 45,574 45,467 36,035
Probable 98,046 97,924 79,130 29,117 29,092 22,933
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Total proved
plus probable 274,685 274,028 221,615 74,691 74,560 58,968
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Notes:
1. Reflects light and medium oil, other than 19 mbbl of proved and 23 mbbl
of proved plus probable company interest heavy oil reserves. For the
purpose of the press release the Company has determined that these
amounts are not material for separate disclosure.
2. Includes 10.4 bcf of proved and 18.7 bcf of proved plus probable company
interest coal bed methane natural gas reserves. For the purpose of the
press release the Company has determined that these amounts are not
material for separate disclosure.
3. "Comp. Int." reserves means Crew's working interest (operating and non-
operating) share before deduction of royalties and including any royalty
interest of the Company.
4. "Gross" reserves means Crew's working interest (operating and non-
operating) share before deduction of royalties and without including any
royalty interest of the Company.
5. "Net" reserves means Crew's working interest (operated and non-operated)
share after deduction of royalty obligations, plus Crew's royalty
interest in reserves.
6. Oil equivalent amounts have been calculated using a conversion rate of
six thousand cubic feet of natural gas to one barrel of oil.
7. May not add due to rounding.
Reserves Values
The estimated before tax future net revenues associated with Crew's reserves
effective December 31, 2010 and based on the published GLJ (2011 - 01) future
price forecast are summarized in the following table:
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(MM$) 0% 5% 10% 15% 20%
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Proved
Producing 596,324 469,363 394,457 344,397 308,160
Non-producing 134,211 101,585 81,186 67,326 57,345
Undeveloped 363,509 237,217 165,402 120,271 89,820
Total proved 1,094,044 808,165 641,045 531,994 455,325
Probable 848,080 504,029 338,099 244,578 186,087
Total proved plus
probable 1,942,124 1,312,194 979,144 776,572 641,412
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Notes:
1. The estimated future net revenues are stated before deducting future
estimated site restoration costs and are reduced for estimated future
abandonment costs and estimated capital for future development
associated with the reserves.
2. May not add due to rounding.
Price Forecast
The GLJ (2011-01) price forecast is summarized as follows:
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Bow
River
Edmonton med. Natural
$US/$Cdn light crude gas at
Exchange WTI @ crude oil at AECO/NIT Westcoast
Year Rate Cushing oil Hardisty spot Station 2
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(US$/bbl) (C$/bbl) (C$/bbl) (C$/MMbtu) (C$/MMbtu)
2011 0.98 88.00 86.22 75.87 4.16 3.96
2012 0.98 89.00 89.29 75.89 4.74 4.54
2013 0.98 90.00 90.92 75.10 5.31 5.11
2014 0.98 92.00 92.96 76.23 5.77 5.57
2015 0.98 95.17 96.19 78.88 6.22 6.02
2016 0.98 97.55 98.62 80.87 6.53 6.33
2017 0.98 100.26 101.39 83.14 6.76 6.56
2018 0.98 102.74 103.92 85.21 6.90 6.70
2019 0.98 105.45 106.68 87.48 7.06 6.86
2020 0.98 107.56 108.84 89.25 7.21 7.01
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2021 + 0.98 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
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Notes:
1. Inflation is accounted for at 2.0% per year.
Reserves Reconciliation
The following summary reconciliation of Crew's Company Interest reserves
compares changes in the Company's reserves as at December 31, 2010 to the
reserves as at December 31, 2009 based on the GLJ (2011-01) future price
forecast.
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Company Interest (1) Gross(2)
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Total Total Proved Total Total Proved
Proved plus Probable Proved plus Probable
(Mboe) (Mboe) (Mboe) (Mboe)
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Balance December 31,
2009 39,682 65,741 39,610 65,648
Technical revisions 2,031 1,154 2,050 1,189
Economic factors (403) (505) (471) (592)
Exploration Discoveries 2,803 3,635 2,803 3,635
Extensions and improved
recoveries 10,944 16,703 10,937 16,696
Acquisitions 72 90 72 90
Dispositions (4,558) (7,130) (4,558) (7,130)
Production (4,996) (4,996) (4,976) (4,976)
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Balance December 31,
2010 45,574 74,691 45,467 74,560
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Notes:
(1) "Company Interest" reserves means, Crew's working interest (operating
and non-operating) share before deduction of royalties and including any
royalty interest of the Company.
