Welcome!

Microsoft Cloud Authors: John Basso, Liz McMillan, Pat Romanski, Glenn Rossman, Elizabeth White

News Feed Item

Bonterra Energy Corp. Provides Corporate Reserve Information on the Spartan Acquisition, Pro Forma Reserves Summary and Additional Updates

CALGARY, ALBERTA -- (Marketwire) -- 02/07/13 -- Bonterra Energy Corp. (Bonterra) (www.bonterraenergy.com) (TSX:BNE) reports the results of the independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2012 for Spartan Oil Corp.; provides a pro forma reserves summary; updates its 2013 operating cost guidance; and corrects its finding, development and acquisition costs excluding future development costs for 2012.

Highlights


--  Proved plus Probable (P+P) reserves on a pro forma basis of 70.5 million
    BOE with approximately 78 percent oil and liquids. 
--  Approximately 74 percent of total reserves are classified as proved
    reserves with 26 percent classified as probable reserves.

Corporate Reserves Information (Spartan Oil Corp. Only)

Spartan Oil Corp. (Spartan) engaged the services of Sproule Associates Limited to prepare a reserve evaluation with an effective date of December 31, 2012. The gross reserve figures from the following tables represent Spartan's ownership interest before royalties and before consideration of the company's royalty interests at December 31, 2012. Tables may not add due to rounding.

Summary of Gross Oil and Gas Reserves as of December 31, 2012


                               Light and    Natural  Natural Gas            
                              Medium Oil        Gas      Liquids      BOE(1)
Reserve Category:                 (Mbbl)      (MMcf)      (Mbbl)      (MBOE)
----------------------------------------------------------------------------
PROVED                                                                      
  Developed Producing            6,019.8       9,762       462.8     8,109.6
  Developed Non-Producing          600.2         685        37.9       752.3
  Undeveloped                    8,115.4      10,005       533.2    10,316.1
----------------------------------------------------------------------------
TOTAL PROVED                    14,735.4      20,452     1,033.9    19,177.9
PROBABLE                         4,941.0       6,411       317.9     6,327.4
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE      19,676.4      26,863     1,351.7    25,505.3
----------------------------------------------------------------------------

Reconciliation of Company Gross Reserves by Principal Product Type as of December 31, 2012


                                                                            
                         Light and Medium Oil and                           
                              Natural Gas Liquids               Natural Gas 
----------------------------------------------------------------------------
                                                                            
                                      Proved plus               Proved plus 
                              Proved     Probable       Proved     Probable 
                              (Mbbl)       (Mbbl)       (Mmcf)       (Mmcf) 
----------------------------------------------------------------------------
December 31, 2011           12,838.2     18,639.4       11,822       16,750 
 Extension                     966.2      1,628.3          740        1,214 
 Infill Drilling               690.0      1,110.3          390          793 
 Improved Recovery                 -            -            -            - 
 Technical Revisions         2,027.0        380.1        8,515        9,109 
 Discoveries                       -            -            -            - 
 Acquisitions                   77.2         98.1           40           51 
 Dispositions                      -            -            -            - 
 Economic factors                0.2          1.4           (1)           - 
 Production                   (829.5)      (829.8)      (1,054)      (1,054)
----------------------------------------------------------------------------
December 31, 2012           15,769.3     21,028.1       20,452       26,863 
----------------------------------------------------------------------------

                                                  
                                                  
                                           BOE(1) 
--------------------------------------------------
                                                  
                                      Proved Plus 
                              Proved     Probable 
                              (MBOE)       (MBOE) 
--------------------------------------------------
December 31, 2011           14,808.5     21,431.1 
 Extension                   1,089.5      1,830.6 
 Infill Drilling               755.0      1,242.5 
 Improved Recovery                 -            - 
 Technical Revisions         3,446.2      1,898.3 
 Discoveries                       -            - 
 Acquisitions                   83.9        106.6 
 Dispositions                      -            - 
 Economic factors                  -          1.4 
 Production                 (1,005.2)    (1,005.5)
--------------------------------------------------
December 31, 2012           19,177.9     25,505.3 
--------------------------------------------------

Summary of Net Present Values of Future Net Revenue as of December 31, 2012


                                             Net Present Value Before Income
                                                                       Taxes
                                                  Discounted at (% per Year)
($ Millions)                                      0%          5%         10%
----------------------------------------------------------------------------
Reserve Category:                                                           
----------------------------------------------------------------------------
PROVED                                                                      
  Developed Producing                        428,694     296,926     228,451
  Developed Non-Producing                     42,920      29,235      22,314
  Undeveloped                                437,088     236,173     138,422
----------------------------------------------------------------------------
TOTAL PROVED                                 908,702     562,333     389,187
PROBABLE                                     387,226     149,581      73,082
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE                 1,295,929     711,914     462,269
----------------------------------------------------------------------------

