Welcome!

.NET Authors: ChandraShekar Dattatreya, Trevor Parsons, Peter Silva, Yeshim Deniz, Pat Romanski

News Feed Item

Chinook Energy Inc. Announces Its December 31, 2012 Reserves and Operations Update

CALGARY, ALBERTA -- (Marketwire) -- 02/26/13 -- Chinook Energy Inc. ("Chinook" or the "Company") (TSX:CKE) today announced the results of its year-end reserve evaluations effective December 31, 2012 as prepared by its independent evaluators. The Company has also provided certain unaudited year-end financial information and an operations update.

Chinook's audit of its 2012 annual consolidated financial statements is not yet complete and accordingly all financial amounts referred to in this news release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject to audit and may be subject to change as a result.

2012 Reserves Highlights

Two evaluators, which were largely responsible for the previous evaluations of the same assets, have evaluated all of Chinook's crude oil, NGL and natural gas reserves in accordance with National Instrument 51-101. Chinook's Reserves, Safety and Environmental Committee and Board of Directors have reviewed and approved the evaluations prepared by the evaluators. Highlights of such evaluations are as follows:


--  Proved reserves totaled 28.95 million barrels of oil equivalent. The
    proved reserve life index ("RLI") is 7.1 years using annualized December
    2012 production. 
--  Proved plus probable reserves totaled 51.65 million barrels of oil
    equivalent. The proved plus probable RLI is 12.7 years using annualized
    December 2012 production. 
--  Proved plus probable reserves are down 7.5% from 2011. Assets
    representing 11.7% of the 2011 reserves were sold during the year and
    Economic Factors and Technical Revisions represented a 0.6% increase
    from 2011 reserve levels. 
--  The proved finding and development cost, as per NI 51-101 requirements,
    was $39.27 per barrel of oil equivalent and the proved plus probable
    finding and development cost, as per NI 51-101 requirements, was $40.19
    per barrel of oil equivalent. The change in future development costs
    ("FDC") and revisions was included in the calculation and the effect of
    acquisitions and divestitures was excluded. 
--  Commodity price forecasts used in the independent evaluation, relative
    to the 2011 evaluation period, were down approximately 15% for natural
    gas in Canada, which represents 44% of the corporate proved plus
    probable reserve volumes and down approximately 3% (6% in Canada and 2%
    in Tunisia) for the oil, which represents 51% of the corporate proved
    plus probable reserve volumes. As a result of the reduction in the price
    forecast, Chinook recorded a 1.33 million barrels of oil equivalent loss
    of reserves due to economic factors. 
--  The after tax net asset value at December 31, 2012, is $3.11 per basic
    share (214.2 million shares) based on the net present value of proved
    and probable reserves, discounted at 10% after tax and after deducting
    year end total net debt and adding an estimated value of $100 per acre
    for its 357,745 acres of undeveloped land in Canada. On a before tax
    basis, with a similar 10% discount rate, the net asset value is $4.21
    per basic share. 
--  Gross Discovered Petroleum Initially in Place ("DPIIP") associated with
    the Bir Ben Tartar (TT) discovery on the Sud Remada permit in Tunisia,
    after the addition of five development wells in 2012, is estimated to be
    201.7 million barrels of oil. Proved and probable reserves net to the
    Company of 5.1 million barrels of oil represent the Company's 48%
    Contractor's share of the 10.7 million barrels of oil remaining
    recoverable. Proved and probable reserves have been assigned to areas
    representing 44% of the DPIIP up to a 13% recovery, or an average of 5%
    recovery for the entire structure. An additional 2.5 million barrels of
    oil of possible reserves and a Best Case Contingent Resource of 7.2
    million barrels net to the Company's interest is attributable to the
    DPIIP area to which proved and probable reserves have not been assigned
    up to the date of evaluation. Possible reserves are those additional
    reserves that are less certain to be recovered than probable reserves.
    There is a 10% probability that the quantities actually recovered will
    exceed the sum of proved plus probable reserves. On this basis, 44% of
    the reserve and resource potential recognized on the block is reflected
    in the Company's NI 51-101 reserves and net asset value. The net present
    value after tax discounted at 10% for the proved plus probable reserves
    is $163 million or $34.95 per barrel. 

2012 Operational Highlights and Unaudited Full Year Results

Chinook's average daily production for fiscal year 2012 was 12,197 barrels of oil equivalent per day. Production for the last half of 2012 was 11,826 barrels of oil equivalent per day and for the fourth quarter was 11,688 barrels of oil equivalent per day. Projected cash flow from operations (before changes in non-cash working capital) for 2012 is estimated at $78.2 million or $0.37 per weighted average basic common share outstanding (unaudited). Year end 2012 net debt is $72.1 million.

