Area,
I added NEL.V today at 1.70
stockhouse.com
9,107,891 shares outstanding.
Mkt cap $15.5m
1000boe/d prodn.
$15,483/bbl -way undervalued
NPV of 2P reserves about C$3.59 (discounted at 5%, see NR below)
D
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Press Release Source: Nevarro Energy Ltd.
Nevarro Energy Ltd.: News Release
Tuesday March 8, 5:36 pm ET
CALGARY, ALBERTA--(CCNMatthews - March 8, 2005) - Nevarro Energy Ltd. (TSX VENTURE:NEL - News; "Nevarro") is pleased to provide certain results of its independent reserve evaluation as prepared in accordance with NI 51-101 by DeGolyer MacNaughton Canada Limited for the year ended December 31, 2004.
Total reserves, based on escalated dollar economics, increased by 187% over the previous year to 3,074,139 (gross) boe from 1,069,919 (gross) boe as at December 31, 2003.
Nevarro's net present value of reserves, based on escalated dollar economics, (before tax, discounted at 10%) increased by 281% to $27,735,000 as at December 31, 2004 from $7,273,000 as at December 31, 2003.
SUMMARY OF OIL AND GAS RESERVES
The following table sets forth Nevarro's net present value of reserves, based on escalated dollar economics, as at December 31, 2004 (1).
COMPANY SHARE - FORECAST PRICE CASE
Future Cash Flow Before
TOTAL COMPANY Income Tax as of December 31, 2004
------------------------------------------------
Discounted
-----------------------------------
Undiscounted At 5% At 10% At 15% At 20%
------------------------------------------------
M$ M$ M$ M$ M$
Proved Developed
Producing 12,942 11,811 10,847 10,019 9,301
Non-Producing 1,822 1,133 739 507 367
Proved Undeveloped 3,254 2,693 2,252 1,900 1,613
------------------------------------------------
Total Proved 18,018 15,637 13,838 12,426 11,281
Probable 13,983 11,185 9,115 7,539 6,314
------------------------------------------------
Total Proved + Probable 32,001 26,822 22,953 19,965 17,595
Possible 7,411 5,922 4,782 3,894 3,188
------------------------------------------------
Total 39,412 32,744 27,735 23,859 20,783
(1) - may not add due to rounding
OPERATIONS
Nevarro is please to also announce its 2005 drilling program.
The Company has budgeted for a capital spending program of approximately $6,500,000 for 2005, and plans to participate in the drilling of approximately 44 wells.
In Saskatchewan, Nevarro plans to drill 42 (20.53 net) wells targeting natural gas and heavy oil in its west central Saskatchewan focus area. The remaining 2 (0.54 net) wells will be drilled in Alberta.
Nevarro recently successfully completed and placed on production one (0.57 net) colony natural gas well. Nevarro anticipates adding an additional 40 boe/d from this well.
Based upon rig availability and the timing and the length of spring break up, the Company plans to drill 2.22 net (5 gross) wells during the month of March 2005. These wells are to be drilled in Nevarro's west central Saskatchewan focus area.
Based on field estimates, Nevarro is currently producing approximately 950 boe/d. The Company anticipates that the first quarter 2005 drilling program, if successful, would add approximately 150 (net) boe/d to the Company's production.
Nevarro currently has 9,107,891 shares outstanding.
This news release contains certain forward-looking statements, which are based on the Corporation's current internal expectations, estimates, projections, assumptions and beliefs. Some of the forward-looking statements may be identified by words such as 'expects', 'anticipates', 'believes', 'projects', 'plans' and similar expressions. These statements are not guarantees of future performance and involve a number of risks and uncertainties. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Corporation's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, changes in general economic, market and business conditions; changes or fluctuations in production levels, commodity prices, currency exchange rates, capital expenditu
res, reserves or reserves estimates and debt service requirements or changes to legislation, the Corporation's ability to comply with current and future environmental or other laws; the Corporation's success at acquisition, exploitation and development of reserves; actions by governmental or regulatory authorities including increasing taxes or other regulations; and the occurrence of unexpected events involved in the operation and development of oil and gas properties. The Corporation disclaims any responsibility to update these forward-looking statements.
Not for distribution to United States newswire services or for dissemination in the United States.
--------------------------------------------------------------------------------
Contact:
Nevarro Energy Ltd.
J.W. Grant Robertson
Vice-President Business Development
Phone: (403) 231-1230
or
Nevarro Energy Ltd.
Rick Bennett
President of the Corporation
Phone: (403) 231-1235
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
--------------------------------------------------------------------------------
Source: Nevarro Energy Ltd.
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