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Yahoo
13-05-2025
- Business
- Yahoo
Angkor Resources' Annual Reserve Report 51-101F1 on Saskatchewan Oil & Gas Project States Increased Proved and Probable Reserves
GRANDE PRAIRIE, ALBERTA - May 12, 2025 (NEWMEDIAWIRE) - ANGKOR RESOURCES CORP. (TSXV: ANK) ("ANGKOR" OR "THE COMPANY") announces the filing of its Form 51-101F1 indicating an increase in its oil and gas reserves and Net Present Value on the Evesham project in Saskatchewan. The Company's Canadian energy subsidiary, EnerCam Exploration Ltd. Co. Ltd. ("EnerCam") holds a 40% interest in the project and as part of regulatory requirements, files an annual report on the reserves and future net revenues. The independent report, prepared by qualified reserves evaluator GLJ Ltd. (GLJ) in accordance with the Canadian standards set out in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 (NI 51-101), Standards of Disclosure for Oil and Gas Activities, identified that using a 10% discount factor, the summary of Proved plus Probable Reserves for the Company's 40% interest was $8.3 million CAD on a before tax basis as of July 31, 2024. The Company acquired the interest on November 1, 2023 for $4.4 million CAD. The table shown below was part of the filing Form 151-101F1 and included in the Reserves Report by GLJ: SUMMARY OF NET PRESENT VALUES AND FUTURE NET REVENUE 31-Jul-24 CEO Delayne Weeks commented on the Reserves report, "Of course, we are very pleased with the independent report and the work undertaken to increase the potential oil reserves. This follows the testing during the eight-month period that illustrated increased water injection could build long-term enhanced oil recovery! Although this will require additional investment as we add more injection wells, the cumulative oil recovery over the longer term gives us additional potential revenue and extends the longevity of the entire Project." The original acquisition on November 1, 2023, included 30 wells, plus pipelines, a gas processing facility, a water truck, field trucks and one disposal well to accommodate production fluids. Over the following eight months, a second disposal well was established as high production water levels created excess water within the operating field. The added water injection resulted in oil production increasing in the nearby oil wells, presumably as the underground sweep efficiency improved as a result of refilling voided water channels and exploiting new pathways as the water was injected. Following that test water injection well, the Operator, Eyehill Creek Exploration Ltd. (Eyehill), prepared a comprehensive application and plan for Enhanced Oil Recovery, submitted it to the Saskatchewan Ministry of Energy & Resources (SMER), and received approval in April 2024. That submission included an application to: Convert up to 13 of the lower-producing wells within the field to water injection over the next several years (currently four injection wells are in place). Add supplemental water injection from producers outside of the Evesham project, contributing their production water beyond what is currently being removed from the Sparky formation in terms of total fluids on a daily basis. As of the July 31, 2024 year end of EnerCam, there were 21 oil producing wells. The previous operators opened up the field with drilling and production in 2004, producing a peak of 458 barrels of oil per day. The entire field was shut-in in 2018 due to low productivity and poor operating netbacks and production and returned to the SMER. During the span of 14 years up to 2018, over 30 million barrels of liquids were removed from the field without any replacement of fluids. This practice is thought to have contributed to the sharp drop off in production. Since Eyehill took over the project from SMER in 2021, Eyehill has been increasing daily water injection with over 650 barrels per day injected over and above what is removed daily. Increasing the pressure slowly and gradually has improved the efficiency of the field and oil recovery since November 2023. The following table, filed as a component of the Form 51-101F1, summarizes the Company's 40% interest of the oil and gas reserves as of July 31, 2024 based on forecast price and cost assumptions. SUMMARY OF RESERVES July 31, 2024 The Reserve Data presents a summary of the heavy oil and solution gas liquids of the Company, and the net present values of the future net revenue of these reserves, using forecast prices and costs as of July 31, 2024. The Reserves have been made assuming the development of each property in respect of which the estimate is made will occur, without regard to the likely availability to the Company of funding required for the development. As well, for the purpose of determining whether reserves should be attributed to a particular undrilled property, reasonably estimated future abandonment and reclamation costs related to the property have been taken into account. The Company will be completing these reports on an annual basis with yearend financials. ABOUT ANGKOR RESOURCES CORPORATION: ANGKOR Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia working towards mineral and energy solutions across Canada and Cambodia. ANGKOR's carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across jurisdictions. The company's mineral subsidiary, Angkor Gold Corp. in Cambodia holds three mineral exploration licenses in Cambodia and its Cambodian energy subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 3729 square kilometers in the southwest quadrant of Cambodia called Block VIII. Since 2022, Angkor's Canadian subsidiary, EnerCam Exploration Ltd., has been involved in gas/carbon capture and oil and gas production in Evesham, Saskatchewan. CONTACT: Delayne Weeks CEOEmail: info@ Website: Telephone: +1 (780) 831-8722 Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company's properties, the prospective nature of any claims comprising the Company's property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
08-05-2025
- Business
- Cision Canada
Woodbridge Ventures II Inc. enters into letter of intent with Greenflame Resources Inc.