The Canadian business focused on crude oil project development in the core areas of Grande Prairie and the Peace River Arch along with the disposition of $107.4 million of non-strategic assets representing approximately 1,600 boe/d of production. The Tunisian business focused on further light oil development and delineation and increased production on the Bir Ben Tartar Concession ("BBT Concession"). The corporate drilling program consisted of 19 (10.05 net) wells of which 11 were operated and eight were non-operated wells. The results are outlined in the table below:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Wells Drilled                                                               
Year ended December 31, 2012         Tunisia          Canada           Total
----------------------------------------------------------------------------
                               Gross     Net   Gross     Net   Gross     Net
----------------------------------------------------------------------------
Exploration                                                                 
 Oil                               -       -    4 00    1.86    4.00    1.86
 Gas                               -       -       -       -       -       -
 Dry                            2.00    0.96       -       -    2.00    0.96
----------------------------------------------------------------------------
                                2.00    0.96    4.00    1.86    6.00    2.82
----------------------------------------------------------------------------
Development                                                                 
 Oil                            6.00    4.35    6.00    1.88   12.00    6.23
 Gas                               -       -    1.00    1.00    1.00    1.00
 Dry                               -       -       -       -       -       -
----------------------------------------------------------------------------
                                6.00    4.35    7.00    2.88   13.00    7.23
----------------------------------------------------------------------------
Total                           8.00    5.31   11.00    4.74   19.00   10.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revised 2013 Guidance

As a result of higher initial water cuts associated with the most recent horizontal wells drilled on the BBT Concession, coupled with delays in commencement of the 2013 BBT Concession drilling program, the Company has revised its guidance for 2013 as set forth below from the initial 2013 guidance which was provided on November 13, 2012. The Company has also reduced its capital program by $38 million to $102-107 million in 2013 as a result.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                       Revised Guidance (1)                 
($ millions, except                                                         
 boe/d)                     Consolidated     International            Canada
----------------------------------------------------------------------------
Production (boe/d)        9,500 - 10,200     2,150 - 2,450     7,350 - 7,750
Cash flow                $      95 - 100   $       55 - 58   $       40 - 42
Capital expenditures     $     102 - 107   $       58 - 60   $       44 - 47
Net debt                 $       60 - 65                 -                 -
Debt facility            $           115                 -   $           115
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(1) Revised guidance is based on: AECO gas price of $3.22/mcf; Edmonton     
    light oil price of $89.80/bbl (CDN); Brent oil price of $104.75/bbl     
    (CAD); 54% natural gas production; 46% liquids.                         
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                       Previous Guidance (2)                
($ millions, except                                                         
 boe/d)                     Consolidated     International            Canada
----------------------------------------------------------------------------
                                10,800 -                                    
Production (boe/d)                11,500     3,000 - 3,400     7,800 - 8,100
Cash flow                $     130 - 135   $       90 - 94   $       38 - 41
Capital expenditures     $     140 - 145   $       90 - 95   $       45 - 50
Net debt                 $        95-100                 -                 -
Debt facility            $           115                 -   $           115
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(2) Previous guidance was based on: AECO gas price of $3.26/mcf; Edmonton   
    light oil price of $88.94/bbl (CDN); Brent oil price of $103.00/bbl     
    (CAD); 47% natural gas production; 53% liquids.                         

Tunisia Security Update

The operating environment in Tunisia has become more complicated and the necessity to increase security at the Company's operations has risen since late last year. The number of local land use concerns continues to rise and the precedents to resolve them are nonexistent or ineffective in many cases. Stakeholder frustrations often manifest themselves as "sit ins" that disrupt Chinook's work or logistics. There are ongoing efforts to resolve the issues and streamline the process but until material commitments and progress are evident, the Company is unable to achieve the economies or timeline that had been planned. Although operations are impacted, production has not been impacted owing to storage capacity being well in excess of the duration of the stoppages to date. From a security perspective, Chinook has completed the planning phase of an audit and upgrade of its capabilities and systems and will be implementing the majority of the recommendations prior the commencement of its next program and all before the end of the year. This was in progress prior to the most recent events that continue to destabilize the political landscape but those recent events clearly reinforce the necessity that the Company minimizes risk by increasing its awareness and preparedness.

Canadian Non-Strategic Disposition Update

The Company's ongoing non-strategic asset sale process has resulted in executed letters of intent for the sale of approximately 580 boe/d and gross proceeds, before closing adjustments, of approximately $19.5 million to be closed in the first quarter. The disposition of non-core assets as a means to maintain a strong balance sheet and increase the per barrel profitability of the Company's core Canadian assets will be a continued priority for the Company.

2012 Independent Reserves Evaluation

The independent evaluators of the Company's year-end reserves are as follows:


--  McDaniel & Associates Consultants Ltd. ("McDaniel") evaluated all of the
    Canadian properties effective December 31, 2012 and report dated
    February 8, 2013; 
--  InSite Petroleum Consultants Ltd. ("InSite") evaluated all of the
    Tunisia interests effective December 31, 2012 and report dated February
    26, 2013; and 

The independent reserve evaluations effective December 31, 2012 were prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 ("NI 51-101"). The reserve evaluation was based on McDaniel forecast pricing and foreign exchange rates at December 31, 2012.