Pro Forma Reserves (Bonterra and Spartan)

Summary of Gross Oil and Gas Reserves as of December 31, 2012


                               Light and    Natural  Natural Gas            
                              Medium Oil        Gas      Liquids      BOE(1)
Reserve Category:                 (Mbbl)      (MMcf)      (Mbbl)      (MBOE)
----------------------------------------------------------------------------
PROVED                                                                      
  Developed Producing           20,435.5      42,799     1,828.5    29,397.2
  Developed Non-Producing          966.5       3,314        89.7     1,608.6
  Undeveloped                   16,267.0      23,597     1,106.7    21,306.5
----------------------------------------------------------------------------
TOTAL PROVED                    37,669.0      69,710     3,024.9    52,312.2
PROBABLE                        12,954.1      25,374     1,041.9    18,225.0
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE      50,623.1      95,084     4,066.7    70,537.2
----------------------------------------------------------------------------

Summary of Net Present Values of Future Net Revenue as of December 31, 2012


                                                    Net Present Value Before
                                                                Income Taxes
                                                        Discounted at (% per
                                                                       Year)
($ Millions)                                      0%          5%         10%
----------------------------------------------------------------------------
Reserve Category:                                                           
----------------------------------------------------------------------------
PROVED                                                                      
  Developed Producing                      1,270,577     839,852     634,987
  Developed Non-Producing                     69,742      45,731      33,802
  Undeveloped                                830,149     427,672     234,625
----------------------------------------------------------------------------
TOTAL PROVED                               2,170,468   1,313,254     903,414
PROBABLE                                   1,001,822     385,562     191,763
----------------------------------------------------------------------------
TOTAL PROVED PLUS PROBABLE                 3,172,291   1,698,816   1,095,178
----------------------------------------------------------------------------

Update: Bonterra 2013 Operating Cost Guidance

Bonterra closed the acquisition of Spartan in January, 2013 and announced guidance based on the combined entity on February 5, 2013. The guidance reported included operating costs expected to average approximately $15.00 per BOE on an annualized basis. However, this only included Bonterra operating costs. On a consolidated basis of Bonterra and Spartan, the operating costs for the combined entity are expected to average $12.45 per BOE for the period commencing from the acquisition date of January 25, 2013 to December 31, 2013.

Correction: Finding, Development and Acquisition (FD&A) Costs

The Company has historically been active in its capital development program. Over three years, Bonterra has incurred the following FD&A (3) costs excluding Future Development Costs:


                             2012                                           
                             FD&A      2011 FD&A     2010 FD&A              
                         Costs per     Costs per     Costs per    Three Year
                      BOE(1)(2)(3)  BOE(1)(2)(3)  BOE(1)(2)(3)    Average(4)
----------------------------------------------------------------------------
Proved Reserve Net                                                          
 Additions           $       13.64 $       33.22 $       13.89 $       16.22
Proved plus Probable                                                        
 Reserve Net                                                                
 Additions           $       16.05 $       15.38 $       13.02 $       14.79
----------------------------------------------------------------------------

(1) Barrels of Oil Equivalent may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 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.

(2) 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 reserve additions for that year.

(3) FD&A costs are net of proceeds of disposal and the FD&A costs per BOE are based on reserves acquired net of reserves disposed of.

(4) Three year average is calculated using three year total capital costs and reserve additions on both a Proved and Proved plus Probable basis

Certain financial and operating information, such as finding and development costs and net asset values, included in this press release for the year ended December 31, 2012 are based on estimated unaudited financial results for the year and are subject to the same limitations as discussed under Forward Looking Statements set out below. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2012 and changes could be material. All reserve numbers provided above are Spartan's interest before royalties.

It should not be assumed that the estimates of future net revenue presented in the above tables represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. Estimates of reserves and future net revenues for individual properties may not reflect the same confidence level as estimates of reserves and future net revenues for all properties due to the effects of aggregation.

Caution Regarding Engineering Terms:

Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio of 6 MCF to 1 barrel has been used in all cases in this disclosure. This BOE conversion ratio is based on an energy equivalency conversion method primarily available at the burner tip and does not represent a value equivalency at the wellhead.

Caution Regarding Forward Looking Information:

Certain information set forth in this press release, including management's assessment of Bonterra's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Bonterra's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve 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. Readers are cautioned 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. Bonterra'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 Bonterra will derive therefrom. Bonterra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
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 develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
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, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
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 ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
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, discussed how leveraging the Industrial Internet a...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.