Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

News Feed Item

Angle Energy Reports 113% Increase in Light Oil Reserves, Announces New Independent Director

CALGARY, ALBERTA -- (Marketwire) -- 02/06/13 -- Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) announces a significant increase to its 2012 year-end oil reserves and top tier capital efficiencies in its oil reserve additions. The Company also announces the addition of M. Scott Bratt, an experienced financial executive, to its Board of Directors.

2012 YEAR END RESERVES REPORT HIGHLIGHTS

The following highlights are calculated using the estimated and unaudited financial results of 2012, pro forma the Edson gas asset disposition which closed on January 9, 2013. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by March 31, 2013. GLJ Petroleum Consultants ("GLJ"), an independent reserve engineering firm, evaluated Angle's December 31, 2012 reserves.


--  Total proved plus probable reserves are 60.9 million barrels of oil
    equivalent, "boe", with an increase in light oil reserves of 113%, from
    5.2 million barrels to 11.1 million barrels, as compared to December 31,
    2011. Light oil and natural gas liquids now represent 55% of Angle's boe
    reserves. 
    
--  Proved plus probable reserve additions total 11.0 million barrels
    equivalent, of which 81% is light oil and natural gas liquids, and 19%
    is natural gas. These additions are substantially all from Angle's
    Cardium projects. 
    
--  Finding and development costs pro forma the Edson gas asset disposition,
    including future development capital, are $18.73/boe on proved plus
    probable reserve additions, and $23.11/boe on total proved reserve
    additions. The resulting corporate recycle ratios are 1.3 and 1.1,
    respectively, based on the Company's Q4 operating netback (pro forma the
    Edson gas asset disposition) of $24.92/boe. 
    
--  Cardium proved plus probable reserves have grown by 180% since December
    31, 2011 bringing total Cardium proved plus probable reserves to 17.1
    million boes, of which light oil reserves represent 9.6 million barrels.
    These bookings include 58 undrilled Cardium wells, which represents 20%
    of Angle's total undrilled Cardium inventory.  
    
--  Cardium finding and development costs are $18.09/boe on proved plus
    probable reserve additions, and $25.48/boe on total proved reserve
    additions. The recycle ratios related to the Cardium reserve additions
    on a proved plus probable basis, are 1.9 times based on a $34.41/boe
    operating netback in the full year 2012, and 2.3 times based on a
    $41.36/boe operating netback for Q4 2012. 
    
--  The net asset value ("NAV") of the Company is calculated to be $6.08 per
    diluted share on a 10% discounted proved plus probable reserve basis.
    This number is inclusive of $82 million of undeveloped land value, as
    evaluated at December 31, 2012 by Seaton-Jordan and Associates, a
    leading independent consulting firm in non-reserve oil and gas land
    evaluations.

"Angle's 2012 drilling program concentrated on Cardium light oil assets which provide recycle ratios of over 2.0 times." said Gregg Fischbuch, Chief Executive Officer. "This follows our strategy of focusing on more profitable production, with a barrel of oil currently being worth approximately five times more than a "barrel of oil equivalent" of natural gas."

2013 OUTLOOK

Cardium light oil is now Angle's dominant asset and has become so in only one year. The Company is a large undeveloped land holder in the Cardium play, and has only 20% of its undrilled inventory booked in the 2012 report.

The higher weighting of light oil in total production will be directly reflected in expected increases to the cash flow per share for 2013. The sale of the Edson gas assets in December 2012 reduced Angle's near term debt to less than 2.0 times debt to cash flow. Angle is committed to maintaining risk-appropriate leverage and has a corporate directive of managing its debt to cash flow ratio for the overall 2013 capital program to under 2.0 times on a fourth quarter annualized basis.

Angle plans to release its 2012 year end financials on March 20, 2013, and will provide an operations update on first quarter drilling activities subsequent to this release in late March or early April.

SCOTT BRATT JOINS ANGLE'S BOARD OF DIRECTORS

Noralee Bradley, Chairman of the Board of Angle Energy Inc., is pleased to announce that Mr. M. Scott Bratt, B. Comm, CA, CFA, has joined the Board of Directors, effective immediately. Mr. Bratt has 18 years of experience in the capital markets, primarily with FirstEnergy Capital Corp, where he recently retired as Managing Director and Co-Head of Corporate Finance. Mr. Bratt has significant experience in mergers, acquisitions, valuations and financings, and has been a trusted advisor to numerous boards and senior management teams.

Mr. Bratt said, "Angle's genuine commitment to building shareholder value is compelling. The Company's transition from natural gas to light oil in a very short time frame is on track. Angle's Cardium assets are attractive and their successful organic development highlights the Company's differentiation as adept drillers and low cost operators. The entire Board is focused on the gap between the trading price of the stock and intrinsic NAV. I look forward to working with the Board and Angle Management to find ways to increase value for the benefit of shareholders, particularly as the gas to oil transition strategy continues to prove itself."