(2) "Gross" reserves means Crew's working interest (operating and
non-operating) share before deduction of royalties and without including
any royalty interest of the Company.
(3) May not add due to rounding
Capital Program Efficiency
During 2010 Crew's capital expenditures (unaudited), net of dispositions,
resulted in proved plus probable reserve additions of 13.9 MMboe at a net
finding, development and acquisition ("FD&A") cost of $11.40 per boe. Proved
reserve additions in 2010 were 10.9 MMboe which were added at a net FD&A cost of
$11.03 per boe.
The Company's 2010 exploration and development expenditures of $249 million
(unaudited) included $39 million of land acquisitions. The majority of this
amount was incurred acquiring 57.8 sections of Crown land in the Company's
Princess AB area. GLJ has only assigned 6 undeveloped locations to these lands
as at December 31, 2010. Based on 3D seismic and well control, the Company
believes the majority of these sections to be prospective for Pekisko oil
discoveries.
The efficiency of the Company's capital program for the year ended December 31,
2009 is summarized below.
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2010 2009
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Proved Proved
plus plus
Proved Probable Proved Probable
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Exploration and Development
expenditures(1) ($ thousands) 248,869 248,869 109,511 109,511
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Acquisitions/(Dispositions)
(1 & 2) ($ thousands) (132,020) (132,020) (59,637) (59,637)
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Change in future development
capital(3) ($ thousands)
- Exploration and Development 7,835 52,710 66,341 67,800
- Acquisitions/Dispositions (4,601) (10,565) (600) (4,170)
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Reserves additions with
revisions and economic factors
(Mboe)
- Exploration and Development 15,375 20,987 11,663 15,953
- Acquisitions/Dispositions (4,486) (7,041) (2,769) (4,226)
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10,889 13,946 8,894 11,727
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Finding & Development Costs
(4 & 5) ($/boe)
- without revisions and
economic factors 18.67 14.83 16.55 10.58
- with revisions and economic
factors 16.70 14.37 15.08 11.11
Finding, Development &
Acquisition Costs(5 & 6)
($/boe)
- without revisions and
economic factors 12.97 11.96 14.71 9.06
- with revisions and economic
factors 11.03 11.40 13.00 9.68
Recycle Ratio(7) 2.1x 2.0x 1.7x 2.2x
Reserves Replacement 218% 279% 174% 229%
Reserve Life Index based on
annualized 2010 fourth quarter
production (years) 8.5 14.0 7.5 12.5
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Three Year Average
2008-2010
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Proved
plus
Proved Probable
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Exploration and Development
expenditures(1) ($ thousands) 550,057 550,057
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Acquisitions/(Dispositions)
(1 & 2) ($ thousands) 120,789 120,789
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Change in future development
capital(3) ($ thousands)
- Exploration and Development 130,479 223,123
- Acquisitions/Dispositions 15,697 13,054
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Reserves additions with
revisions and economic
factors (Mboe)
- Exploration and Development 35,455 53,714
- Acquisitions/Dispositions 1,847 1,837
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37,302 55,551
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Finding & Development Costs
(4 & 5) ($/boe)
- without revisions and
economic factors 20.53 13.83
- with revisions and economic
factors 19.19 14.39
Finding, Development &
Acquisition Costs(5 & 6)
($/boe)
- without revisions and
economic factors 23.34 15.71
- with revisions and economic
factors 21.90 16.33
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Notes:
(1) 2010 figures include information based on estimated unaudited financial
results that may change on the completion of the audited financial
statements.
(2) Acquisition costs related to a 2008 corporate acquisition reflects the
consideration paid for the shares acquired plus the net debt assumed,
both valued at closing and does not reflect the fair market value
allocated to the acquired oil and gas assets under Generally Accepted
Accounting Principles.
(3) Change in future development capital includes Alberta Drilling Credits
to be earned on future drilling totalling $0.3 million for proved
reserves and $0.6 million for proved plus probable reserves.