Reserves included herein are stated on a Company gross basis (working interest before deduction of royalties without including any royalty interests) unless noted otherwise. This news release contains several cautionary statements that are specifically required by NI 51-101 under the heading "Reader Advisory" and throughout the release. In addition to the information contained in this news release more detailed information will be included in Chinook's Annual Information Form for the year ended December 31, 2012 ("AIF"), which will be filed on SEDAR at www.sedar.com on or about March 27, 2013.

Reserves Breakdown (Company interest before royalties) (1)

(December 31, 2012, escalated price forecast)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(mboe)                                                   2012           2011
----------------------------------------------------------------------------
Proved Producing                                                            
Canada                                                 14,966         20,906
Tunisia                                                 1,516          1,294
----------------------------------------------------------------------------
Total proved producing                                 16,482         22,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Proved                                                                      
Canada                                                 19,069         25,227
Tunisia                                                 9,880          6,940
----------------------------------------------------------------------------
Total proved                                           28,949         32,167
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Proved Plus Probable Additional                                             
Canada                                                 31,207         38,995
Tunisia                                                20,445         16,816
----------------------------------------------------------------------------
Total proved plus probable additional                  51,652         55,811
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Note: (1) Columns may not add due to rounding.                              

Gross and Net Company Interest Reserves as at December 31, 2012

The following table summarizes the Company's gross and net interest reserve volumes utilizing McDaniel's forecast pricing and cost estimates at December 31, 2012.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                               Light and                                    
                               medium oil      Heavy oil       Natural Gas  
----------------------------------------------------------------------------
                              Gross           Gross           Gross         
                               (1)  Net (2)    (1)  Net (2)    (1)  Net (2) 
Reserves category            (mbbl)  (mbbl)  (mbbl)  (mbbl)  (mmcf)   (mmcf)
----------------------------------------------------------------------------
Canada                                                                      
Proved                                                                      
 Developed producing          2,720   2,314     187     181  63,125   53,164
 Developed non-producing        714     588      34      31  11,839   10,190
 Undeveloped                    902     752       -       -   1,541    1,356
----------------------------------------------------------------------------
Total proved                  4,337   3,654     221     212  76,505   64,710
Probable additional           2,487   1,995      77      72  50,583   41,393
----------------------------------------------------------------------------
Total proved plus probable    6,824   5,649     298     284 127,088  106,103
----------------------------------------------------------------------------
Tunisia                                                                     
Proved                                                                      
 Developed producing          1,308   1,255       -       -   1,246    1,121
 Developed non-producing        466     414       -       -   2,498    2,265
 Undeveloped                  7,138   6,643       -       -   2,067    1,874
----------------------------------------------------------------------------
Total proved                  8,912   8,311       -       -   5,810    5,260
Probable additional          10,212   9,290       -       -   2,116    1,904
----------------------------------------------------------------------------
Total proved plus probable   19,124  17,601       -       -   7,926    7,165
----------------------------------------------------------------------------
Total company                                                               
Proved                                                                      
 Developed producing          4,029   3,569     187     181  64,371   54,285
 Developed non-producing      1,180   1,001      34      31  14,337   12,454
 Undeveloped                  8,040   7,395       -       -   3,607    3,230
----------------------------------------------------------------------------
Total proved                 13,248  11,965     221     212  82,315   69,970
Probable additional          12,700  11,285      77      72  52,699   43,297
----------------------------------------------------------------------------
Total proved plus probable   25,948  23,250     298     284 135,014  113,267
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                               Natural gas liquids    Oil equivalent (6:1)  
----------------------------------------------------------------------------
                                Gross(1)    Net (2)    Gross(1)     Net (2) 
Reserves category                 (mbbl)      (mbbl)      (mboe)      (mboe)
----------------------------------------------------------------------------
Canada                                                                      
Proved                                                                      
 Developed producing               1,538       1,107      14,966      12,462
 Developed non-producing             202         151       2,923       2,468
 Undeveloped                          22          16       1,181         994
----------------------------------------------------------------------------
Total proved                       1,761       1,274      19,069      15,925
Probable additional                1,143         825      12,138       9,791
----------------------------------------------------------------------------
Total proved plus probable         2,904       2,099      31,207      25,716
----------------------------------------------------------------------------
Tunisia                                                                     
Proved                                                                      
 Developed producing                   -           -       1,516       1,442
 Developed non-producing               -           -         882         790
 Undeveloped                           -           -       7,482       6,955
----------------------------------------------------------------------------
Total proved                           -           -       9,880       9,187
Probable additional                    -           -      10,565       9,608
----------------------------------------------------------------------------
Total proved plus probable             -           -      20,445      18,795
----------------------------------------------------------------------------
Total company                                                               
Proved                                                                      
 Developed producing               1,538       1,107      16,482      13,904
 Developed non-producing             202         151       3,805       3,259
 Undeveloped                          22          16       8,663       7,949
----------------------------------------------------------------------------
Total proved                       1,761       1,274      28,949      25,112
Probable additional                1,143         825      22,703      19,399
----------------------------------------------------------------------------
Total proved plus probable         2,904       2,099      51,652      44,511
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1)   Gross reserves are the Company's working interest reserves before     
      royalty deductions and do not include royalty interest volumes.       
(2)   Net reserves are after royalty deductions and include royalty interest
      volumes.                                                              
(3)   Columns may not add due to rounding.                                  

