Anterra Announces 136% Increase to 2013 Year-End Reserves
April 08 2014 - 8:00AM
Marketwired
Anterra Announces 136% Increase to 2013 Year-End Reserves
CALGARY, ALBERTA--(Marketwired - Apr 8, 2014) - Anterra Energy
Inc. ("Anterra" or the "Company") (TSX-VENTURE:AE.A)(OTCQX:ATERF)
is pleased to report that its oil and gas reserves as at December
31, 2013 increased 3.3 million barrels of oil equivalent ("MMboe')
or 136% over December 31, 2012 year-end reserves, on a proved plus
probable basis.
Year-end 2013 reserves increased 1.7 MMboe or 154% on a Proved
basis over year-end 2012 reserves. The year-over-year increases are
primarily the result of two significant acquisitions during the
year that added 1.9 MMboe of Proved and 3.5 MMboe of Proved plus
Probable reserves at a cost of $11.20 per Proved boe, $6.21 per
Proved plus Probable boe.
Highlights
- Increased Proved plus Probable Oil and NGL reserves by 143% to
5.1 million barrels over December 31, 2012 reserves of 2.1 million
barrels.
- Oil and NGLs make up 90% of the Company's Proved reserves and
Proved plus Probable reserves.
- Total Proved reserves represent 50.4% of Proved plus Probable
reserves at year-end 2013.
- The Net Present Value of Future Net Revenue before income tax,
discounted at 10%, increased 118% to $47.9 million on a Proved
basis, and increased 134% to $84.6 million on a Proved plus
Probable basis.
Reserve Summary, as at December 31, 2013(1) |
(Forecast Pricing) |
Company Interest Reserves(2) |
|
Description |
Oil & NGLs (Mbbl) |
Gas (MMcf) |
Total (Mboe) |
NPV BT, $M (0% Discount) |
NPV BT, $M (10% Discount) |
Proved producing |
1,640 |
1,021 |
1,809 |
$43,682 |
$28,069 |
Proved non-producing |
76 |
12 |
78 |
1,774 |
1,361 |
Proved undeveloped |
860 |
754 |
986 |
42,770 |
18,460 |
Total proved(3) |
2,576 |
1,787 |
2,873 |
$88,225 |
$47,890 |
Probable |
2,548 |
1,646 |
2,823 |
90,327 |
36,735 |
Total proved plus probable(3) |
5,124 |
3,433 |
5,696 |
$178,552 |
$84,626 |
|
(1) Based on Deloitte LLP's January 1, 2014 forecast
prices. |
(2) Company interest reserves are the Company's total working
interest reserves before royalties. |
(3) Numbers may not add due to rounding. |
The Company's reserves were evaluated by independent reserves
evaluator Deloitte LLP in compliance with the definitions,
standards and procedures contained in the Canadian Oil and Gas
Evaluation Handbook ("COGE Handbook") and National Instrument
51-101, Standards of Disclosure For Oil and Gas Activities ("NI
51-101"). Estimates of future net revenue in this news release
do not represent fair market value. Additional reserve information
as required under NI 51-101 is available on the Company's website
at www.anterraenergy.com, or on SEDAR at www.sedar.com.
About Anterra Energy Inc.
Anterra is an independent oil focused junior exploration and
production company with an expanding presence in the Western
Canadian Sedimentary Basin. The Company is actively engaged in the
acquisition, development and production of oil and natural gas
complemented by the operation of fee-based midstream facilities.
The Company is a public Canadian company listed on the TSXV under
the symbol "AE.A" and traded on the OTCQX International under the
symbol "ATERF". Additional information is available on the
Company's website at www.anterraenergy.com.
Reader Advisories
Neither the 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.
Forward-Looking Information
This News Release contains forward-looking statements or
information (collectively referred to herein as "forward-looking
statements") relating to "reserves" Reserves are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves
described exist in quantities predicted or estimated and that the
reserves can be profitably produced in the future.
The forward-looking statements contained in this News
Release are based on Anterra management's current beliefs as well
as assumptions made by, and information currently available to,
Anterra management concerning anticipated business
conditions.
Forward-looking statements are not guarantees of future
performance and the reader should not place undue reliance on these
forward-looking statements as there can be no assurances that the
assumptions, plans, initiatives or expectations upon which they are
based will occur. In addition, the forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that could cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements. Such factors include, among others: general economic
and business conditions; the price of and demand for oil and
natural gas and their effect on the economics of oil and gas
exploration; actions by governmental authorities; and, changes in
government regulations and the expenditures required to comply with
them (including, but not limited to, the changes in taxes or the
royalty or other share of production taken by governmental
authorities). Should one or more of these risks or uncertainties
materialize, or should any of the Company's assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. Readers are cautioned
that the foregoing list of risks, uncertainties and other factors
is not exhaustive. Unpredictable or unknown factors not discussed
could also have material adverse effects on forward-looking
statements. The impact of any one factor on a particular
forward-looking statement is not determinable with certainty as
such factors are dependent on other factors, and the Company's
course of action would depend on its assessment of the future
considering all information then available. All forward-looking
statements in this News Release are expressly qualified in their
entirety by these cautionary statements. Except as required by law,
the Company assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
BOE Conversion
Certain natural gas volumes have been converted to barrels
of oil equivalent ("boe") using six thousand cubic feet ("mcf") of
gas equal to one barrel ("bbl") of oil unless otherwise stated.
This conversion ratio is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Such disclosure of
boes may be misleading, particularly if used in isolation.
Anterra Energy Inc.Gang FangChief Executive Officer(403)
215-2383fangg@anterraenergy.comAnterra Energy Inc.Owen C.
PinnellChairman(403)
215-2427pinnello@anterraenergy.comwww.anterraenergy.com