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./ TORONTO, May 8, 2025 /CNW/ - Woodbridge Ventures II Inc. (TSXV: WOOD.P) (" Woodbridge" or the " Company"), a capital pool company as defined under TSX Venture Exchange (" TSXV" or the " Exchange") Policy 2.4 – Capital Pool Companies, is pleased to announce that it has entered into a non-binding letter of intent dated May 6, 2025 (the " LOI") with Greenflame Resources Inc. (" Greenflame"), a corporation existing under the laws of the Province of Alberta, whereby Woodbridge and Greenflame will complete an arrangement, amalgamation, share exchange, or similar transaction to ultimately form the resulting issuer (the " Resulting Issuer") that will continue on the business of Greenflame (the " Transaction"). Woodbridge intends that the Transaction will constitute its Qualifying Transaction, as such term is defined in the policies of the Exchange. Woodbridge completed its initial public offering on November 16, 2021. The common shares of Woodbridge (the " Woodbridge Shares") are listed for trading on the TSXV under the stock symbol "WOOD.P". Woodbridge has not commenced commercial operations and has no assets other than cash. Woodbridge was incorporated under the laws of the Province of Ontario. About Greenflame Resources Inc. Greenflame is a private enhanced oil recovery (EOR) oil production company incorporated under the laws of Alberta. Greenflame has entered into a production sharing agreement (PSA) with New Horizon Trinidad and Tobago ULTD where Greenflame is a service provider, using their skills and technical expertise to operate an EOR project in the Parrylands Field, Block E (the "Property"), onshore in southwest Trinidad. Greenflame is currently producing oil on the property, and is entitled to 75% of the revenue from oil production, net of royalties. 300 acres of the 744 acres of the Property is developed with 110 wells drilled, with full operational facilities in place. Based on an evaluation that has been carried out in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook and the National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities, the Parrylands Block E has 1P net reserves of 7,994 MSTB, 2P net reserves of 14,361 MSTB and 3P net reserves of 21,736 MSTB. Greenflame is led by its CEO, Mr. David Kahn, and its COO/CFO Raphael Danon. The LOI was not negotiated at arm's length and is effective as of May 6, 2025. Raphael Danon is a director and CEO of Woodbridge and is also a director and COO and CFO of Greenflame. The Transaction constitutes a Non-Arm's Length Qualifying Transaction, and the approval of the shareholders of Woodbridge will be required, with such approval to be sought as a condition to the closing of the Transaction. The material terms and conditions outlined in the LOI are non-binding on the parties and the LOI is, among other things, conditional on the execution of a definitive agreement (the " Definitive Agreement") to be negotiated between the parties. The LOI contemplates that as a condition of closing, Greenflame will complete a private placement of subscription receipts (or similar security) at a price per subscription receipt to be determined in the context of the market, at a price and offering size to be determined by Greenflame, acting reasonably, and conform to either the minimum requirements as required by the TSXV for qualifying as a Qualifying Transaction and subsequent trading on the TSXV (the " Concurrent Equity Offering") or other acceptable offering price and size by use of an exemption available. Greenflame may acquire additional businesses, conduct additional financings or enter into strategic agreements, including but not limited to agreements with consultants, directors, officers, employees or third party service providers, that are accretive to or in the best interests of the business of Greenflame (collectively, the " Pre-Closing Transactions") and may, pursuant to the Pre-Closing Transactions, issue additional Greenflame Shares or securities convertible into Greenflame Shares. Immediately prior to the closing of the Transaction, Woodbridge will, if so requested by Greenflame, effect a consolidation of its Woodbridge Shares (the " Consolidation") at a ratio to be determine in the context of the market and to conform to the capital strategy of Greenflame. Pursuant to the Transaction, post-Consolidation Woodbridge Shares, in an amount and in a ratio to be determined, will be issued in exchange for outstanding common shares of Greenflame (such ratio being the " Exchange Ratio"). The Exchange Ratio will be determined once the proportionate ownership of the Resulting Issuer has been established by the parties. The value of Woodbridge has been established at $1.5 million. The value of Greenflame at the time of the Concurrent Equity Offering is anticipated to be between $60M – $80M. The LOI contemplates that the Transaction will be completed no later than August 31, 2025, or such other date as may be mutually agreed to in writing between Woodbridge and Greenflame. There can be no assurance that a Definitive Agreement will be successfully negotiated or entered into, or that the Concurrent Equity Offering or Pre-Closing Transactions or the Transaction will be completed. Conditions to the Transaction Completion of the