Gross Company Reserve Reconciliation for 2012 (1)

(Gross company interest reserves before deduction of royalties payable)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                            6:1 Oil Equivalent (mboe)       
                                                                Proved Plus 
                                     Total Proved     Probable     Probable 
----------------------------------------------------------------------------
December 31, 2011 - opening balance        32,167       23,644       55,811 
Additions and extensions                    1,413        2,721        4,134 
Category transfers                            731         (731)           - 
Discoveries                                     -          204          204 
Acquisitions                                1,459          686        2,145 
Dispositions                               (4,364)      (2,159)      (6,522)
Technical revisions                         3,164       (1,488)       1,675 
Economic factors                           (1,157)        (174)      (1,332)
Production                                 (4,464)           -       (4,464)
----------------------------------------------------------------------------
December 31, 2012 - closing balance        28,949       22,703       51,652 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Note: (1) Columns may not add due to rounding.                              

Consolidated

Net Present Value ("NPV") Summary (before tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)

Benchmark oil and NGL prices used are adjusted for quality of oil or NGL produced and for transportation costs. The calculated NPVs include a deduction for estimated future well abandonment but does not include a provision for interest, debt service charges and general and administrative expenses. It should not be assumed that the NPV estimated represents the fair market value of the reserves.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing     335,042     285,878     250,968     224,947     204,803
Proved non-                                                                 
 producing            99,764      80,735      67,458      57,718      50,289
----------------------------------------------------------------------------
Total proved                                                                
 developed           434,806     366,613     318,426     282,665     255,092
Proved                                                                      
 undeveloped         252,823     197,646     158,232     128,034     103,942
----------------------------------------------------------------------------
Total proved         687,630     564,259     476,657     410,699     359,034
Probable                                                                    
 additional          843,405     606,581     461,209     362,612     291,843
----------------------------------------------------------------------------
Total proved                                                                
 plus probable     1,531,035   1,170,840     937,867     773,311     650,877
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Canada

Net Present Value Summary (before tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing     259,435     215,015     184,098     161,483     144,280
Proved non-                                                                 
 producing            51,720      40,995      33,880      28,836      25,068
----------------------------------------------------------------------------
Total proved                                                                
 developed           311,154     256,010     217,979     190,319     169,348
Proved                                                                      
 undeveloped          43,837      27,532      18,670      13,165       9,439
----------------------------------------------------------------------------
Total proved         354,991     283,542     236,649     203,484     178,786
Probable                                                                    
 additional          259,321     152,488     101,040      72,055      53,987
----------------------------------------------------------------------------
Total proved                                                                
 plus probable       614,313     436,030     337,689     275,539     232,773
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Tunisia

Net Present Value Summary (before tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing      75,608      70,863      66,870      63,464      60,523
Proved non-                                                                 
 producing            48,045      39,740      33,577      28,882      25,221
----------------------------------------------------------------------------
Total proved                                                                
 developed           123,652     110,603     100,447      92,346      85,745
Proved                                                                      
 undeveloped         208,986     170,114     139,562     114,869      94,503
----------------------------------------------------------------------------
Total proved         332,639     280,717     240,009     207,215     180,248
Probable                                                                    
 additional          584,083     454,094     360,169     290,557     237,856
----------------------------------------------------------------------------
Total proved                                                                
 plus probable       916,722     734,810     600,178     497,772     418,103
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated

Net Present Value Summary (after tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)

The after-tax NPV of Chinook's oil and natural gas properties reflects the tax burden on the properties on a stand-alone basis and does not consider the business-entity-level tax situation, or tax planning. It does not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management's discussion and analysis ("MD&A") of Chinook should be consulted for information at the level of the business entity.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing     320,508     272,832     239,105     214,042     194,689
Proved non-                                                                 
 producing            76,864      62,053      51,838      44,393      38,728
----------------------------------------------------------------------------
Total proved                                                                
 developed           397,372     334,885     290,943     258,435     233,417
Proved                                                                      
 undeveloped         177,286     133,276     102,307      78,794      60,152
----------------------------------------------------------------------------
Total proved         574,658     468,161     393,250     337,229     293,569
Probable                                                                    
 additional          573,538     409,305     309,563     242,414     194,482
----------------------------------------------------------------------------
Total proved                                                                
 plus probable     1,148,196     877,466     702,813     579,643     488,051
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Canada

Net Present Value Summary (after tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing     259,435     215,015     184,098     161,483     144,280
Proved non-                                                                 
 producing            51,720      40,995      33,880      28,836      25,068
----------------------------------------------------------------------------
Total proved                                                                
 developed           311,154     256,010     217,979     190,319     169,348
Proved                                                                      
 undeveloped          43,837      27,532      18,670      13,165       9,439
----------------------------------------------------------------------------
Total proved         354,991     283,542     236,649     203,484     178,786
Probable                                                                    
 additional          218,033     133,729      91,546      66,894      51,032
----------------------------------------------------------------------------
Total proved                                                                
 plus probable       573,025     417,272     328,194     270,378     229,818
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Tunisia

