Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is
pleased to announce a strategic acquisition with Little Rock
Resources Ltd. (“Little Rock”) and its second quarter 2019
financial and operating results. Selected financial and operational
information is outlined below and should be read in conjunction
with Razor’s unaudited condensed consolidated interim financial
statements and management’s discussion and analysis for the quarter
ended June 30, 2019 which are available on SEDAR at www.sedar.com
and the Company’s website www.razor-energy.com.
STRATEGIC ACQUISITION
The Company has entered into a binding
pre-acquisition agreement (the “Pre-Acquisition
Agreement”) with Little Rock, an arm’s length private
exploration and production company operating in southern Alberta.
The Pre-Acquisition Agreement provides for the acquisition by Razor
of all the issued and outstanding common shares (the
“Little Rock Shares”) of Little
Rock (the “Transaction”). There are 13,293,405
Little Rock Shares issued and outstanding.
Under the terms of the Pre-Acquisition
Agreement, Little Rock shareholders will receive 0.45 of a Razor
common share for each Little Rock Share held. All the officers and
directors of Little Rock have entered into support agreements in
favor of the Transaction. The Transaction includes a reciprocal
break fee of $0.5 million.
The Transaction implies a value of approximately
$12.7 million for Little Rock, including $10.6 million of equity
from Razor and the assumption of Little Rock’s net debt of $2.1
million. Little Rock’s current production is approximately 900
boe/d, while independently evaluated proved developed producing
reserves were 2.15 MMBoe at December 31, 2018.
STRATEGIC RATIONALE
Razor has focused on the exploitation and
optimization of legacy oil and gas producing fields, as
demonstrated with its success in Swan Hills and Kaybob. Little
Rock’s assets share similar operational criteria and opportunities
and provide Razor with a second core region in southern Alberta,
with a significant presence in the Jumpbush, Majorville, Badger,
Enchant and Chin Coulee areas. Razor is aggressively seeking
additional corporate and asset consolidation opportunities.
The table below are values and metrics based on
Little Rock’s Reserve Report (as defined herein):
Reserves Category |
Net Present Value of Future Net Revenue, Before Income Taxes
Discounted at 10% 1 |
Working Interest Reserves boe |
Working Interest Reserves boe / Implied Transaction Value |
Proved Producing |
$16,451,000 |
2,148,000 |
$5.93 |
Total Proved |
$42,087,000 |
3,228,000 |
$3.95 |
Total Proved Plus Probable |
$68,394,000 |
4,719,000 |
$2.70 |
1) Estimated values of future net revenue
disclosed do not represent fair market value.
Using strip pricing assumptions and select
maintenance spending, the total Transaction cost (including assumed
debt) is approximately 3.6 times estimated annualized 2019 funds
flow.
In addition to over 400 boe/d of well
reactivation upside, drilling upside within certain Mannville
lithic channels has been identified. Razor will carefully consider
using different techniques to exploit this resource. Power
generation, transportation and oil marketing opportunities will
also be pursued within the areas.
The board of directors of each of Razor and
Little Rock have unanimously approved the Transaction and
recommended that Little Rock shareholders support the Transaction.
The Transaction remains subject to customary closing conditions
including the acquisition by Razor of not less than 90% of the
Little Rock shares, the TSX Venture Exchange and other regulatory
approvals, and is expected to close on or about September 19,
2019.
NEAR AND MEDIUM-TERM
OBJECTIVES
• Strengthening the
balance sheet by reducing capital spend for the remainder of 2019
and actively seeking and considering business combinations with
other oil and gas producers as well as service companies;•
Continuing to invest in infrastructure and equipment
and increasing efficiencies;• Improving
production efficiency through low-risk, lower-cost capital
activities which include waterflood optimization,
stimulations, recompletions and workovers;•
Developing a technically viable and commercially
sustainable solution to recover geothermal waste heat;•
Analyzing further ancillary opportunities including
various power generating projects, oil blending and services
integration;• Maintaining the monthly dividend;
and• Acquiring and consolidating complementary
assets and disposing assets when appropriate.