2012 YEAR END CORPORATE RESERVES

Angle's December 31, 2012 reserves were evaluated by the Company's independent reserve engineering firm, GLJ Petroleum Consultants ("GLJ"). The evaluation of all of Angle's petroleum and natural gas reserves was conducted pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by March 31, 2013.

The December 31, 2012 Angle reserve assessment, pro forma the sale of the Edson gas assets, yielded the following results:


----------------------------------------------------------------------------
December 31, 2012 Reserves Summary                                          
(Pro Forma Edson Natural Gas Asset Disposition, Company interest before     
 royalties)                                                                 
----------------------------------------------------------------------------
(January 1, 2013 escalated price     Natural    Crude                   Oil 
 forecast)                               Gas      Oil     NGLs   Equivalent 
----------------------------------------------------------------------------
                                        (Bcf)  (Mbbls)  (Mbbls) (Mboe) (6:1)
----------------------------------------------------------------------------
Proved developed producing              50.7    2,528    7,126       18,108 
----------------------------------------------------------------------------
Proved undeveloped                      35.0    2,483    4,715       13,028 
----------------------------------------------------------------------------
Total Proved                            90.5    5,195   12,457       32,735 
----------------------------------------------------------------------------
Probable                                73.7    5,902    9,966       28,154 
----------------------------------------------------------------------------
Total Proved plus Probable             164.2   11,096   22,423       60,890 
----------------------------------------------------------------------------
(Columns may not add due to rounding)                                       
                                                                            
----------------------------------------------------------------------------
December 31, 2012 Net Present Values ("NPV") Summary                        
(Pro Forma Edson Natural Gas Asset Disposition, Company interest before     
 royalties)                                                                 
----------------------------------------------------------------------------
                                                                         Net
(January 1, 2013 escalated       Present value of cash   Future  Undeveloped
 price forecast)                flows before-tax ($MM)  Capital Wells Booked
----------------------------------------------------------------------------
                                   0%      10%      15%    ($MM)            
----------------------------------------------------------------------------
Proved developed producing    $367.0   $267.0   $231.3     $4.9             
----------------------------------------------------------------------------
Proved undeveloped            $226.9    $73.6    $40.4   $176.6         53.8
----------------------------------------------------------------------------
Total Proved                  $628.0   $358.6   $285.9   $190.1         53.8
----------------------------------------------------------------------------
Probable                      $696.2   $225.7   $147.8   $188.9         53.3
----------------------------------------------------------------------------
Total Proved plus Probable  $1,324.2   $584.3   $433.6   $379.0        107.1
----------------------------------------------------------------------------
(Columns may not add due to rounding)                                       

Angle's total proved reserves carry $190 million of future development capital, representing 1.9 times the 2013 first half cash flow annualized (from Angle's January 9, 2013 press release guidance, approximately $98 million), while Angle's total proved plus probable reserves carry $379 million of future development capital, or 3.9 times 2013 first half cash flow annualized.


----------------------------------------------------------------------------
Net Asset Value at Dec 31, 2012                                             
Pro Forma Edson Natural Gas Disposition                                     
----------------------------------------------------------------------------
Proved Plus Probable NPV 10% GLJ                                   $584.3MM 
----------------------------------------------------------------------------
Net Debt                                                          ($177.0MM)
----------------------------------------------------------------------------
Value of Net Undeveloped Land                                       $82.1MM 
----------------------------------------------------------------------------
Value of Seismic                                                     $7.0MM 
----------------------------------------------------------------------------
Total                                                              $496.4MM 
----------------------------------------------------------------------------
Fully Diluted Shares Outstanding                                     81.6MM 
----------------------------------------------------------------------------
Net Asset Value per Share                                             $6.08 
----------------------------------------------------------------------------

ABOUT ANGLE

Calgary-based Angle Energy Inc. is a publicly traded oil and gas exploration and development company incorporated in 2004. Angle's objective is to build shareholder value through the profitable growth of its high-quality asset base using a combination of drilling and strategic acquisitions. Angle's proven and dedicated team of industry specialists is 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 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.

Forward-Looking Information

Information set forth in this press release contains estimates and forward-looking statements and are made as of February 6, 2013 and based on assumptions as of that date. By their nature, estimates and 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, 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. Netbacks are calculated by subtracting royalties and operating costs from revenue and the calculation follows industry standards. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. Furthermore, estimates of net asset value and net present values as disclosed do not represent fair market value. 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, 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 estimates and forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the estimates and 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 estimates and forward-looking statements, whether as a result of new information, future events or otherwise. The estimates and forward looking statements are expressly qualified by these cautionary statements.

Contacts:
Angle Energy Inc.
Heather Christie-Burns
President and Chief Operating Officer
(403) 263-4534
(403) 263-4179 (FAX)

Angle Energy Inc.
Gregg Fischbuch
Chief Executive Officer
(403) 263-4534
(403) 263-4179 (FAX)

Angle Energy Inc.
Suite 700, 324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
www.angleenergy.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
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
The IoTs 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, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.