Click here to close now.




















Welcome!

Microsoft Cloud Authors: Adine Deford, Elizabeth White, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

Paramount Provides Update on Cavalier Energy Inc.: Probable Reserves Recognized for Hoole Project

CALGARY, ALBERTA -- (Marketwire) -- 01/10/13 -- Paramount Resources Ltd. ("Paramount") (TSX:POU) is pleased to announce that its wholly-owned subsidiary Cavalier Energy Inc. ("Cavalier") has received an updated independent evaluation of the Grand Rapids formation in its 100 percent owned in-situ oil sands leases in the Hoole area of Alberta (the "Hoole Lands").

The evaluation ascribed 93 million barrels of probable reserves with a net present value (discounted at 10 percent) of $379 million to Cavalier's initial 10,000 barrel per day in-situ SAGD oil sands development covering approximately two sections of the Hoole Lands (the "Hoole Project"). Over and above the aforementioned reserves, the evaluation ascribed 719 million barrels of economic contingent resources (best estimate) with a net present value (discounted at 10 percent) of $1.949 billion to the remaining approximate 54 sections of Cavalier's Hoole Lands (the "Remaining Hoole Lands"). "The new estimates further emphasize that the Hoole Lands are a significant asset and the recognition of reserves is an important milestone for Cavalier," stated William Roach, President and Chief Executive Officer of Cavalier.

The updated estimates and reclassification of Hoole Project volumes from economic contingent resources to probable reserves follows Cavalier's November 2012 regulatory applications to the Energy Resources Conservation Board and Alberta Environment and Sustainable Resource Development.

Subject to receipt of regulatory approvals, the Hoole Project schedule currently anticipates first steam in 2015 and the first full year of production in 2016. It is expected that the Hoole Lands could support a project of over 80,000 barrels per day by 2022.

"This is another positive step forward for Paramount and the Cavalier team," said Jim Riddell, President and Chief Operating Officer of Paramount.

Results of the updated evaluation of the Hoole Lands conducted by McDaniel & Associates Consultants Ltd. ("McDaniel"), effective as of December 31, 2012, are summarized below.


Hoole Project - Summary of Bitumen Reserves(1)                    
                                                                  
The evaluation ascribed total proved plus probable plus possible  
 reserves of 104 million barrels to the Hoole Project, implying a 
 recovery factor of approximately 65 percent in relation to the   
 assigned Discovered Exploitable Bitumen In Place(2) of 159       
 million barrels.                                                 
                                                            NPV of
                                                           Future 
                                                               Net
                                                        Revenue(7)
                                                       (discounted
                                           Reserves(6)     at 10%)
------------------------------------------------------------------
                                               (MMBbl)       ($MM)
Total Proved(3)                                      -           -
Probable Undeveloped(4)                             93         379
------------------------------------------------------------------
Total Proved Plus Probable                          93         379
Possible Undeveloped(5)                             11         146
------------------------------------------------------------------
Total Proved + Probable + Possible                 104         525
------------------------------------------------------------------
------------------------------------------------------------------
                                                                            
(1) The estimates of reserves and future net revenue for individual         
    properties may not reflect the same confidence level as estimates of    
    reserves and future net revenue for all properties, due to effects of   
    aggregation.                                                            
(2) Discovered Exploitable Bitumen In Place is the estimated volume of      
    bitumen, as of a given date, which is contained in a subsurface         
    stratigraphic interval of a known accumulation that meets or exceeds    
    certain reservoir characteristics, such as minimum continuous net pay,  
    porosity and mass bitumen content. For the Hoole Project, the presence  
    of these characteristics is considered necessary for the commercial     
    application of known recovery technologies. There is no certainty that  
    it will be commercially viable to produce any portion of the resources  
    from the Hoole Project.                                                 
(3) Proved reserves are those reserves that can be estimated with a high    
    degree of certainty to be recoverable. It is likely that the actual     
    remaining quantities recovered will exceed the estimated proved         
    reserves.                                                               
(4) Probable reserves are those additional reserves that are less certain to
    be recovered than proved reserves. It is equally likely that the actual 
    remaining quantities recovered will be greater or less than the sum of  
    the estimated proved plus probable reserves.                            
(5) Possible reserves are those additional reserves that are less certain to
    be recovered than probable reserves. There is a 10 percent probability  
    that the quantities actually recovered will equal or exceed the sum of  
    proved plus probable plus possible reserves.                            
(6) Working interest volumes, before the deduction of royalties.            
(7) NPV means net present value and represents Cavalier's share of future   
    net revenue, before the deduction of income tax, from reserves in the   
    Grand Rapids formation within the Hoole Project. The calculation        
    considers such items as revenues, royalties, operating costs,           
    abandonment costs and capital expenditures. Royalties have been         
    calculated based on Alberta's Royalty Framework applicable to oil sands 
    projects. The calculation does not consider financing costs and general 
    and administrative costs. NPVs were calculated assuming natural gas is  
    used as a fuel for steam generation. Revenues and expenditures were     
    calculated based on McDaniel's forecast prices and costs as of January  
    1, 2013. The estimated net present values disclosed in this press       
    release do not represent fair market value.                             
                                                                            