Q2 2019 HIGHLIGHTS
OPERATING
• Sales volumes averaged
4,332 boe/d, down 14% from the same quarter of last year, mainly
due to operational challenges resulting from third party fuel gas
composition and supply issues, the failure of a third-party fuel
gas line that caused outages at Razor's major Swan Hills properties
and wells awaiting downhole repair. Sales volumes were higher than
production volumes in the second quarter as the Company continued
selling inventory accumulated during Q4 2018.•
Reported cash flows from operating activities of $8.3 million
in the second quarter of 2019 compared to $3.8 million in the
second quarter of 2018.• Reported funds flow of
$3.9 million in the second quarter of 2019 compared to $8.5 million
in the second quarter of 2018.• Reported a $1.7
million net loss in the second quarter of 2019 compared to $2.5
million net income in the same period last year.
CAPITAL
• Invested $4.6 million
in its capital program in the second quarter of 2019, primarily in
the well reactivation program.• Reactivated 11
gross (10.9 net) wells during the second quarter of 2019, resulting
in 205 boe/d of additional production.
DIVIDENDS
• Paid a monthly cash dividend of
$0.0125 per share for a total of $0.6 million in dividends paid in
the quarter. The dividend is paid monthly and is
subject to commodity prices, production levels and other
factors.
SELECT QUARTERLY HIGHLIGHTS
The following tables summarizes key financial
and operating highlights associated with the Company’s financial
performance.
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
($000's, except for per share
amounts and production) |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Production |
Light Oil (bbl/d) |
2,744 |
|
3,274 |
|
2,704 |
|
3,153 |
|
Gas (mcf/d) 1 |
3,414 |
|
4,056 |
|
3,670 |
|
3,673 |
|
NGL (boe/d) |
831 |
|
1,074 |
|
933 |
|
924 |
|
Total (boe/d) |
4,143 |
|
5,023 |
|
4,249 |
|
4,690 |
|
Sales
volumes 2 |
Light Oil (bbl/d) |
2,932 |
|
3,274 |
|
2,837 |
|
3,153 |
|
Gas (mcf/d)1 |
3,414 |
|
4,056 |
|
3,670 |
|
3,673 |
|
NGL (bbl/d) |
831 |
|
1,074 |
|
933 |
|
924 |
|
Total (boe/d) |
4,332 |
|
5,023 |
|
4,382 |
|
4,690 |
|
Closing oil inventory volumes (bbls) |
11,228 |
|
— |
|
11,228 |
|
— |
|
Revenue |
Oil and gas sales |
22,853 |
|
27,907 |
|
42,468 |
|
50,141 |
|
Sale of commodities purchased from third parties |
2,413 |
|
7,031 |
|
8,454 |
|
7,031 |
|
Blending and processing income |
2,332 |
|
3,560 |
|
4,573 |
|
5,935 |
|
Other revenue |
272 |
|
1,642 |
|
625 |
|
1,875 |
|
Total revenue |
27,870 |
|
40,140 |
|
56,120 |
|
64,982 |
|
Cash flows from operating
activities |
8,263 |
|
3,783 |
|
11,867 |
|
9,240 |
|
Per share -basic and diluted |
0.54 |
|
0.24 |
|
0.78 |
|
0.59 |
|
Funds flow 3 |
3,878 |
|
8,468 |
|
5,043 |
|
13,786 |
|
Per share -basic and diluted |
0.26 |
|
0.54 |
|
0.33 |
|
0.88 |
|
Adjusted funds flow 3 |
3,624 |
|
8,733 |
|
5,001 |
|
14,263 |
|
Per share -basic and diluted |
0.24 |
|
0.55 |
|
0.33 |
|
0.91 |
|
Net income (loss) |
(1,746 |
) |
2,504 |
|
(11,537 |
) |
2,771 |
|
Per share - basic and diluted |
(0.12 |
) |
0.16 |
|
(0.76 |
) |
0.18 |
|
Dividends per share |
0.04 |
|
— |
|
0.08 |
|
— |
|
Capital expenditures |
4,619 |
|
11,981 |
|
8,694 |
|
26,383 |
|
Netback ($/boe) |
Oil and gas sales 4 |
57.98 |
|
61.05 |
|
53.55 |
|
59.07 |
|
Royalties |
(8.81 |
) |
(8.61 |
) |
(7.90 |
) |
(10.50 |
) |
Operating expenses |
(34.12 |
) |
(32.63 |
) |
(34.09 |
) |