Net Present Value Summary (after tax) as at December 31, 2012

(December 31, 2012, escalated price forecast)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Discounted  Discounted  Discounted  Discounted
($ thousands)   Undiscounted       at 5%      at 10%      at 15%      at 20%
----------------------------------------------------------------------------
Proved producing      61,073      57,817      55,007      52,560      50,409
Proved non-                                                                 
 producing            25,144      21,058      17,958      15,557      13,660
----------------------------------------------------------------------------
Total proved                                                                
 developed            86,217      78,875      72,965      68,116      64,069
Proved                                                                      
 undeveloped         133,449     105,744      83,637      65,629      50,713
----------------------------------------------------------------------------
Total proved         219,667     184,619     156,602     133,745     114,783
Probable                                                                    
 additional          355,504     275,575     218,017     175,520     143,450
----------------------------------------------------------------------------
Total proved                                                                
 plus probable       575,171     460,194     374,619     309,265     258,233
----------------------------------------------------------------------------
----------------------------------------------------------------------------

McDaniel & Associates Consultants Ltd. Escalating Price Forecast as at December 31, 2012 (1)


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                           Edmonton                         
                     WTI Crude                Light   Henry Hub AECO Natural
                           Oil     Brent  Crude Oil Natural Gas          Gas
                     (US$/bbl) (US$/bbl) (Cdn$/bbl) (US$/mmbtu) (Cdn$/mmbtu)
----------------------------------------------------------------------------
2013                     92.50    107.50      87.50        3.75         3.35
2014                     92.50    102.50      90.50        4.30         3.85
2015                     93.60    101.40      92.60        4.85         4.35
2016                     95.50    100.80      94.50        5.25         4.70
2017                     97.40    100.10      96.40        5.70         5.10
----------------------------------------------------------------------------
                         94.30    102.46      92.30        4.77         4.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                            Edmonton                                        
                          Condensate                                        
                         and Natural                                  US/Cdn
                            Gasoline       Propane       Butane     Exchange
                          (Cdn$/bbl)    (Cdn$/bbl)   (Cdn$/bbl)    (US$/Cdn)
----------------------------------------------------------------------------
2013                           97.50         34.90        64.10        1.000
2014                           95.60         44.20        69.60        1.000
2015                           95.70         52.00        74.60        1.000
2016                           97.70         53.70        76.20        1.000
2017                           99.60         55.60        77.70        1.000
----------------------------------------------------------------------------
                               97.22         48.08        72.44        1.000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: (1) Prices escalate at two percent per year after 2017.               

Future Development Costs ("FDC")

NI 51-101 requires that future development costs be calculated including changes in FDC. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities and capital cost estimates that reflect the independent evaluators' best estimate of what it will cost to bring the proved undeveloped and probable reserves on production.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
($ millions)                                                                
----------------------------------------------------------------------------
                                                         2012           2011
----------------------------------------------------------------------------
Proved                                                                      
 Canada                                                  28.1           27.4
 Tunisia                                                242.3          158.6
----------------------------------------------------------------------------
Total proved                                            270.4          186.0
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Proved Plus Probable                                                        
 Canada                                                  66.7           60.4
 Tunisia                                                402.4          301.0
----------------------------------------------------------------------------
Total proved plus probable                              469.1          361.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Chinook's approved 2013 budget includes the drilling of 13 wells (7.5 net) in Canada and 8.0 wells (6.1 net) in Tunisia.

NI 51-101 Finding and Development Costs ("F&D")


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved Finding and Development                                   Three
 Cost ($ thousands, except per unit                                     year
 amounts)                                 2012      2011      2010     total
----------------------------------------------------------------------------
Capital expenditures excluding                                              
 acquisitions and dispositions,                                             
 abandonment and furniture and                                              
 fixtures (unaudited)                   84,316   124,981    45,861   255,158
Net change from previously allocated                                        
 future development capital             78,689    20,471    19,107   118,267
----------------------------------------------------------------------------
Total capital including the net                                             
 change in future capital              163,005   145,452    64,968   373,424
----------------------------------------------------------------------------
Reserve additions excluding                                                 
 acquisitions and dispositions                                              
 (mboe)                                  4,151     2,671     2,404     9,226
Total proved finding and development                                        
 costs (per boe)                      $  39.27  $  54.45  $  27.02  $  40.47
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved Plus Probable Finding                                     Three
 and Development Cost ($ thousands,                                     year
 except per unit amounts)                 2012      2011      2010     total
----------------------------------------------------------------------------
Capital expenditures excluding                                              
 acquisitions and dispositions,                                             
 abandonment and furniture and                                              
 fixtures (unaudited)                   84,316   124,981    44,994   254,291
Net change from previously allocated                                        
 future development capital            103,880    31,893    30,026   165,799
----------------------------------------------------------------------------
Total capital including the net                                             
 change in future capital              188,196   156,874    75,020   420,090
----------------------------------------------------------------------------
Reserve additions excluding                                                 
 acquisitions and dispositions                                              
 (mboe)                                  4,682     2,877     4,090    11,649
Total proved plus probable finding                                          
 and development costs (per boe)      $  40.19  $  54.53  $  18.34  $  36.06
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Finding and Development Costs ("F&D")


