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Lycos Energy Inc(LCX-X)
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Lycos Energy Inc. Announces 2023 Results and Reserves

Newsfile - Thu Apr 18, 7:38AM CDT

Calgary, Alberta--(Newsfile Corp. - April 18, 2024) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce its operating and financial results for the three months and year ended December 31, 2023 and the results of Lycos' year-end independent oil and gas reserves evaluation as of December 31, 2023, prepared by Sproule Associates Limited ("Sproule"). Selected financial and operating information is outlined below and should be read with Lycos' audited annual consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months and year ended December 31, 2023 and annual information form ("AIF") for the year ended December 31, 2023 have been filed on SEDAR + at sedarplus.ca and are available on the Company's website at www.lycosenergy.com.

Message to Shareholders

Lycos had a strong 2023 year, both operationally and financially. The year was highlighted by a 100% drilling success rate on our multi-lateral/fishbone, Mannville heavy oil drilling program, a total proved plus probable net asset value(1) of $5.53 per diluted share, a 44% increase from 2022 and added 112 net sections to the Company's land base. With the ongoing development of the Company's assets and the completion of four acquisitions, the Company has expanded its high-quality drilling inventory to approximately 200 net locations, more than seven years of inventory. The Company continues to advance the multi-lateral Mannville play and is now seeing the results of transforming inventory to producing assets.

We highlight the following fourth quarter and full year 2023 operating and financial results:

  • Achieved record production in the fourth quarter of 2023 of 4,121 boe/d (99% crude oil) and exit December average production of 4,357 boe/d (99% crude oil). This represents a 267% increase from the fourth quarter of 2022 of 1,123 boe/d (99% crude oil) and a 35% increase from the third quarter of 2023 of 3,043 boe/d (99% crude oil).

  • Reduced net operating expenses(2) to $21.87 per boe in the fourth quarter of 2023 compared to $40.16 per boe in the fourth quarter of 2022, a 46% reduction year over year and a 19% decrease from $26.98 per boe in the third quarter of 2023.

  • Generated adjusted funds flow from operations(2) of $11.4 million representing a 5763% increase from ($0.2 million) in the fourth quarter of 2022 and a 5% increase from $10.8 million in the third quarter of 2023.

  • Reduced general and administrative expenses to $2.65/boe in the fourth quarter of 2023, a 72% decline from $9.32/boe in the fourth quarter of 2022.

  • Increased total proved reserves by 153% to 9.9 mmboe from 3.9 mmboe and total proved plus probable reserves by 130% to 17.4 mmboe from 7.5 mmboe as a result of a successful drilling program from its multi-lateral and fishbone wells and the completion of three corporate acquisitions.

  • Production replacement(1) was 236% on a total proved basis and 363% on a total proved plus probable basis.

  • Achieved finding and development (F&D) costs(1), including changes in future development costs of $16.71 per boe on a proven producing basis and finding, development and acquisition (FD&A) costs(1) of $20.62 per boe on a total proved plus probable basis.

  • Based on a 2023 adjusted funds flow netback(2) of 28.99/boe, achieved a recycle ratio, excluding acquisitions(1) of 1.7 on a proven producing basis and recycle ratio, including acquisitions(1) on a total proved plus probable basis of 1.4.

(1) See Oil and Gas Metrics
(2) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures

Financial and Operating Highlights



Three months ended




Year ended


 


December 31,

%
change


December 31,

%
change
 
($ in thousands, except per share)
2023

2022  2023

2022 
Total petroleum and natural gas sales, net of blending(1)
24,748

6,341

290%

76,597

32,805

133%
Cash flow from operating activities
14,235

910

1464%

26,143

5,392

385%
Per share - basic$0.28
$0.06

367%
$0.61
$0.47

30%
Per share - diluted$0.27
$0.06

350%
$0.58
$0.38

53%
Adjusted funds flow from
operations(1)

11,382

(201)
5763%

31,834

5,956

434%
Net income
1,172

(14,948)
108%

24,719

3,671

573%
Per share - basic$0.02
$(0.93)
102%
$0.58
$0.32

81%
Per share - diluted$0.02
$(0.93)
102%
$0.55
$0.26

112%
Capital expenditures - exploration &
development

18,520

5,489

237%

62,996

10,091

524%
Capital expenditures - net acquisitions
& dispositions

12,954

-

100%

67,840

(316)
21568%
Adjusted working capital (net debt)(1)
(17,057)
56,835

(130)%

(17,057)
56,835

(130)% 
Weighted average shares
outstanding (thousands)

 