(29.48 |
) |
Transportation and treating |
(2.72 |
) |
(2.78 |
) |
(2.34 |
) |
(2.29 |
) |
Operating netback 3 |
12.33 |
|
17.03 |
|
9.22 |
|
16.80 |
|
Income (loss) on sale of commodities purchased from third
parties3 |
0.40 |
|
0.18 |
|
(0.14 |
) |
0.10 |
|
Net blending and processing income 3 |
3.01 |
|
3.88 |
|
3.28 |
|
3.88 |
|
Realized loss on commodity contracts settlement |
(4.72 |
) |
(2.61 |
) |
(2.72 |
) |
(3.20 |
) |
Other revenues |
0.69 |
|
3.59 |
|
0.79 |
|
2.21 |
|
General and administrative |
(2.06 |
) |
(2.96 |
) |
(3.87 |
) |
(2.99 |
) |
Interest |
(3.13 |
) |
(2.46 |
) |
(3.06 |
) |
(2.57 |
) |
Corporate netback 3 |
6.52 |
|
16.65 |
|
3.50 |
|
14.23 |
|
|
1) Gas production and sales volumes include
internally consumed gas used in power generation.2) Sales volumes
include change in inventory volumes.3) Refer to "Non-IFRS
measures". 4) Excludes the effects of financial risk management
contracts but includes the effects of fixed price physical delivery
contracts.
|
|
June 30, |
December 31, |
($000's, except for share amounts) |
2019 |
2018 |
Total assets |
172,367 |
157,937 |
Cash |
5,324 |
2,239 |
Long-term debt (principal) |
46,017 |
46,155 |
Minimum lease obligation |
5,108 |
3,860 |
Net debt 1 |
60,632 |
54,244 |
Number of shares outstanding |
15,093,434 |
15,188,834 |
1) Refer to "Non-IFRS
measures". |
|
OPERATIONAL UPDATE
Sales volumes in the second quarter of 2019
averaged 4,332 boe/d, down 14% from the sales volumes in the same
period in 2018 as the Company continued selling inventory
accumulated during Q4 2018.
Production averaged 4,143 boe/d in Q2 2019 down
18% from the same quarter in 2018. Production in the second quarter
was adversely impacted by the failure of a third-party fuel gas
line, which caused outages at Razor’s major Swan Hills properties.
Razor achieved a solution to enable temporary resumption of
production. However, if Razor had not taken immediate action to
secure fuel gas at key facilities within the Swan Hills area,
production would have decreased by approximately 2,200 boe/d, which
would have reduced Q2 2019 production by approximately 1,100 boe/d.
Third-party fuel gas composition issues continued in Q2 2019,
resulting in further production interruptions in the Swan Hills
area throughout the quarter. These operational disruptions
accounted for 285 boe/d in reduced production as compared to Q2
2018. It is expected that these issues will be addressed in
Q3 2019. Kaybob production was down in this quarter due to the sale
of the Kaybob BHL Unit 1 in Q1 2019, as this Unit accounted for 173
boe/ d of production in Q2 2018. Kaybob production was further
impacted in Q2 2019 compared to Q2 2018 due to wells awaiting
downhole workovers.
Effective July 2018, Razor began utilizing a
portion of its own gas production to generate electrical power. Gas
production of internally consumed gas for the three and six months
ended June 30, 2019 was 1,055 mcf/d and 933 mcf/d,
respectively.
Due to the unprecedented discounts on Western
Canadian Light Sweet Oil ("MSW") in the fourth quarter of 2018,
Razor did not sell all of its produced oil, instead Razor was
temporarily stored it in existing surface tanks which established
material inventory. MSW differentials and WTI pricing improved
significantly in 2019 and the Company has been reducing its
inventory levels. As at June 30, 2019, Razor had 11,228 bbls of
light oil inventory (December 31, 2018 - 35,267 bbls).