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved Finding and                                                    
 Development Cost Including FDC,                                            
 excluding Acquisitions,                                                    
 Dispositions, Revisions, and                                          Three
 Economic Factors ($ thousands,                                         year
 except per unit amounts)              2012       2011       2010      total
----------------------------------------------------------------------------
Capital expenditures excluding                                              
 acquisitions and dispositions                                              
 abandonment and furniture and                                              
 fixtures (unaudited) (1)            84,316    124,981     59,139    268,436
Net change from previously                                                  
 allocated future development                                               
 capital                             52,099     12,685      4,782     69,566
----------------------------------------------------------------------------
Total capital including the net                                             
 change in future capital           136,415    137,666     63,921    338,002
----------------------------------------------------------------------------
Reserve additions including                                                 
 acquisitions, dispositions and                                             
 revisions (mboe)                     2,145      3,942      2,353      8,439
All-in total proved finding and                                             
 development costs (per boe)       $  63.61   $  34.92   $  27.17   $  40.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Note: (1) Excludes non-cash costs, including decommissioning liabilities.   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved Plus Probable                                                  
 Finding and Development Cost                                               
 Including FDC, excluding                                                   
 Acquisitions, Dispositions,                                                
 Revisions, and Economic Factors                                       Three
 ($ thousands, except per unit                                          year
 amounts)                              2012       2011       2010      total
----------------------------------------------------------------------------
Capital expenditures excluding                                              
 acquisitions and                                                           
 dispositions,abandonment and                                               
 furniture and fixtures                                                     
 (unaudited) (1)                     84,316    124,981     59,139    268,436
Net change from previously                                                  
 allocated future development                                               
 capital                             95,915     39,390      9,232    144,537
----------------------------------------------------------------------------
Total capital including the net                                             
 change in future capital           180,230    164,371     68,371    412,972
----------------------------------------------------------------------------
Reserve additions including                                                 
 acquisitions, dispositions and                                             
 revisions (mboe)                     4,339      6,480      3,654     14,472
All-in total proved plus                                                    
 probable finding and                                                       
 development costs (per boe)       $  41.54   $  25.37   $  18.71   $  28.54
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Note: (1) Excludes non-cash costs, including decommissioning liabilities.   

Total 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 the total cost of reserve additions in that year.

Recycle Ratio

The recycle ratio is calculated as the annual netback per barrel divided by the NI 51-101 calculated finding and development costs (excluding acquisitions and dispositions, abandonment and furniture and fixtures).


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved                    Consolidated          Canada         Tunisia
----------------------------------------------------------------------------
Operating netback before                                                    
 commodity price contracts                                                  
 ($/boe)(unaudited) (1)                23.31           11.86           81.83
51-101 F&D costs                                                            
 ($/boe)(unaudited)                    39.27           47.87           38.17
----------------------------------------------------------------------------
Recycle ratio                           0.6x            0.2x            2.1x
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total Proved Plus Probable      Consolidated          Canada         Tunisia
----------------------------------------------------------------------------
Operating netback before                                                    
 commodity price contracts                                                  
 ($/boe)(unaudited) (1)                23.31           11.86           81.83
51-101 F&D costs                                                            
 ($/boe)(unaudited)                    40.19           96.22           36.20
----------------------------------------------------------------------------
Recycle ratio                           0.6x            0.1x            2.3x
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Note: (1) Operating netback is calculated by deducting royalties and net    
          production expenses from revenue.                                 

Presented below is the recycle ratio as calculated by using the annual netback per barrel divided by the calculated finding and development costs (excluding acquisitions and dispositions, abandonment and furniture and fixtures) and excluding the effects of revisions and economic factors.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Proved                    Consolidated          Canada         Tunisia
----------------------------------------------------------------------------
Operating netback before                                                    
 commodity price contracts                                                  
 ($/boe)(unaudited) (1)                23.31           11.86           81.83
F&D costs net of                                                            
 acquisitions, revisions                                                    
 and economic factors                                                       
 ($/boe)(unaudited)                    63.61           34.76          106.63
----------------------------------------------------------------------------
Recycle ratio                           0.4x            0.3x            0.8x
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total Proved Plus Probable      Consolidated          Canada         Tunisia
----------------------------------------------------------------------------
Operating netback before                                                    
 commodity price contracts                                                  
 ($/boe)(unaudited) (1)                23.31           11.86           81.83
F&D costs net of                                                            
 acquisitions, revisions                                                    
 and economic factors                                                       
 ($/boe)(unaudited)                    41.54           17.23           67.20
----------------------------------------------------------------------------
Recycle ratio                           0.6x            0.7x            1.2x
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Note: (1) Operating netback is calculated by deducting royalties and net    
          production expenses from revenue.                                 

