Canext Announces Year End Reserves
01 März 2010 - 1:10PM
Marketwired Canada
Canext Energy Ltd. ("Canext" or "the Company") (TSX VENTURE:CXZ) is pleased to
announce the results of its year end reserve report.
Highlights
-- Proved Reserves are 3,534 mstboe up 10% from the September 30, 2009
report,
-- Proved and Probable (P+P) Reserves are 6,566 mstboe up 9% from September
30, 2009,
-- Net Present Value at 10% (NPV10) for Proved Reserves increased 25% from
September 30, 2009, to $63,041,000,
-- NPV10 for P+P increased 22% from September 30, 2009, to $102,064,000,
-- Proved Reserves represent 54% of the P+P Reserves and 62% of the P+P
NPV10,
-- Oil and Liquids account for 30% of the Proved Reserves and 28% of the
P+P Reserves,
-- The Pouce Coupe natural gas and Sweeney oil properties account for 82%
of the P+P Reserves,
The following tables summarize the Company's reserve information as prepared in
accordance with National Instrument ("NI") 51-101 by Trimble Engineering
Associates Ltd ("Trimble Report") with an effective date of December 31, 2009.
The Trimble Report contains several cautionary statements that are required by
NI 51-101. Additional information on the Company's reserves as required by NI
51-101 and the Company's financial statements for the year ended December 31,
2009, are expected to be filed on or about April 8, 2010 on SEDAR
(www.sedar.com).
Reserves Summary - Company working interest before royalties using forecasted
prices as at December 31, 2009
Light and
Medium Oil NGL's Gas BOE 6:1
mstb mstb mmscf mstboe
----------------------------------------------------------------------------
Proved Developed Producing 468 89 6,602 1,658
Proved Developed Non 15 13 1,628 299
Producing
------------------------------------------------
Total Proved 483 102 8,229 1,957
Developed
Proved Undeveloped 404 79 6,571 1,577
------------------------------------------------
Total Proved 887 181 14,800 3,534
Probable 617 135 13,682 3,032
------------------------------------------------
Total Proved + 1,504 315 28,482 6,566
Probable
------------------------------------------------
------------------------------------------------
(Tables may not add due to rounding.)
The Company's Proved plus Probable reserves are relatively unchanged from the
start of the year (6,554 mstboe) as production of 361 mstboe and property
dispositions of 149 mstboe were offset by additions and revisions to previous
estimates of 522 mstboe. The revisions to previous estimates were positive 12.5
% and 7.5% for the Proved and P+P reserves. The positive revisions were mainly
the result of a change in development plans to include horizontal drilling at
Sweeney and Niton.
Approximately 76% of the Proved Developed Non Producing (PDNP) Reserves
representing 88% of the PDNP NPV10 are expected to be on-stream by mid 2010.
These reserves relate to the tie-in of one gas well at Pouce Coupe,
re-activation of six wells at Boundary Lk South and the tie-in of a non operated
Pembina Cardium horizontal well.
Proved Undeveloped (PUD) Reserves are booked for 7.2 net infill wells at
Sweeney, Pouce Coupe, and Niton. One (0.6 net) PUD well at Sweeney has since
been drilled, completed and placed on production.
Summary of Net Present Values of Future Net Revenue
Forecasted Prices and Costs
Before Income Taxes, Discounted at (%/year)
As at December 31, 2009
0% 10% 15%
$ 000's $ 000's $ 000's
---------------------------------------------------------------------------
Proved Developed Producing 52,092 35,004 30,544
Proved Developed Non Producing 6,601 4,343 3,663
---------------------------------------------
Total Developed 58,693 39,347 34,207
Undeveloped 41,460 23,694 19,085
---------------------------------------------
Total Proved 100,153 63,041 53,293
Probable 92,682 39,023 28,625
---------------------------------------------
Total Proved + Probable 192,835 102,064 81,918
---------------------------------------------
---------------------------------------------
Note: NI 51-101 disclosure requires Canext to provide the following warning:
It should not be assumed that the present value of estimated future net cash
flows shown above are representative of the fair market value of the reserves.
Forecasted price assumptions used in the Trimble Report as at December 31, 2009
Exchange WTI Edmonton AECO
Rate @ Cushing Light Spot
YEAR US$/CDN$ US$/bbl CDN$/bbl $/MMbtu
2010 Forecast 0.95 83.25 85.00 5.75
2011 Forecast 0.96 86.50 87.50 6.50
2012 Forecast 0.97 89.75 90.00 7.00
2013 Forecast 0.98 95.75 95.00 7.50
2014 Forecast 0.98 100.50 100.00 7.75
Prices escalating at 2.0 percent annually thereafter.
Update
On February 11, 2010 the Company announced it has entered into an Arrangement
Agreement with One Exploration Inc. (OneEx). Canext expects to mail an
information circular to its shareholders on or about March 16, 2010 and has
scheduled a special meeting of the Canext Shareholders for April 12, 2010.
Reader advisory:
The term "BOE" may be misleading, particularly if used in isolation. In
accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 mscf: 1
bbl has been used which is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Investors are cautioned that the preceding statement of the Company may include
certain estimates, assumptions and other forward-looking information. The actual
future performance, developments and/or results of the Company may differ
materially from any or all of the forward-looking statements, which include
current expectations, estimates and projections, in all or part attributable to
general economic conditions and other risks, uncertainties and circumstances
partly or totally outside the control of the Company, including natural gas/oil
prices, reserve estimates, drilling risks, future production of gas and oil,
rates of inflation, changes in future costs and expenses related to the
activities involving the exploration, development and production of gas and oil
hedging, financing availability and other risks related to financial activities.
The Company's forward looking statements are expressly qualified in their
entirety by this cautionary statement. Except as required by law, the Company
undertakes no obligation to publicly update or revise any forward-looking
statements.
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