Remaining Hoole Lands - Summary of Bitumen Resources                        
                                                                      NPV of
                                                                     Future 
                                                                         Net
                                                        Economic  Revenue(6)
                                                      Contingent (discounted
Classification/Level of Certainty           DEBIP(4)Resources(5)     at 10%)
----------------------------------------------------------------------------
                                             (MMBbl)     (MMBbl)       ($MM)
High Estimate(1)                               1,656         903       2,982
Best Estimate(2)                               1,469         719       1,949
Low Estimate(3)                                1,167         511         946
----------------------------------------------------------------------------
                                                                            
(1) High Estimate is considered to be an optimistic estimate of the quantity
    of resource that will actually be recovered. It is unlikely that the    
    actual remaining quantities of resources recovered will meet or exceed  
    the high estimate. Those resources at the high end for the estimate     
    range have a lower degree of certainty (a 10 percent confidence level)  
    that the actual quantities recovered will equal or exceed the estimate. 
(2) Best Estimate is considered to be the best estimate of the quantity that
    will be actually recovered. It is equally likely that the actual        
    remaining quantities recovered will be greater or less than the best    
    estimate. Those resources that fall within the best estimate have a 50  
    percent confidence level that the actual quantities recovered will equal
    or exceed the estimate.                                                 
(3) Low Estimate is considered to be a conservative estimate of the quantity
    of resources that will actually be recovered. It is likely that the     
    actual remaining quantities recovered will exceed the low estimate.     
    Those resources at the low end of the estimate range have the highest   
    degree of certainty (a 90 percent confidence level) that the actual     
    quantities recovered will equal or exceed the estimate.                 
(4) Discovered Exploitable Bitumen In Place is the estimated volume of      
    bitumen, as of a given date, which is contained in a subsurface         
    stratigraphic interval of a known accumulation that meets or exceeds    
    certain reservoir characteristics, such as minimum continuous net pay,  
    porosity and mass bitumen content. For the Remaining Hoole Lands, the   
    presence of these characteristics is considered necessary for the       
    commercial application of known recovery technologies. There is no      
    certainty that it will be commercially viable to produce any portion of 
    the resources from the Remaining Hoole Lands.                           
(5) Contingent Resources are those quantities of bitumen estimated, as of a 
    given date, to be potentially recoverable from known accumulations using
    established technology or technology under development, but are         
    classified as a resource rather than a reserve due to one or more       
    contingencies, such as the absence of regulatory applications, detailed 
    design estimates or near term development plans. There is no certainty  
    that it will be commercially viable to produce any portion of the       
    contingent resources. For the Remaining Hoole Lands, contingencies which
    must be overcome to enable the reclassification of bitumen contingent   
    resources as reserves include the finalization of plans for the         
    development, submission of a regulatory application and management's    
    intent to proceed evidenced by a development plan with major capital    
    expenditures. Economic Contingent Resources are those contingent        
    resources that are economically recoverable based on specific forecasts 
    of commodity prices and costs (based on McDaniel's forecast prices and  
    costs as of January 1, 2013). Volumes presented are working interest,   
    before the deduction of royalties.                                      
(6) NPV means net present value and represents Cavalier's share of future   
    net revenue, before the deduction of income tax, from the economic      
    contingent resources in the Grand Rapids formation within the Remaining 
    Hoole Lands. The calculation considers such items as revenues,          
    royalties, operating costs, abandonment costs and capital expenditures. 
    Royalties have been calculated based on Alberta's Royalty Framework     
    applicable to oil sands projects. The calculation does not consider     
    financing costs and general and administrative costs. NPVs were         
    calculated assuming natural gas is used as a fuel for steam generation. 
    Revenues and expenditures were calculated based on McDaniel's forecast  
    prices and costs as of January 1, 2013. The estimated net present values
    disclosed in this press release do not represent fair market value.     