(4) The aggregate of the exploration and development costs incurred in 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 reserve additions for that year.
(5) Calculation includes changes in future development costs.
(6) Crew calculates finding, development and acquisition ("FD&A") costs
which incorporate both the costs and associated reserve additions
related to acquisitions net of any dispositions during the year. Since
acquisitions and divestitures have had a significant impact on Crew's
annual reserve replacement costs, the Company believes that FD&A costs
provide a meaningful portrayal of Crew's cost structure.
(7) The 2010 recycle ratio is calculated using the Company's 2010 operating
net back of $22.86 per boe (unaudited) which includes commodity related
hedging gains for the year.
Net Asset Value
The following table provides a calculation of Crew's estimated net asset value
at December 31, 2010 based on the estimated future net revenues associated with
Crew's proved plus probable reserves before income tax and discounted at 10% as
presented in the GLJ Report and including Crew's internal assessment of
undeveloped land values.
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5% 10%
Discount Discount
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($ thousands)
Proved plus probable reserves 1,312,194 979,144
Undeveloped Land (note 1) 269,630 269,630
Bank debt as at December 31, 2010 (note 2) (138,694) (138,694)
Estimated working capital deficiency as at
December 31, 2010 (notes 2&3) (40,707) (40,707)
Proceeds from dilutive stock options 57,502 57,502
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Net asset value 1,459,925 1,126,875
Diluted Common shares outstanding (thousands) 85,698 85,698
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Net asset value per share $17.04 $13.15
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Notes:
(1) Internally estimated value (see "Land Holdings")
(2) Figures include information based on unaudited financial results that
may change.
(3) Working capital deficiency includes an estimate of the Company's
accounts receivable less accounts payable and accrued liabilities as at
December 31, 2010.
OUTLOOK
Crew has had an active first quarter to date with plans to drill a total of 27
(26.33 net) wells including 24 (24 net) at Princess and 3 (2.33 net) at
Septimus. The Company is currently at various stages of completing and tying in
these wells and looks forward to providing additional details on the results of
these projects in March 2011 as part of our year-end financial results press
release.
The Company is currently in the process of completing its previously announced
$100 million bought deal equity financing through a syndicate of underwriters
led by Macquarie Capital Markets Canada Ltd. The financing is scheduled to close
on or about March 2, 2011.
On behalf of the Board of Directors, Management and staff, I would like to thank
our shareholders for their support. We strongly believe Crew is in a unique
position to capture significant value in its portfolio of oil and natural gas
resource plays in 2011 and beyond.
CAUTIONARY STATEMENTS
Unaudited financial information
Certain financial and operating information included in this press release for
the quarter and year ended December 31, 2010, such as finding and development
costs, production information and net asset value, are based on estimated
unaudited financial results for the quarter and year then ended, and are subject
to the same limitations as discussed under Forward Looking Information set out
below. These estimated amounts may change upon the completion of audited
financial statements for the year ended December 31, 2010 and changes could be
material.
Information Regarding Disclosure on Oil and Gas Reserves and Operational Information
In accordance with Canadian practice, production volumes are reported on a gross
basis, before deduction of Crown and other royalties, unless otherwise stated.
Unless otherwise specified, all reserve volumes in this news release and all
information derived therefrom are based on "company interest reserves" using
forecast prices and costs. "Company interest reserves" consist of "company gross
reserves" (as defined in National Instrument 51-101 adopted by the Canadian
Securities Regulators ("NI 51-101")) plus Crew's royalty interests in reserves.
"Company interest reserves" are not a measure defined in NI 51-101 and does not
have a standardized meaning under NI 51-101. Accordingly our Company interest
reserves may not be comparable to reserves presented or disclosed by other
issuers. Our oil and gas reserves statement for the year ended December 31,
2010, which will include complete disclosure of our oil and gas reserves and
other oil and gas information in accordance with NI 51-101, will be contained
within our Annual Information Form which will be available on our SEDAR profile
at www.sedar.com. In relation to the disclosure of estimates for individual
properties, such estimates may not reflect the same confidence level as
estimates of reserves for all properties, due to the effects of aggregation.