Corporate Net Asset Value

The Company's net asset value as of December 31, 2012, is detailed in the following table. This net asset value determination is a "point-in-time" measurement and does not take into account the possibility of Chinook being able to recognize additional reserves through successful future capital investment in its existing properties beyond those included in the 2012 year-end reserve reports.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
December 31,                                                                
 2012            Before Tax NPV 5%   Before Tax NPV 10%   Before Tax NPV 15%
----------------------------------------------------------------------------
             ($ thousands)$/share ($ thousands)$/share ($ thousands)$/share 
----------------------------------------------------------------------------
Proved plus                                                                 
 probable                                                                   
 reserves NPV                                                               
 (1,2)          1,170,840    5.47      937,867    4.38      773,311    3.61 
Undeveloped                                                                 
 acreage (3)       35,774    0.17       35,774    0.17       35,774    0.17 
Net debt (4)      (72,121)  (0.34)     (72,121)  (0.34)     (72,121)  (0.34)
----------------------------------------------------------------------------
Net asset                                                                   
 value                                                                      
 (basic) (5)    1,134,493    5.30      901,520    4.21      736,964    3.44 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
December 31,                                                                
 2012             After Tax NPV 5%    After Tax NPV 10%    After Tax NPV 15%
----------------------------------------------------------------------------
             ($ thousands)$/share ($ thousands)$/share ($ thousands)$/share 
----------------------------------------------------------------------------
Proved plus                                                                 
 probable                                                                   
 reserves NPV                                                               
 (1,2 )           877,466    4.10      702,813    3.28      579,643    2.71 
Undeveloped                                                                 
 acreage (3)       35,774    0.17       35,774    0.17       35,774    0.17 
Net debt (4)      (72,121)  (0.34)     (72,121)  (0.34)     (72,121)  (0.34)
----------------------------------------------------------------------------
Net asset                                                                   
 value                                                                      
 (basic) (5)      841,119    3.93      666,466    3.11      543,296    2.54 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:                                                                      
(1)   Evaluated by independent reserve evaluators as at December 31, 2012.  
      Net present value of future net revenue does not represent the fair   
      market value of the reserves.                                         
(2)   Net present values for before and after tax are based on McDaniel's   
      December 31, 2012 escalated price forecast.                           
(3)   Undeveloped land value has been calculated based on internal estimates
      of $100/acre for all Canadian lands.                                  
(4)   Net debt as at December 31, 2012, including working capital deficit   
      (estimated and unaudited).                                            
(5)   Basic shares at December 31, 2012 total 214,187,681 common shares.    

Chinook's audited consolidated financial statements and its annual information form for the year ended December 31, 2012, which will include more detailed reserves information, are expected to be filed on SEDAR (www.sedar.com) on or about March 27, 2013.

Bir Ben Tartar - Discovered Petroleum Initially-in-Place

InSite assigned 201.7 million barrels of Discovered Petroleum Initially-In-Place ("DPIIP") to the Bir Ben Tartar (TT Field) discovery as at December 31, 2012.

DPIIP is the quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP is divided into commercial (reserves), and sub-commercial (Contingent Resources); the remainder is by definition unrecoverable. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

Contingencies which must be overcome to enable the reclassification of Contingent Resources as reserves can be categorized as economic, non-technical and technical. The Canadian Oil and Gas Evaluation Handbook identifies non-technical contingencies as legal, environmental, political and regulatory matters or a lack of markets. There are several non-technical contingencies that prevent the classification of the Contingent Resources estimated below as being classified as reserves. Although certain areas of the blocks subject to the estimates are currently undergoing development under approved plans, these plans do not include the areas of the reservoirs with which all of the Contingent Resources summarized in the table below are associated. As of the effective date of the evaluation, information was not available concerning the regulatory status or, in certain instances, conceptual development plans under which such Contingent Resources could be brought on production, nor was information available regarding the likelihood of any such development plans being approved by Chinook, by its partners in the field, nor by ETAP. Other non-technical contingencies may include regulatory application submission with no major issues raised, access to markets and intent to proceed by the operator and other partners as evidenced by major capital expenditures planned. Technical contingencies that prevent the classification of the Contingent Resources as reserves include the early stage of development, the requirement for further delineation drilling and testing, lack of full field development plans and the associated facility design. While it is premature at this time to identify the economic viability of any of the Contingent Resources since evaluations are currently incomplete and as such, the economic status of the Contingent Resources is currently undetermined, Chinook is actively carrying out activities on the TT Field in order to enable it to complete the necessary economic assessment(s). Furthermore, certain of the reservoir areas evaluated in the Contingent Resources estimate cover extensive areas that will require considerable development activity and investment to fully exploit.

Estimates of DPIIP and Contingent Resources described herein are estimates only; the actual resources may be higher or lower than those calculated in InSite's report. There is no certainty that will be commercially viable to produce any portion of the resources described herein.