The pricing assumptions used in the McDaniel evaluation can be found at www.mcdan.com/pdf/20130101.pdf.

More information pertaining to Cavalier, including its latest corporate presentation, is available at the newly launched Cavalier website at www.cavalierenergy.com and may also be accessed via the Paramount website at www.paramountres.com.

Paramount is a Canadian oil and natural gas exploration, development and production company with operations focused in Western Canada. Paramount's Class A Common Shares are listed on the Toronto Stock Exchange under the symbol "POU".

For further information on the Hoole Project specifically, or Cavalier in general, please go to www.cavalierenergy.com or contact William Roach.

Advisory Regarding Forward-Looking Information:

This news release contains certain forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "expect", "plan", "intend", "propose", or similar words suggesting future outcomes or an outlook. Forward looking information in this news release includes, but is not limited to: Estimated reserves and resources and the discounted net present value of future net revenues from such reserves and resources (including the forecast prices, costs and the timing of expected production volumes and future development capital) and expected production volumes from the Hoole Lands and the timing thereof.

Such forward looking information is based on a number of assumptions which may prove to be incorrect. The following assumptions have been made, in addition to any other assumptions identified in this document:


--  Future crude oil, bitumen and natural gas prices and general economic
    and business conditions; 
--  The ability to obtain required capital to finance Cavalier's
    exploration, development and operations; 
--  The ability to obtain equipment, services, supplies and personnel in a
    timely manner to carry out its activities; 
--  The ability of Cavalier to successfully market its production; 
--  Estimates of input and labour costs for an oil sands project; 
--  Access to capital markets and other sources of funding; 
--  The ability to secure adequate product processing, transportation and
    storage; 
--  The ability to successfully apply oil sands technology and to capitalize
    on improvements thereto; 
--  The ability to achieve forecast production volumes, steam oil ratios,
    and capital and operating costs consistent with expectations; 
--  The timely receipt of required regulatory approvals and the scope of
    such approvals; 
--  Estimated timelines being met in respect of the development of the Hoole
    Lands; and 
--  Currency exchange and interest rates. 

Although Paramount and Cavalier believe that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as neither Paramount nor Cavalier can give any assurance that such expectations will prove to be correct. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Paramount and Cavalier and described in the forward-looking information. These risks and uncertainties include, but are not limited to:


--  Fluctuations in crude oil, bitumen and natural gas prices, foreign
    currency exchange rates and interest rates; 
--  The uncertainty of estimates and projections relating to future revenue,
    future production, costs and expenses and the timing thereof; 
--  The ability to secure adequate product processing, transportation and
    storage; 
--  The uncertainty and risks of exploration, development, drilling and the
    geology of bitumen; 
--  Operational risks in exploring for, developing and producing petroleum,
    and the timing thereof; 
--  The ability to obtain equipment, services, supplies and personnel in a
    timely manner; 
--  Potential disruption or unexpected technical difficulties in designing,
    developing and operating facilities; 
--  The uncertainty of reserves and resources estimates; 
--  The ability to obtain financing at an acceptable cost to meet current
    and future obligations including costs of anticipated projects; 
--  Potential lawsuits and regulatory actions; 
--  Changes to the status or interpretation of laws, regulations or
    policies; 
--  Changes in environmental laws including emission reduction obligations; 
--  The receipt, timing and scope of governmental or regulatory approvals; 
--  Changes in general business and economic conditions; 
--  Uncertainty regarding aboriginal land claims and co-existing with local
    populations; 
--  The effects of weather; 
--  The timing and cost of future abandonment and reclamation activities; 
--  Cleanup costs for business interruptions due to environmental damage and
    contamination; and 
--  The ability to enter into or continue leases. 

The foregoing list of risks is not exhaustive. Additional information concerning these and other factors which could impact Paramount and Cavalier are included in Paramount's most recent Annual Information Form. Although Paramount believes that the expectations reflected in such forward looking statements are reasonable, undue reliance should not be placed on them as Paramount cannot give any assurance that such expectations will prove to be correct. The forward-looking statements in this news release are made as of the date hereof and, except as required by applicable securities law, Paramount undertakes no obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Contacts:
Paramount Resources Ltd.
J.H.T. (Jim) Riddell
President and Chief Operating Officer
403.290.3600

Paramount Resources Ltd.
B.K. (Bernie) Lee
Chief Financial Officer
403.290.3600
www.paramountres.com

Contacts:
Cavalier Energy Inc.
William Roach
President & Chief Executive Officer
403.268.3940
www.cavalierenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...