 

 

 

 

 
Basic
50,876

15,999

218%

42,621

11,372

275%
Diluted
53,055

15,999

232%

44,865

14,370

212% 
 

 

 

 

 

 

 
Average daily production:
 

 

 

 

 

 
Crude oil (bbls/d)
4,081

1,109

268%

2,983

993

200%
Natural gas (mcf/d)
238

85

180%

158

62

155%
Total (boe/d)
4,121

1,123

267%

3,009

1,004

200% 
Realized prices:
 

 

 

 

 

 
Crude oil ($/bbl)(2)
65.56

57.20

15%

69.44

85.88

(19)%
Natural gas ($/mcf)
2.38

4.76

(50)%

2.33

5.16

(55)%
Total ($/boe)
65.06

56.84

14%

68.95

85.32

(19)% 
Operating netback ($/boe)
 

 

 

 

 

 
Petroleum and natural gas revenues(2)
65.06

56.84

14%

68.95

85.32

(19)%
Realized gain (loss) on financial derivatives
0.97

-

100%

(0.12)
-

(100)%
Royalties
(9.29)
(9.71)
(4)%

(10.02)
(13.85)
(28)%
Net operating expenses(1)
(21.87)
(40.16)
(46)%

(25.02)
(47.68)
(48)%
Transportation expenses
(1.79)
(0.75)
139%

(1.19)
(0.73)
63% 
Operating netback, including
financial derivatives ($/boe)(1)

33.08

6.22

432%

32.60

23.06

41%
Adjusted funds flow from
operations ($/boe)(1)

30.03

(1.94)
1648%

28.99

16.25

78% 
(1) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures.
(2) Realized prices are based on revenue, net of blending expense.

2023 RESERVES

Lycos is pleased to provide select highlights from the results of the year-end evaluation of the Company's heavy oil reserves in the Lloydminster, Saskatchewan, Lloydminster & Greater Lloydminster Alberta and Gull Lake Saskatchewan areas as of December 31, 2023, as prepared by its independent qualified reserves evaluator Sproule. The evaluation of Lycos' 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") and is based on Sproule's published price forecast as of December 31, 2023. See "Reader Advisories - Reserves and Future Net Revenue Disclosure" for more information. Additional reserves information as required under NI 51-101 is included in the AIF. The numbers in the tables below may not add due to rounding.

Reserves Summary as at December 31, 2023

Total Company Reserves (1) 
Reserves Category
Heavy Oil

Light and Medium Oil

Condensate

NGL

Conventional Natural Gas

Total Oil Equivalent
 
 (Mbbl)

(Mbbl)

(Mbbl)

(Mbbl)

(MMcf)

 (Mboe) 
Proved Developed Producing
4,132

34

-

0.4

131

4,188 
Proved Developed Non-Producing
183

-

-

-

5

184 
Proved Undeveloped
5,523

-

-

0.2

74

5,535 
Total Proved
9,837

34

-

0.6

211

9,907 
Probable
7,430

12

-

0.5

151

7,468 
Total Proved Plus Probable
17,267

46

-

1.1

362

17,375 
(1) Reserves have been presented on a gross basis, which are the Company's total working interest share before the deduction of any royalties and without including any royalty interests of the Company.

Net Present Value of Future Net Revenue



Net Present Value of Future Net Revenue (1) 
Total Company
Before Income Taxes, Discounted at (% / year) 


0%

5%

10%

15%

20%
Reserves Category
( M$)

( M$)

( M$)

( M$)

( M$) 
Proved Developed Producing
113,568

112,340

104,457

96,208

88,902 
Proved Developed Non-Producing
4,436

3,762

3,242

2,831

2,501 
Proved Undeveloped
170,092

131,545

104,284

84,454

69,590 
Total Proved
288,096

247,647

211,982

183,493

160,994 
Probable
287,059

205,965

156,182

123,347

100,416 
Total Proved Plus Probable
575,155

453,612

368,163

306,840

261,410 
(1) All future net revenues are stated prior to the provision for general and administrative expenses, other income and interest expenses and after the deduction of royalties, net operating expenses, estimated well and facility abandonment and reclamation costs and estimated future capital expenditures.

Future Development Costs ("FDC")

The following is a summary of the estimated FDC required to bring proved undeveloped reserves and proved plus probable undeveloped reserves on production. FDC associated with the Company's total proved reserves at year end 2023 is $83.0 million and FDC on total proved plus probable reserves is $131.5 million.