Razor realized an oil price of $76.48 per barrel
during the second quarter of 2019, which was a 4% discount to the
WTI (CAD), down from the 11% and 9% discounts in Q1 2019 and Q2
2018, respectively, mostly due to the tightening of the MSW
differential to WTI since Q4 2018.
During the second quarter of 2019, the Company
realized an average operating netback of $12.33/boe, down 28% from
the second quarter of 2018, due to lower realized prices, decreased
production volumes and higher per boe operating expenses. For the
first six months of 2019, operating netback was down 45% from the
same period in 2018 as a result of lower realized prices, which
were down 9%, and higher operating costs, which were up 16%.
Royalty rates averaged 15% in the second quarter
of 2019 compared to 14% for the same period in 2018. This increase
is mostly due to the relative decrease in gas production compared
to oil production, as gas volumes attract lower royalty rates than
oil volumes. For the first six months of the year, royalties
averaged 15%, down 17% from the same period last year, mostly due
to lower prices and production volumes.
Operating expenses increased 5%, on a per boe
basis, in the second quarter of 2019 compared to the same period in
2018, mostly due to lower sales volumes. On a dollar basis,
operating expense was down 10% in the second quarter compared to
the second quarter in 2018. Workovers and facility and
pipeline integrity expenses averaged $8.52/boe in the second
quarter of 2019 compared to $9.23/boe in the same quarter of 2018.
For the first six months of the year, operating costs were an
average of 16% higher compared to the same period last year, mostly
due to increased workover costs.
The top cost drivers, fuel and electricity,
labour, property taxes and repairs and workovers accounted for 71%
of total operating expenses in the second quarter of 2019 (70% in
Q2 2018). Electricity and fuel increased 10% in the quarter due to
failure of a third-party fuel gas pipeline in May 2019 as well as
third party fuel gas composition issues that started in February
2019 and continued in Q2 2019. In order to minimize
production disruptions, as a result of these unforeseen gas supply
disruptions, Razor trucked in compressed natural gas at a cost of
$1.1 million or $2.73/boe in the second quarter of 2019. In June
2019, the Company implemented an alternative to natural compressed
gas by repurposing certain pipelines to supply the gas required.
Excluding the cost of compressed natural gas, electricity and
fuel costs decreased 16% in Q2 2019 from Q2 2018, mostly due to
decreased usage of grid-based electricity directly attributable to
the installation of natural gas power generation in July 2018.
Workovers decreased 64% in Q2 2019 from Q2 2018,
accounting for 8% of operating expenses in the second quarter, down
from 18% in the same period last year. Similarly, pipeline and
facility repairs decreased 29% in Q2 2019 from Q2 2018, accounting
for 17% of operating expenses in Q2 2019. For the first six months
of the year, workovers increased 21%, mostly due to work deferred
from Q4 2018 being completed in Q1 2019 and compressed natural gas
costs in Q2 2019.
CAPITAL PROGRAM & GUIDANCE
ADJUSTMENT
In the second quarter of 2019, the Company
reactivated a total of 11 gross (10.9 net) wells, 7 of which were
brought on production in the quarter. The resulting
production was 205 boe/d net. The reactivation capital
includes 9 Virginia Hills reactivations, 1 South Swan Hills Unit
reactivation and 1 Kaybob reactivation.
During second quarter of 2019, Razor invested
$0.8 million in the design phase of its co-produced geothermal
electricity project. The Company expects the capital cost of the
project to be $15 to $20 million, generating 3 to 5 MW of renewable
electricity, with a $5 million contribution from Natural Resources
Canada’s Clean Growth Program and a $2 million contribution from
Alberta Innovates.
During the first half of 2019, Razor received
$3.0 million in government grants from the clean power development
and energy efficiency initiatives.
In response to lower than anticipated cash flow
from operations resulting from the third-party outages, the Company
anticipates capital spending in 2019 to be reduced $3.0 to $10.5
million net of government grants, including $1.0 million on end-
of-life well and facility expenditures.
