Storm Resources Ltd. Announces Reserves Associated With the Acquisition of Bellamont Exploration Ltd.
12 Avril 2012 - 11:16PM
Marketwired Canada
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STORM RESOURCES LTD. ("Storm") (TSX VENTURE:SRX) announces the results of a
reserves evaluation for the assets of Bellamont Exploration Ltd. ("Bellamont")
which was completed by independent reserve evaluator InSite Petroleum
Consultants Ltd. ("InSite"). Storm completed the acquisition of Bellamont on
March 23, 2012. InSite's reserve evaluation is effective March 31, 2012 and was
prepared in accordance with the definitions, standards and procedures contained
in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and complies
with National Instrument NI 51-101 - Standards of Disclosure for Oil and Gas
Activities. The reserve evaluation was based on InSite's forecast pricing and
foreign exchange rates at December 31, 2011 which are shown below. Storm's
Reserves Committee did not formally review the evaluation completed by InSite.
InSite has estimated that proved reserves total 4,611 Mboe and proved plus
probable reserves total 8,340 Mboe. Future development costs ("FDC") were
estimated to be $7.6 million on a proved basis and $42.4 million on a proved
plus probable basis. Using the total purchase price of $95.8 million, the all-in
cost to add proved reserves was $22.42 per Boe and for proved plus probable
reserves was $16.57 per Boe. The all-in calculation assumes no value is assigned
for undeveloped land and includes future development costs. Based on Bellamont's
operating netback of $28.04 in 2011, the recycle ratio associated with acquiring
Bellamont is 1.7 times on a proved plus probable basis (including FDC).
Gross Bellamont Interest Reserves as at March 31, 2012
(Before deduction of royalties payable, not including royalties receivable)
Light 6:1 Oil
Crude Oil Sales Gas Equivalent
(Mbbls) (MMcf) NGL (Mbbls) (Mboe)
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Proved producing 2,168 9,982 197 4,028
Proved non-producing 160 647 15 283
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Total proved developed 2,328 10,629 212 4,311
Proved undeveloped 300 0 0 300
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Total proved 2,628 10,629 212 4,611
Probable additional 1,571 11,405 257 3,729
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Total proved plus probable 4,199 22,034 469 8,340
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Note: Numbers may not add due to rounding.
Future Development Costs
Proved
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Grimshaw 3.0 net horizontals $ 7.5 million
Other $ 0.1 million
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Total proved FDC $ 7.6 million
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Proved Plus Probable Additional
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Grimshaw 5.0 net horizontals $ 12.6 million
Grand Prairie Montney 5.0 net horizontals $ 22.1 million
Grande Prairie Dunvegan 3.0 net horizontals $ 6.1 million
Other $ 1.7 million
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Total proved plus probable
additional FDC $ 42.4 million
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Note: Numbers may not add due to rounding.
Proved Plus Probable
Proved Expenditures Additional Expenditures
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2012 $ 7.6 million $ 14.3 million
2013 - $ 18.9 million
2014 - $ 4.7 million
2015 - $ 4.5 million
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Net Present Value Summary (before tax) as at March 31, 2012
InSite's price forecast at December 31, 2011 was used to determine all estimates
of future net revenue (also referred to as net present value or NPV). No
provision was made for interest, debt service charges and general and
administrative expenses. It should not be assumed that the NPVs as estimated by
InSite represent the fair market value of the reserves. The calculated NPVs
include a deduction for estimated future well abandonment costs.
Discounted Discounted Discounted Discounted
Undiscounted at 5% at 10% at 15% at 20%
(000s) (000s) (000s) (000s) (000s)
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Proved
producing $ 131,297 $ 98,946 $ 80,199 $ 67,977 $ 59,373
Proved non-
producing 9,552 7,966 6,859 6,052 5,440
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Total proved
developed $ 140,849 $ 106,912 $ 87,058 $ 74,029 $ 64,813
Proved
undeveloped 6,183 4,030 2,527 1,433 609
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Total proved $ 147,031 $ 110,942 $ 89,586 $ 75,462 $ 65,422
Probable
additional 98,569 58,712 38,130 25,993 18,185
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Total proved
plus probable $ 245,601 $ 169,654 $ 127,716 $ 101,455 $ 83,607
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Note: Numbers may not add due to rounding.
InSite Escalating Price Forecast as at December 31, 2011
In calculating net present values, reference prices are adjusted for the quality
of the product and for transportation costs.
WTI Edmonton
Crude Light Crude Henry Hub AECO
Oil Oil Natural Gas Natural Gas Propane Butane
(US$/Bbl) (Cdn$/Bbl) (US$/Mmbtu) (Cdn$/Mmbtu) (Cdn$/Bbl) (Cdn$/Bbl)
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2012 100.00 98.00 3.90 3.45 58.80 73.50
2013 101.00 99.00 4.50 4.04 59.40 74.25
2014 102.00 99.96 5.00 4.53 59.98 74.97
2015 103.00 100.92 5.50 5.02 60.55 75.69
2016 104.00 101.88 6.00 5.51 61.13 76.41
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InSite Forecast Wellhead Prices and Actual 2011 Wellhead Prices
(after deduction of transportation costs)
Reflects actual wellhead price after adjusting for quality and for
transportation costs.
Natural Natural Gas
Crude Oil Gas Liquids Per Boe
(Cdn$/Bbl) (Cdn$/mcf) (Cdn$/bbl) (Cdn$/Boe)
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2011 actual 86.03 3.84 71.29 52.13
2012 Apr-Dec forecast 88.39 3.65 73.23 56.64
2013 forecast 89.95 4.36 72.86 60.19
2014 forecast 91.35 4.92 73.39 62.48
2015 forecast 92.48 5.50 73.67 62.43
2016 forecast 93.27 6.06 74.56 65.49
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Storm Resources Ltd. began operations in August 2010. Storm is headquartered in
Calgary, Alberta and is active in the Horn River Basin and Umbach areas of north
eastern British Columbia, and in the Grande Prairie area of north western
Alberta.
READER ADVISORIES
Boe Presentation - For the purpose of calculating unit revenues and costs,
natural gas is converted to a barrel of oil equivalent ("Boe") using six
thousand cubic feet ("Mcf") of natural gas equal to one barrel of oil unless
otherwise stated. Boe may be misleading, particularly if used in isolation. A
Boe conversion ratio of six Mcf to one barrel ("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. All Boe measurements and
conversions in this report are derived by converting natural gas to oil in the
ratio of six thousand cubic feet of gas to one barrel of oil. Mboe means 1,000
Boe.
Certain information in this press release contains forward-looking information
that involves risk and uncertainty. For this purpose, any statements that are
contained in this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Forward-looking statements often
contain terms such as "may", "will", "should", "anticipate", "expects" and
similar expressions. Readers are cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. Such
information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially
from those anticipated. Storm assumes no obligation to update forward-looking
statements should circumstances or management's estimates or opinions change.
Forward-looking statements contained in this press release are expressly
qualified by this cautionary statement.
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