Proved Reserves

Proved Plus Probable Reserves 


$M

$M 
2024
38,568

59,912 
2025
24,066

38,354 
2026
20,374

33,274 
Total Undiscounted
83,008

131,540 

About Lycos

Lycos is an oil-focused exploration, development and production company based in Calgary, Alberta, operating high-quality, heavy-oil, development assets in the Lloydminster, Greater Lloydminster area and Gull Lake, Saskatchewan.

Additional Information

For further information, please contact:

Dave Burton
President and Chief Executive Officer
T: (403) 616-3327
E: dburton@lycosenergy.com

Lindsay Goos
Vice President, Finance and Chief Financial Officer
T: (403) 542-3183
E: lgoos@lycosenergy.com

Reader Advisories

Forward-Looking and Cautionary Statements

Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. 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 "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions. Lycos believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: Lycos' business strategy, objectives, strength and focus; capital program and operational results for 2024; the Company's expectations regarding drilling plans, forecasted annual average production, net operating expenses, and growth forecasts; expectations regarding commodity prices and heavy oil differentials; the performance characteristics of the Company's oil and natural gas properties; the ability of the Company to achieve drilling success consistent with management's expectations; expectations in respect of the Company's wells, including anticipated benefits and results; and the source of funding for the Company's activities. Statements relating to production, reserves, recovery, replacement, costs and valuation are also 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 that the reserves can be profitably produced in the future.

The forward-looking statements and information are based on certain key expectations and assumptions made by Lycos, including expectations and assumptions concerning the business plan of Lycos; the timing of and success of future drilling, development and completion activities; the geological characteristics of Lycos' properties; the successful integration of the recently acquired assets into Lycos' operations; prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products; the availability and performance of drilling rigs, facilities, pipelines and other oilfield services; the timing of past operations and activities in the planned areas of focus; the drilling, completion and tie-in of wells being completed as planned; the performance of new and existing wells; the application of existing drilling and fracturing techniques; prevailing weather and break-up conditions; royalty regimes and exchange rates; the application of regulatory and licensing requirements; the continued availability of capital and skilled personnel; the ability to maintain or grow its credit facility; the accuracy of Lycos' geological interpretation of its drilling and land opportunities, including the ability of seismic activity to enhance such interpretation; and Lycos' ability to execute its plans and strategies.

Although Lycos believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Lycos can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to: unforeseen difficulties in integrating recently acquired assets into Lycos' operations; incorrect assessments of the value of benefits to be obtained from acquisitions and exploration and development programs; fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, wars (including Russia's military actions in Ukraine, the Israel-Hamas conflict in Gaza and Houthi attacks in the Red Sea), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), volatility in the stock market and financial system, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages, including in respect of safety, asset integrity and shutting in production. Ongoing military actions between Russia and Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. Please refer to the AIF and MD&A for additional risk factors relating to Lycos, which can be accessed either on the Company's website at www.lycosenergy.com or under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Lycos undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Future Oriented Financial Information

This press release contains future oriented financial information and financial outlook information (collectively, "FOFI") about Lycos' prospective results of operations and production, forecasted annual average production, forecasted net debt to adjusted funds flow from operations ratio, organic growth and acquisitions, expected growth rates, growth in adjusted funds flow from operations, operating costs, expected net operating expenses per boe, 2024 budget and guidance, including exploration, development and acquisition expenditures in 2024 and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Lycos' proposed business activities in 2024. Lycos and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future activities or results. Lycos disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Lycos' guidance. The Company's actual results may differ materially from these estimates.

Disclosure of Oil and Gas Information

Unit Cost Calculation. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Product Types. Throughout this press release, "crude oil" or "oil" refers to heavy crude oil product types as defined by NI 51-101.

Drilling Locations. This press release discloses drilling locations in two categories: (i) booked locations and (ii) unbooked locations. Booked locations are derived from the Sproue's reserves evaluation as of December 31, 2023 (the "Reserves Report") and account for drilling locations that have associated proved and probable reserves estimated by the Company's independent qualified reserve evaluator Sproule, in accordance with NI 51-101 and the COGEH, and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on the Company's assumptions as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Of the approximately 220 (200 net) drilling locations identified herein 37 (35.7 net) are proved locations, 22 (20.8 net) are probable locations and 161 (143.5 net) are unbooked locations. Unbooked locations have been identified by management as an estimation of Company's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been derisked by the drilling of existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

Reserves and Future Net Revenue Disclosure. All reserves values, future net revenue and ancillary information contained in this press release are derived from the Reserves Report unless otherwise noted. All reserve references in this press release are "Company gross reserves". Company gross reserves are the Company's total working interest reserves before the deduction of any royalties payable by the Company. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by Sproule in evaluating Lycos' reserves will be attained and variances could be material.

