|By Marketwired .||
|January 9, 2013 05:12 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 01/09/13 -- Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is pleased to provide shareholders with the following activity updates and corporate information.
-- Angle drilled and rig released 10 gross (8.3 net) horizontal wells in the fourth quarter of 2012, with 6 gross (4.3 net) wells targeting Cardium light oil, with a 100% success rate. Currently, Angle has 3 gross (2.5 net) horizontal wells in completion operations or awaiting completion. -- Due to Angle's oil weighting in the fourth quarter of 2012, it is anticipated that quarterly cash flow will be in the guided range of approximately $25 - $26 million (estimated and unaudited). -- The previously announced Edson gas asset disposition has closed for gross proceeds of $74 million, reducing Angle's bank debt to approximately $100 million and enhancing Angle's capital focus on our expansive Cardium light oil drilling inventory. -- Angle has retained the Cardium and the Duvernay lands in the Edson area. The undrilled Cardium light oil inventory in the Edson area is 142 gross (75 net) wells. -- Field estimated production, post the disposition of the Edson gas assets, is currently at 11,300 boe/d with approximately 27% light oil and condensate, 27% NGLs and 46% natural gas. -- The most recent 100% working interest Harmattan Cardium horizontal light oil well, drilled in the southern area of the project, has averaged 283 boe/d (78% oil, 11% NGLs, 11% natural gas) in its first two weeks of production. This well has provided key productivity information to increase expected year end reserve bookings on the Cardium play in this area. Angle has 176 gross (176 net) undrilled locations in inventory in this high netback, light oil play. -- The most recent 100% working interest Ferrier Cardium horizontal well was brought on production in late November and averaged 990 boe/d over its first 30 days of production (53% oil, 12% NGLs, 35% natural gas). This well has produced over 20,000 barrels of light oil in its first 50 days of production and continues to perform well above the existing area type curve. Angle is awaiting completion of a two-well Cardium pad in this area and has recently spud a third well with completion planned for February. Angle has 58 gross (50 net) undrilled locations in inventory in this high netback light oil and liquids play.
CLOSING OF EDSON GAS ASSET DISPOSITION
The Company is pleased to report that it has closed its previously announced sale of its Edson gas assets for gross proceeds of $74 million. Proceeds from the disposition were used to reduce bank indebtedness and apply additional capital towards exploitation of Angle's extensive Cardium light oil inventory.
Concurrent with the closing of this disposition, the borrowing limit of Angle's credit facility was re-determined by its lenders at $215 million. Following the closing of the dispositions, Angle's bank indebtedness totaled approximately $100 million (excludes working capital deficiency and $60 million in outstanding convertible debentures).
The Edson area remains a core land position for Angle post the disposition, with 18,953 net acres (29.6 net sections) of undeveloped Cardium land, and 35,680 net acres (55.75 net sections) of undeveloped Duvernay land.
Angle drilled and rig released 10 gross (8.3 net) horizontal wells in the fourth quarter of 2012, with 6 gross (4.3 net) wells targeting Cardium light oil. In 2012, Angle drilled 45 gross (37.4 net) horizontal wells and 1 gross (1.0 net) directional well with a 100% success rate. Currently, Angle has 1 gross (1.0 net) liquids-rich Mannville gas well, and 2 gross (1.5 net) Cardium oil wells in Ferrier in completion operations or awaiting completion. Current drilling activity includes 4 gross wells, all 100% working interest.
Of the 46 wells drilled in 2012, 30 gross (23.1 net) horizontal wells targeted our Cardium light oil projects. Of the 23.1 net Cardium wells, 18 net wells are in the Harmattan Cardium project.