In relation to the disclosure of net asset value ("NAV"), the NAV table shows
what is normally referred to as a "produce-out" NAV calculation under which the
current value of the Company's reserves would be produced at forecast future
prices and costs and do not necessarily represent a "going concern" value of the
Company. The value is a snapshot in time and is based on various assumptions
including commodity price forecasts and foreign exchange rates that vary over
time. It should not be assumed that the future net revenues estimated by GLJ
represent the fair market value of the reserves, nor should it be assumed that
Crew's internally estimated value of its undeveloped land holdings represent the
fair market value of the lands.
Forward-looking information and statements
This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. In particular, but without
limiting the forgoing, this news release contains forward-looking information
and statements pertaining to the following: the recognition of significant
additional reserves under the heading "Reserves", the volumes and estimated
value of Crew's oil and gas reserves; the life of Crew's reserves; the volume
and product mix of Crew's oil and gas production; future oil and natural gas
prices and Crew's commodity risk management programs; future liquidity and
financial capacity; completion of the $100 million equity financing, and the
timing thereof and corresponding increase in the 2011 capital program; future
results from operations and operating metrics; 2011 budget assumptions; future
costs, expenses and royalty rates; future interest costs; the exchange rate
between the $US and $Cdn; future hedging activities; future development,
exploration, acquisition and development activities and related capital
expenditures; the number of wells to be drilled and completed and related
production expectations; the amount and timing of capital projects; the
completion of the Septimus pipeline and takeaway capacity; operating costs; the
total future capital associated with development of reserves and resources; and
forecast reductions in operating expenses.
The recovery and reserve estimates of Crew's reserves and resources provided
herein are estimates only and there is no guarantee that the estimated reserves
or resources with be recovered. In addition, forward-looking statements or
information are based on a number of material factors, expectations or
assumptions of Crew which have been used to develop such statements and
information but which may prove to be incorrect. Although Crew believes that the
expectations reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking statements
because Crew can give no assurance that such expectations will prove to be
correct. In addition to other factors and assumptions which may be identified
herein, assumptions have been made regarding, among other things: that Crew will
continue to conduct its operations in a manner consistent with past operations;
results from drilling and development activities consistent with past
operations; the continued and timely development of infrastructure in areas of
new production; the accuracy of the estimates of Crew's reserve volumes;
continued availability of debt and equity financing and cash flow to fund Crew's
current and future plans and expenditures; the impact of increasing competition;
the general stability of the economic and political environment in which Crew
operates; the general continuance of current industry conditions; the timely
receipt of any required regulatory approvals; the ability of Crew to obtain
qualified staff, equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects in which Crew has
an interest in to operate the field in a safe, efficient and effective manner;
the ability of Crew to obtain financing on acceptable terms; field production
rates and decline rates; the ability to replace and expand oil and natural gas
reserves through acquisition, development and exploration; the timing and cost
of pipeline, storage and facility construction and expansion and the ability of
Crew to secure adequate product transportation; future commodity prices;
currency, exchange and interest rates; regulatory framework regarding royalties,
taxes and environmental matters in the jurisdictions in which Crew operates; and
the ability of Crew to successfully market its oil and natural gas products.
The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon. Such
information and statement, including the assumptions made in respect thereof,
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to defer materially from those anticipated in such
forward-looking information or statements including, without limitation: changes
in commodity prices; changes in the demand for or supply of Crew's products;
unanticipated operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters; changes in
development plans of Crew or by third party operators of Crew's properties,
increased debt levels or debt service requirements; inaccurate estimation of
Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack
of access to capital markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks detailed from
time-to-time in Crew's public disclosure documents, (including, without
limitation, those risks identified in this news release and Crew's Annual
Information Form).
The forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Crew does not assume any
obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
The securities offered under Crew's financing have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or applicable exemption
from the registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful.
BOE equivalent
Barrel of oil equivalents or BOEs 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.
Crew is a Calgary, Alberta based oil and gas exploration, development and
production company whose shares are traded on The Toronto Stock Exchange under
the trading symbol "CR".
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