The most significant positive and negative factors with respect to the Contingent Resource estimates in respect of the Bir Ben Tartar (TT) discovery relate to fact that the field is currently at an evaluation/delineation stage.

The table below summarizes the DPIIP, Reserves, Cumulative Production, Contingent Resources and portion of the unrecoverable portion of DPIIP associated with the Bir Ben Tartar (TT) discovery.


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Category                                                               mbbls
----------------------------------------------------------------------------
DPIIP                                                                201,700
Gross Proved + Probable Reserves                                      10,663
Gross Cumulative Production                                            1,884
Gross Contingent Resource (Best Estimate)                             15,166
Unrecoverable DPIIP                                                  174,016
----------------------------------------------------------------------------
----------------------------------------------------------------------------

About Chinook Energy Inc.

Chinook is a Calgary-based public oil and gas exploration and development company that combines high quality natural gas-weighted assets in Western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa.

Definitions of Oil and Gas Resources and Reserves

Reserves are estimated remaining quantities of oil and natural gas and related substance anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:

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.

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.

Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is 10% probability that the quantities recovered will exceed the sum of proved and probable reserves.

Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories:

Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves, and contingent resources; the remainder is unrecoverable.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies.

Unrecoverable is that portion of DPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks.

Uncertainty Ranges are described by the COGE Handbook as low, best, and high estimates for reserves and resources as follows:

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Reader Advisory

Forward-Looking Statements

In the interest of providing shareholders and potential investors with information regarding Chinook, including management's assessment of the future plans and operations of Chinook, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this news release contains, without limitation, forward-looking statements pertaining to: expectations of future plans regarding the Canadian non-core asset sale process; the volumes and estimated value of Chinook's oil and natural gas reserves; the life of Chinook's reserves; the volume and product mix of Chinook's oil and natural gas production; future oil and natural gas prices and Chinook's commodity risk management program; future results from operations and operating metrics; and future development, exploration, acquisition and development activities (including drilling plans) and related production expectations as well as management's future expectations regarding production, cash flow, capital expenditures, net debt and debt facility set out under the heading "Revised 2013 Guidance".

With respect to the forward-looking statements contained in this news release, Chinook has made assumptions regarding, among other things: that Chinook will continue to conduct its operations in a manner consistent with past operations, the ability of Chinook to continue to operate in Tunisia with limited logistical security and operational issues, future capital expenditure levels, future oil and natural gas prices, future oil and natural gas production levels, Chinook's ability to obtain equipment in a timely manner to carry out development activities, the impact of increasing competition, the ability of Chinook to add production and reserves through development and exploitation activities, certain commodity price and other cost assumptions, the continued availability of adequate debt and equity financing and cash flow to fund its planned expenditures. Although Chinook believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur.

By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Chinook's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, political and security risk associated with Chinook's Tunisian operations, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, the continued impact of shut-in production, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations resulting from surface conditions, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect Chinook's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Chinook's website (www.chinookenergyinc.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Chinook does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Barrels of Oil Equivalent

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Reserve Life Index

The reader is also cautioned that this news release contains the term reserve life index ("RLI"), which is not a recognized measure under GAAP. Management believes that this measure is a useful supplemental measure of the length of time the reserves would be produced over at the rate used in the calculation. Readers are cautioned, however, that this measure should not be construed as an alternative to other terms determined in accordance with GAAP as a measure of performance. Chinook's method of calculating this measure may differ from other companies, and accordingly, they may not be comparable to measures used by other companies.

Operating Netback

The reader is also cautioned that this news release contains the term operating netback, which is not a recognized measure under GAAP and is calculated as a period's sales of petroleum and natural gas, net of royalties less net production and operating expenses as divided by the period's sales volumes. Management uses this measure to assist them in understanding Chinook's profitability relative to current commodity prices and it provides an analysis tool to benchmark changes in operational performance against prior periods and to peers on a comparable basis. Readers are cautioned, however, that this measure should not be construed as an alternative to other terms such as net income determined in accordance with GAAP as a measure of performance. Chinook's method of calculating this measure may differ from other companies, and accordingly, they may not be comparable to measures used by other companies.

Cash flow from operations

The reader is also cautioned that this news release contains the term cash flow from operations, which is not a recognized measure under GAAP and is calculated from cash flow from continuing operations adjusted for changes in non-cash working capital. Management believes that cash flow is a key measure to assess the ability of Chinook to finance capital expenditures and debt repayments. Readers are cautioned, however, that this measure should not be construed as an alternative to other terms such as cash flow from operating activities, net income or other measures of financial performance calculated in accordance with GAAP. Chinook's method of calculating this measure may differ from other companies, and accordingly, they may not be comparable to measures used by other companies.

Contacts:
Chinook Energy Inc.
Walter Vrataric
President
(403) 261-6883

Chinook Energy Inc.
L. Geoff Barlow
Vice-President, Finance and Chief Financial Officer
(403) 261-6883
www.chinookenergyinc.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
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
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 Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.