As a result of lower capital spending,
third-party fuel gas pipeline supply and gas composition challenges
in the Swan Hills area, additional third-party production
curtailments starting in July 2019 at Simonette, the decision to
shut in uneconomic gas production and offset by the business
acquisition announced herein, Razor has revised its full-year
production guidance to between 4,400 boe/d and 4,900 boe/d. The
range reflects the uncertainty of when third-party production will
resume.
Razor is working closely with the operators of
the facilities and pipelines impacting production. Gas composition
issues are expected to be resolved in September 2019, with the
commissioning of key processing equipment in late August. The
third-party gas pipeline is expected to be repaired in late Q3 or
early Q4 2019. Uneconomic gas production will remain shut-in until
gas and NGL prices improve.
ABANDONMENT, RECLAMATION, AND
REMEDIATION EXPENDITURES
Razor inherited decommissioning liabilities in
its Swan Hills and Kaybob acquisitions. As at June 30, 2019, the
Company had 22 wells remaining in its Inactive Well Compliance
program that need to be addressed before March 31, 2020. The
Company continues to invest in end-of-life well and facility
decommissioning.
ABOUT RAZOR
Razor is a publicly traded junior oil and gas
development and production company headquartered in Calgary,
Alberta, focused on shareholder returns through sustainable monthly
dividends, production and margin growth through a combination of
acquiring, enhancing, and producing oil and gas from properties
primarily in Alberta. The Company is led by experienced management
and a strong, committed Board of Directors, with a long-term vision
of growth focused on efficiency and cost control in all areas of
the business.
Razor started operations in the first quarter of
2017, through an acquisition of producing assets in the Swan Hills
area. In the second quarter of 2017, Razor added to its asset
base with the acquisition of complementary assets in the Kaybob
area. These predominantly light oil assets provide a foundation for
strong shareholder return through abundant low risk operations.
Razor plans to concurrently grow Swan Hills and Kaybob, and execute
on similar acquisitions, using its experience to extract upside
value.
Razor is a pivotal leading-edge enterprise,
balancing creativity and discipline, focused on growing an enduring
energy company. Razor currently trades on TSX Venture Exchange
under the ticker “RZE”.
For additional
information please contact:
Doug BaileyPresident and Chief Executive
Officer
OR
Kevin BraunChief Financial Officer
Razor Energy Corp.800, 500-5th Ave SW Calgary,
Alberta T2P 3L5Telephone: (403)
262-0242www.razor-energy.com
Alliance Capital Partners
Gordon Aldcorn
www.alliancecapitalpartners.ca403-618-6507
READER ADVISORIES
FORWARD-LOOKING STATEMENTS:
This press release may contain certain statements that may be
deemed to be forward-looking statements. Such statements relate to
possible future events, including, but not limited to: the
Company’s near and medium-term objectives, which include
strengthening the Company’s balance sheets, seeking and considering
business combinations with other producers and service companies,
investing in infrastructure and equipment, increasing efficiencies,
improving production efficiencies through low-risk, lower-cost
capital activities such as waterflood optimization, stimulation,
recompletions and workovers, developing solutions to recover
geothermal waste head, analyzing further ancillary opportunities,
such as power generating projects, oil blend and services
integration, maintaining a dividend, acquiring, consolidating and
disposition assets; addressing the operational disruptions that
occurred in Q2 2019 and timing thereof; the capital cost of the
geothermal electricity project; reducing capital spending in 2019;
resolving gas composition issues and timing thereof; repairing the
third-party gas pipeline and timing thereof; shut-in of gas
production; continuing to invest in end-of-life well and facility
decommissioning; the completion of Transaction and the timing
thereof; and pursuing power generation, transportation and oil
marketing opportunities relating within the areas of the Mannville
lithic channels and considering using different techniques to
exploit this resources. . 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 “anticipate”, “believe”, "expect", “plan”,
“estimate”, “potential”, “will”, “should”, “continue”, “may”,
“objective” and similar expressions. The forward-looking statements
are based on certain key expectations and assumptions made by the
Company, including but not limited to expectations and assumptions
concerning the availability of capital, current legislation,
receipt of required regulatory approvals, the timely performance by
third-parties of contractual obligation, the success of future
drilling and development activities, the performance of existing
wells, the performance of new wells, the Company’s growth strategy,
general economic conditions, availability of required equipment and
services prevailing commodity prices, price volatility, price