Fourth quarter production is expected to average 13,800 - 14,000 boe/d of which 24% is light oil and condensate, 23% is NGLs and 53% is natural gas. This estimate is inclusive of the production from the Edson gas assets in the month of December. Light oil and condensate production has increased over 50% from January 2012 (approximately 2,200 bbl/d) to 3,300 bbl/d in December 2012. Average NGL and natural gas production for the quarter was lower than anticipated due to reduced ethane recoveries at the Harmattan Deep Cut facility (275 boe/d), unscheduled facility downtime at the Ferrier Strachan plant during November and December (140 boe/d) and budgeted changes as related to the Edson gas asset disposition and lower than anticipated gas volumes in Lone Pine Creek (600 boe/d), affecting the quarter by approximately 1,015 boe/d. Ethane extraction does not affect Angle's cash flow, as revenue from this product is received on the basis of gas heat equivalency. Due to Angle's higher oil weighting in the quarter, it is anticipated that quarterly cash flow will be in the guided range of approximately $25 - $26 million (estimated and unaudited).
Current field estimated production, post closing of the Edson gas asset disposition, is 11,300 boe/d with approximately 27% light oil and condensate, 27% NGLs and 46% natural gas
2013 CAPITAL PROGRAM AND GUIDANCE
Angle's 2013 capital expenditure program focuses on the highest rate of return projects in the Company's development portfolio, with emphasis on light oil growth in the Cardium plays across the Company. The full year budget includes $145-$160 million in total capital, of which $125-$140 million is allocated to drill 43 - 47 gross (34 - 38 net) wells and related completion, equipping and tie in activities.
Facility capital of $10 million is expected to construct the central oil battery, initially sized to process 4,000 bbls/d of light oil, and related emulsion gathering lines at Harmattan. Drilling, completion, equipping and tie-in capital is expected to be allocated approximately 75 - 80% to the Cardium light oil projects in Harmattan, Ferrier and Edson, and 20 - 25% to Mannville liquids-rich gas and light oil in Harmattan and Ferrier. Capital may be allocated towards the Duvernay shale or other high value projects and is not primarily included in the development budget.
Expected production volumes resulting from the year's capital program will be in the range of 11,300 - 11,700 boe/d, with December month average volumes estimated at 12,000 - 13,000 boe/d. During the year, the production mixture is expected to average approximately 45% natural gas, 25% NGLs, and 30% light oil and condensate. The December month volumes are expected to average approximately 45% natural gas, 23% NGLs, and 32% light oil and condensate.
Expected results in the first half of 2013 from the capital expenditure program are as follows, with specific focus on the Cardium drilling program at Harmattan, Ferrier and Edson:
Cardium Light Oil Angle Corporate Projects Gross Wells 20.0 15.0 Net Wells 16.9 11.9 Capital Expenditures $75 - $85MM $52 - $57MM Cash Flow $43 - 49MM $21.5 - $24.5MM H1 2013-End Debt $200 - $215MM H1 2013 Average Production 11,300 - 11,500 boe/d 3,700 - 3,900 boe/d H1 2013 Average Production % Gas 46 31 Exit H1 2013 Production 11,500 - 12,000 boe/d 4,100 - 4,300 boe/d Exit H1 2013 Production % Gas 44 30 Commodity Pricing Assumptions H1 2013 Gas ($/GJ) $3.10 WTI ($/bbl) $90.00 Differential to Edmonton Light ($/bbl) -$6.00 Edmonton Light ($/bbl) $84.00 C3% of WTI 29% C4% of WTI 69% C5% of WTI 105%
Stuart Symon, Vice President Finance and CFO, will be retiring from Angle Energy at the end of the first quarter of 2013. As well as assisting in the year end financial preparations, Stuart will aid in the transition to a successor and ensure continuity for Angle's shareholders. Angle's board and management wish to thank Stuart for his contributions to the Company's success and wish him all the best in the future.