Transaction is subject to a number of conditions, including but not limited to, acceptance by the TSXV, approval of certain matters by the holders of the Woodbridge Shares and other customary conditions including: completion of the Concurrent Equity Offering and Pre- Closing Transactions; entry into the Definitive Agreement on or before July 31, 2025; receipt of all director, shareholder, third party and requisite regulatory approvals (including Greenflame shareholder approval) relating to the negotiation and execution of a Definitive Agreement in respect of the Transaction and as may be contemplated by the Definitive Agreement; preparation and filing of a disclosure document, as required by the TSXV, (the " Disclosure Document") outlining the definitive terms of the Transaction and describing the business to be conducted by Woodbridge following completion of the Transaction, in accordance with the policies of the TSXV; receipt by the TSXV of a Sponsor Report (as defined in the policies of the TSXV), if required, satisfactory to the TSXV; and completion of the Consolidation. There can be no assurance that the Transaction will be completed as proposed or at all. Sponsorship Woodbridge intends to make an application for exemption from the sponsorship requirements of the TSXV in connection with the Transaction, however there is no assurance that the TSXV will exempt Woodbridge from all or part of applicable sponsorship requirements. Restatement to Trading In accordance with the policies of the TSXV, the Woodbridge Shares are currently halted from trading and will remain so until such time the TSXV determines, which, depending on the policies of the TSXV, may not occur until completion of the Transaction. Further Information Woodbridge will provide further details in respect of the Transaction, the Concurrent Equity Offering and Pre-Closing Transactions by way of updating press releases as the Transaction advances, in accordance with the policies of the TSXV. All information contained in this press release with respect to Woodbridge and Greenflame (but excluding the terms of the Transaction) was supplied by the parties respectively, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party. Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to Exchange Requirements (as that term is defined in the policies of the TSXV), majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Disclosure Document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release. Forward-Looking Information This press release contains "forward-looking information" and "forward-looking statements" (collectively, " forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts". "estimates", "believes" or intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could, "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate, among other things, to: the Transaction and certain terms and conditions thereof; the business of Greenflame; the negotiation and completion of the Definitive Agreement; the terms and completion of the Concurrent Equity Offering; the Consolidation; the Exchange Ratio, TSXV sponsorship requirements and intended application for exemption therefrom; shareholder, director and regulatory approvals; and future press releases and disclosure. The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to Greenflame and Woodbridge' experience and their perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions pertaining to Greenflame's business and Greenflame and Woodbridge' ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: any risks related to the general economic conditions, including rising inflation, on the business, operations and financial condition of Greenflame, as well as on consumer behavior and the economy in general, including the ability to enforce leases, perform capital expenditure work, increase rents, raise capital through the issuance of common shares or other securities of Greenflame and/or the Resulting Issuer and obtain mortgage financing on Greenflame's properties; labour availability; changes to regulatory environment; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory, corporate and third party approvals in a timely fashion, or at all. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of Greenflame and/or Woodbridge as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Woodbridge does not undertake to update this information at any particular time except as required in accordance with applicable laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
Yahoo
08-05-2025
- Business
- Yahoo
Argo's Year-End 2024 Oil Reserves Report
Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") Year-End 2024 Reserves Report ("Reserves Report"), with an effective date of December 31, 2024, is summarized below. The Reserves Report was completed by Petrotech and Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The evaluation was conducted using the Sproule December 31, 2024, Price Forecast for Heavy Crude Oil (12°API) at adjusted for each property. The Reserves Report includes Argo's interest in the five current producing oil wells in the Lloydminster and Lindbergh areas in Alberta; and five undeveloped development well locations at current sites. The following table summarizes the information contained in the Reserves Report, with an effective date of December 31, 2024: Year-End 2024 Heavy Crude Oil Reserves 100% Heavy Crude OilMbbl Company Gross(1) Heavy Crude Oil Mbbl Company Net(2) Heavy Crude Oil Mbbl 0% NPVMM$ 10% NPVMM$ 15% NPVMM$ Proved Developed Producing 827.4 200.3 173.4 10.6 7.9 7.0 Proved Undeveloped 907.2 170.1 148.0 8.0 5.4 4.6 Total Proved 1,734.5 370.3 321.4 18.6 13.3 11.6 Probable 435.8 96.0 79.4 5.4 2.8 2.2 Total Proved plus Probable 2,170.3 466.3 400.8 24.0 16.2 13.8 Table Notes: (1) "Gross Reserves" are the Company's working interest reserves before the deduction of royalties.(2) "Net Reserves" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.(3) Mbbl are thousand barrels(4) MM$ are millions of dollars(5) The numbers in the table may not add due to rounding. The disclosures contained in this report represent information related to the Company's reserves, future net revenue, and discounted value of future net cash flows as of December 31, 2024. The Company has filed its Form 51-101 F1 Statement of Reserves Data and Other Oil and Gas Information ("Form F1"), Form 51-101 F2 Report on Reserves Data by Independent Qualified Reserves Evaluator ("Form F2"), and Form 51-101 F3 Report of Management and Directors on Oil and Gas Disclosure ("Form F3") for the year ending December 31, 2024. These documents are also posted on the Company's website at and SEDAR+ at About Argo Gold Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Argo Gold is listed on the Canadian Securities Exchange ( CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS. Judy Baker, CEO (416) 786-7860 jbaker@ NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking Information Cautionary Statement Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
30-04-2025
- Business
- Associated Press
Tenth Avenue Petroleum Announces 2024 Year-End Results And Reserves
CALGARY, AB / ACCESS Newswire / April 30, 2025 / Tenth Avenue Petroleum Corp. ('TPC' or the 'Company') (TSXV:TPC) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2024, as well as highlights of the Company's year-end reserves evaluation. Selected financial and operational information is set out below and should be read in conjunction with the Company's audited consolidated annual financial statements and related management's discussion and analysis ('MD&A') for the years ended December 31, 2024, and 2023, which are filed on SEDAR+ at and are available on the Company's website at The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading 'Reader Advisories - Non-GAAP Measures and Ratios'. 2024 FINANCIAL, OPERATING AND RESERVE HIGHLIGHTS The following table summarizes the Company's financial and operating results for the fourth quarters and years ended December 31, 2024, and December 31, 2023. 2024 RESERVE HIGHLIGHTS The Company is pleased to provide selected highlights from the results of its year-end independent oil and gas reserve evaluation as of December 31, 2024, as prepared by its independent qualified reserve evaluator, Trimble Engineering & Associates Ltd. (the 'Trimble Report'). The evaluation of Company's properties was prepared in accordance with the definitions, standards and procedures contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook ('COGEH') and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ('NI 51-101"). The Trimble Report is based on forecast prices and costs and applies the Sproule Associates Ltd. ('Sproule') December 31, 2024, forecast escalated commodity price deck and foreign exchange rate and inflation rate assumptions. Estimated future net revenue is stated without any provisions for interest costs, other debt service charges, or general and administrative expenses, and after the deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs. Additional information regarding the Company's reserves data and other oil and gas information are included in the Company's Annual Information Form for the year ended December 31, 2024 (the 'AIF'), which is available on the Company's issuer profile on SEDAR at See also the 'Cautionary Statements' below for further explanations and discussion. Summary of Corporate Reserves (1) As at December 31, 2024, the Company had 44,114,100 basic shares outstanding and 48,845,770 fully diluted. (2) Oil equivalent amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil. See 'Cautionary Statements - Barrels of oil equivalent' below. The Company's reserve volumes and undiscounted future development costs ('FDC') as of December 31, 2024, are summarized below: The following table summarizes the NPV of the Company's reserves (before-tax) as at December 31, 2024. The reserves value on a $/BOE basis, discounted at 10% per year, is also summarized for each category. The Company's operations have been, and in the future may be, affected by political developments and by national, federal, provincial, stated and local laws and regulations such as restrictions on production, the imposition of tariffs, embargoes or export restrictions on the Company's products, including the tariffs on a variety of goods announced by the US government on March 4, 2025, and Canadian countermeasures subsequently announced, both of which are anticipated to evolve. An updated corporate presentation can be found at For further information please contact: Tenth Avenue Petroleum Corp. Cameron MacDonald, President & CEO Phone: (403) 585-9875 Email: [email protected] About Tenth Avenue Petroleum Corp. Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company with operations in Alberta. Forward-looking Information and Statements The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'approximate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'would' and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of the COVID-19 pandemic on the Company's business and operations (and the duration of the impacts thereof). the inability of the Company to meet its commitments on its lands or on the lands it may acquire, the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's continuous disclosure documents which are available on SEDAR at Oil and Gas Advisories This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate our performance, however, such measures are not reliable indicators of our future performance and future performance may not compare to our performance in previous periods and therefore such metrics should not be unduly relied upon. Specifically, this press release contains the following abbreviations: Meaning of Boe The term 'boe' or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, 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 ratio of 6:1 may be misleading as an indication of value. Reserves Estimates The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Reserves disclosed in this press release are based on an independent engineering evaluation of the oil, NGLs and natural gas interests attributable to the Company's assets prepared by Sproule Associates Ltd. effective December 31, 2024. The estimates of Sproule Associates Limited were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The recovery and reserve estimates of oil, NGLs and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein. Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances 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 further categorised according to the level of certainty associated with the estimates and may be sub- classified based on development and production status. 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. Non-GAAP Measurements The Company utilizes certain measurements that do not have a standardized meaning or definition as prescribed by International Financial Reporting Standards ('IFRS') and therefore may not be comparable with the calculation of similar measures by other entities, including but not limited to operating netback, cash flow and working capital. Readers are referred to advisories and further discussion on non-GAAP measurements contained in the Company's continuous disclosure documents. Operating netback is a non‐GAAP measure calculated as the average per boe of the Company's oil and gas sales, less royalties and operating costs. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Tenth Avenue Petroleum Corp. press release
Yahoo
19-02-2025
- Business
- Yahoo
Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024
TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) -- February 19, 2025 – Orca Energy Group Inc. ("Orca" or the "Company" and includes PanAfrican Energy Tanzania Limited ("PAET") and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated. INDEPENDENT RESERVES EVALUATIONThe Company's conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the "Songo Songo PSA") with the Tanzanian Petroleum Development Corporation (the "TPDC") have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. ("McDaniel"), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Songo Songo PSA expires upon the expiry of TPDC's Songo Songo licence in respect of the Songo Songo gas field (the "Songo Songo Licence") in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the "McDaniel Report"). All of the Company's reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company's working interest share in reserves. The Company's Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca's reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. HIGHLIGHTS Total Proved ('1P') Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet ("Bcf") compared to 85.0 Bcf at year end 2023, representing a 53% decrease. Total Proved plus Probable ('2P') Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease. The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7. Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease. Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease. The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence. The following tables outline the Company's conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel's forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026. Company Gross Reserves Company Net Reserves Gas Gas MMcf MMcf Proved Developed Producing 40,244 28,020 Developed Non-Producing - - Undeveloped - - Total Proved 40,244 28,020 Probable 1,224 803 Total Proved plus Probable 41,469 28,823 Net Present Value of Future Net Revenue of Gas Reserves Before and After Future Income Tax Expenses Discounted at Unit Value Before andAfter Tax at10% 0 % 5 % 10 % 15 % 20 % $/Mcf ($'000) Proved Developed Producing 67,574 64,549 61,824 59,357 57,112 2.21 Developed Non-Producing - - - - - - Undeveloped - - - - - - Total Proved 67,574 64,549 61,824 59,357 57,112 2.21 Probable 3,160 3,016 2,887 2,769 2,663 3.60 Total Proved plus Probable 70,735 67,565 64,710 62,126 59,775 2.25 Notes: During the third quarter of 2015, The Petroleum Act, 2015 (the "Act") was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority ("EWURA"). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country's commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the "Natural Gas Pricing Policy"). Article 260(3) of the Act preserves the Company's pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company's ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time. On January 16, 2018, Orca sold (the "First Swala Transaction") 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation ("PAEM"), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca's ownership of 92.07 percent of PAET's gross reserves. On July 21, 2023, the Company repurchased (the 'Second Swala Transaction') the 7.933% shares in PAEM eliminating Swala's interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca's ownership of 100% of PAET's gross reserves. "Company Gross Reserves" are the total of the Company's working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company. "Company Net Reserves" are the total of the Company's working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company's royalty interests in such reserves. Company Gross and Net Reserves are based on the Company's 100 percent ownership interest in the reserves following the Second Swala Transaction. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania ("PSA"), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company's revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company's accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values. McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company's reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA. Songo Songo gas prices Year Brent crude$/bbl Proved$/Mcf Proved plus probable$/Mcf Annual inflation % 2025 76.50 5.15 5.20 2 2026 78.03 5.25 5.32 2 Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast. The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing. Orca Energy Group Inc. Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B. For further information please contact: Jay Lyons Chief Executive Officer +44 (0)20 8434 2754 ir@ For media enquiries:Celicourt (PR)Mark AntelmeJimmy LeaOrca@ (0)20 8434 2754 Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Abbreviations bbl cubic meters Mcf thousand cubic feet MMcf million standard cubic feet Forward Looking Information Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, "forward-looking statements" or "statements") that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca. In particular, 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 resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company's reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca's future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca's exploration and production rights; Orca's local operational dependence and focus of its existing contracts; Orca's future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca's dependency on its management and technical team; Orca's business plan including the additional capital required to execute such plans; commercializing Orca's interests in any hydrocarbons produced from future licence areas; Orca's ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca's operations in a litigious environment; global populism; Orca's future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca's current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca's controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca's issued and outstanding securities; Orca's status as a holding company that's ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca's subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca's receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania's official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. 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 the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca's reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company's business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca's growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca's conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca's current and future operations and such information may not be appropriate for other purposes. Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Advisory The Company's conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company's conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023. Additional reserves information required under NI 51-101 are included in Orca's reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at This news release contains estimates of the net present value of Orca's future net revenue from the Company's reserves. The net present value of future net revenue attributable to the Company's reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company's reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company's reserves. The recovery and reserve estimates of the Company's conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided in to access your portfolio