differentials, the actual prices received for the Company's
products and the receipt of regulatory and shareholder approvals of
the Transaction. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward- looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, risks associated with the oil and gas
industry and geothermal electricity projects in general (e.g.,
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; variability in
geothermal resources; as the uncertainty of reserve estimates; the
uncertainty of estimates and projections relating to production,
costs and expenses, and health, safety and environmental risks),
electricity and commodity price and exchange rate fluctuations,
changes in legislation affecting the oil and gas and geothermal
industries and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Please refer to the risk factors
identified in the annual information form and management discussion
and analysis of the Company which are available on SEDAR at
www.sedar.com. The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
This press release contains
future-oriented financial information and financial outlook
information (collectively, "FOFI") about Razor's prospective
results of operations, sales volumes, production and production
efficiency, balance sheet and investment infrastructure, all of
which are subject to the same assumptions, risk factors,
limitations, and qualifications as a set forth in the above
paragraph. FOFI contained in this document was approved by
management as of the date of this document and was provided for the
purpose of providing further information about Razor's future
business operations. Razor disclaims any intention or obligation to
update or revise any FOFI contained in this document, whether as a
result of new information, future events or otherwise, unless
required pursuant to applicable law. Readers are cautioned that the
FOFI contained in this document should not be used for purposes
other than for which it is disclosed herein.
NON-IFRS MEASURES: This press
release contains the terms "funds flow", "adjusted funds flow",
"net blending and processing income", "net debt", "operating
netback" and "corporate netback", which do not have standardized
meanings prescribed by International Financial Reporting Standards
("IFRS") and therefore may not be comparable with the calculation
of similar measures by other companies. Funds flow represents cash
generated from operating activities before changes in non-cash
working capital. Adjusted funds flow represents cash flow from
operating activities before changes in non-cash working capital and
decommissioning obligation expenditures incurred. Management uses
funds flow and adjusted funds flow to analyze operating performance
and leverage, and considers funds flow and adjusted funds flow from
operating activities to be key measures as it demonstrates the
Company's ability to generate cash necessary to fund future capital
investments and repay debt. Net blending and processing income is
calculated by adding blending and processing income and deducting
blending and processing expense. Net debt is calculated as the sum
of the long-term debt and lease obligations, less working capital
(or plus working capital deficiency), with working capital
excluding mark-to-market risk management contracts. Razor believes
that net debt is a useful supplemental measure of the total amount
of current and long-term debt of the Company. Operating netback
equals total petroleum and natural gas sales less royalties and
operating costs calculated on a boe basis. Razor considers
operating netback as an important measure to evaluate its
operational performance as it demonstrates its field level
profitability relative to current commodity prices. Corporate
netback is calculated by deducting general & administration,
acquisition and transaction costs, and interest from operating
netback. Razor considers corporate netback as an important
measure to evaluate its overall corporate performance.
ADVISORY PRODUCTION
INFORMATION: Unless otherwise indicated herein, all
production information presented herein is presented on a gross
basis, which is the Company's working interest prior to deduction
of royalties and without including any royalty interests.
INDEPENDENT RESERVES
EVALUATION: Estimates of Little Rock’s reserves, as at
December 31, 2018 are based upon the report prepared by GLJ
Petroleum Consultants Ltd., dated February 1, 2019 (the “Little
Rock Reserves Report”). The Little Rock Reserves Report was
prepared in accordance with the Canadian Oil and Gas Evaluation
Handbook requirements and National Instrument 51-101 – Standards of
Disclosure for Oil and Gas Activities.
BARRELS OF OIL
EQUIVALENT: The term "boe" or barrels of oil equivalent
may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil equivalent (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.
Additionally, 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 ratio of 6:1 may be misleading as an indication of
value.
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 news release.
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