Angle's business plan is to continue to focus on cash flow per share growth, and proving up its extensive Cardium light oil drilling inventory. Angle is a major Cardium land holder in Alberta, with over 212 net sections (135,680 acres) of undeveloped Cardium land in its portfolio which is estimated to be the fifth largest land position in the Cardium. Additionally, Angle has a high quality drilling inventory in liquids-rich gas plays in the Mannville, and exposure to the prospective Duvernay shale play. The Company is also focused on maintaining the right degree of leverage within its corporate structure and pursuing growth alongside rate of return. We look forward to reporting the Company's year end 2012 reserves and financial results within the next two months.
Angle Energy Inc. is a Calgary based public oil and gas exploration and development company that was incorporated in 2004. Angle's goal is to grow our high quality, focused asset base through a combination of drilling and strategic acquisitions. Angle's proven and dedicated team of industry specialists are focused on identifying and developing high quality assets in the Western Canadian Sedimentary Basin, with an emphasis in west central Alberta. Common shares of Angle are listed for trading on the Toronto Stock Exchange under the symbol "NGL."
Basis of Presentation
Production information is commonly reported in units of barrel of oil equivalent ("boe"). For purposes of computing such units, natural gas is converted to equivalent barrels of crude oil using a conversion factor of six thousand cubic feet of gas to one barrel of oil. This conversion ratio of 6:1 is based on an energy equivalent conversion for the individual products, 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.
Future Outlook and Forward-Looking Information
Information set forth in this press release contains forward-looking statements and are made as of January 9, 2013 and based on assumptions as of that date. Forward looking statements include 2013 expectations of drilling locations, capital allocation, production growth, increases in oil production, asset mix, and cash flow. In addition to commodity price assumptions, the forward looking statements have also been made based on assumptions relating to past drilling results, well performance and past operations on the drilled areas including access and lack of disruption at facilities and infrastructure. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Angle's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserves estimates, environmental risks, reservoir quality, inability to drill, complete, and tie-in wells on schedule due to land surface issues, the a lack of oilfield services being available on a cost efficient basis, mechanical failure, poor weather or inability to access infrastructure and facilities, unplanned processing issues, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.
The drilling plans and expected costs and results of drilling are subject to all the aforementioned risks and uncertainties, as well as those risk factors identified by Angles' most recent MD&A and Annual Information Form..
Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and that the assumptions used in the preparation of such information, including the commodity price assumptions, although considered reasonable at the time of preparation, may prove to be imprecise, and as such, undue reliance should not be placed on forward-looking statements. Angle's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Angle will derive there from. Unless required by law, Angle disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward looking statements are expressly qualified by these cautionary statements.
Angle Energy Inc.
President and Chief Operating Officer
(403) 263-4179 (FAX)
Angle Energy Inc.
Chief Executive Officer
(403) 263-4179 (FAX)
Angle Energy Inc.
Chief Financial Officer
(403) 263-4179 (FAX)
Angle Energy Inc.
324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,578
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 16, 2017 12:30 PM EST Reads: 4,990
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 16, 2017 12:30 PM EST Reads: 5,435
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 16, 2017 12:00 PM EST Reads: 1,355
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 16, 2017 11:30 AM EST Reads: 4,121
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 16, 2017 11:30 AM EST Reads: 5,662
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Jan. 16, 2017 11:30 AM EST Reads: 1,847
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 16, 2017 11:27 AM EST Reads: 230
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 16, 2017 08:30 AM EST Reads: 3,014
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 16, 2017 06:30 AM EST Reads: 4,486
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 16, 2017 06:30 AM EST Reads: 5,838
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 16, 2017 05:30 AM EST Reads: 1,085
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 16, 2017 04:30 AM EST Reads: 4,499
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 16, 2017 03:30 AM EST Reads: 2,839
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Jan. 16, 2017 03:30 AM EST Reads: 5,230
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Jan. 16, 2017 03:15 AM EST Reads: 5,740
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Jan. 16, 2017 02:30 AM EST Reads: 3,926
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 16, 2017 01:45 AM EST Reads: 2,670
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Jan. 16, 2017 01:15 AM EST Reads: 4,156
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 16, 2017 12:00 AM EST Reads: 4,789