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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (5258)2/21/2014 8:14:10 AM
From: Goose94Read Replies (3) of 202720
 
Cequence Energy (CQE-T) 2013 year end reserves reflect a continued successful delineation of its Simonette property in the Deep Basin of Alberta. The growth in reserves further substantiates management's views that the Company's assets contain significant resource potential. The following highlights are based on the reserve report dated February 20, 2014 and effective December 31, 2013 (the "GLJ Report") prepared by GLJ Petroleum Consultants ("GLJ"):

Increased proved reserves by 19% from the prior year to 55 MMBOE;

Increased proved plus probable reserves by 24% from the prior year to 113 MMBOE;

Increased total proved plus probable reserves at Simonette by 28% from the prior year to 98 MMBOE;

Achieved finding, development and acquisition costs (including changes to future development capital) of $11.17 per boe on a proved plus probable basis and $13.87 per boe on a proved basis;

Achieved finding and development costs (including changes to future development capital) of $10.10 per boe on a proved plus probable basis and $11.76 per boe on a proved basis;

Increased the net present value before income taxes of the Company's proved plus probable reserves by 30% from the prior year to $1.0 billion or $4.91 per share (using a discount rate of 10%); and

Replaced 691% of production with proven plus probable reserves.
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