All evaluations and summaries of future net revenue are stated prior to the provision for interest, debt service charges or general and administrative expenses and after deduction of royalties, operating costs, estimated well abandonment and reclamation costs and estimated future capital expenditures. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. The recovery and reserve estimates of Lycos' crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only.

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. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 - Revised Glossary to NI 51-101, Revised Glossary to NI 51-101, Standards of Disclosure for Oil and Gas Activities ("CSA Staff Notice 51-324") and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

Oil and Gas Metrics

This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare our operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be relied upon for investment or other purposes.

"FDC" (future development capital) are the future capital cost estimated for each respective category in year-end reserves attributed with realizing those reserves and associated future net revenue.

"F&D costs" are calculated as the sum of sum of capital expenditures - property, plant and equipment and capital expenditures - exploration and evaluation in the year, plus the change in FDC for each respective reserve category in the year divided by the change in reserve volumes for the year.

"FD&A costs" are calculated as the sum of capital expenditures - property, plant and equipment, capital expenditures - exploration and evaluation in the year plus acquisition through business combination, net of cash acquired and common share consideration, plus the change in FDC for each respective reserve category in the year divided by the change in total reserve volumes for the year.

"Net Asset Value" is calculated as reserve value, after tax, discounted at 10%, less the Company's net debt at December 31, 2023 of $17.1 million, plus proceeds of $12.8 million from the exercise of 'in the money' warrants, land of $24.8 million (exploration and evaluation assets at December 31, 2023) divided by the sum of basic shares outstanding of 53.1 million and 5.7 warrants outstanding.

"Production Replacement" is a ratio calculated as total net change in reserves in the year for each respective reserve category divided by the annual average production for the year of 3,009 boe/d.

"Recycle Ratio, excluding acquisitions" is measured by dividing the adjusted funds flow from operations of $28.99/boe by the F&D cost per boe for the year.

"Recycle Ratio, including acquisitions" is measured by dividing the adjusted funds flow from operations of $28.99/boe by FD&A costs per boe for the year.

Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures

This press release includes various specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios and capital management measures as further described herein. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable with the calculation of similar measures by other companies.

"Adjusted working capital (net debt) (capital management measure)" is calculated as current assets less current liabilities, excluding the current portion of decommissioning liabilities and financial derivative receivable and liabilities. Adjusted working capital (Net Debt) is a capital management measure which management uses to assess the Company's liquidity. See the MD&A for a detailed calculation and reconciliation of adjusted working capital (net debt) to the most directly comparable measure presented in accordance with IFRS.

"Adjusted funds flow from operations (capital management measure)" is funds flow is calculated by taking cash flow from operating activities and adding back changes in non-cash working capital. Adjusted funds flow is further calculated by adding back decommissioning costs incurred and transaction costs. Management considers adjusted funds flow from operations to be a key measure to assess the performance of the Company's oil and gas properties and the Company's ability to fund future capital investment. Adjusted funds flow from operations is an indicator of operating performance as it varies in response to production levels and management of costs. Changes in non-cash working capital, decommissioning costs incurred and transaction costs vary from period to period and management believes that excluding the impact of these provides a useful measure of Lycos' ability to generate the funds necessary to manage the capital needs of the Company. See the MD&A for a detailed calculation and reconciliation of adjusted funds flow from operations to the most directly comparable measure presented in accordance with IFRS.

"Capital expenditures (non-IFRS financial measure)" includes exploration and development capital, facilities, land and seismic and acquisitions and dispositions. Management considers capital expenditures to be a key measure to assess the Company's capital investment in exploration and production activity, as well as property acquisitions and dispositions. The directly comparable IFRS measure to capital expenditures is net cash used in investing activities.

"Net debt to adjusted funds flow from operationsratio (non-IFRS financial ratio)" is calculated as net debt divided by adjusted funds flow from operations for the applicable period. Lycos utilizes net debt to adjusted funds flow from operations to measure the Company's overall debt position and to measure the strength of the Company's balance sheet. Lycos monitors this ratio and uses this as a key measure in making decisions regarding financing, capital expenditures and shareholder returns.

"Net operating expenses (non-IFRS financial measure)" is operating expenses, less processing income primarily generated by third party volumes at processing facilities where the Company has an ownership interest. The Company's principal business is not that of a midstream entity whose activities are dedicated to earning processing and other infrastructure payments. Where the Company has excess capacity at its facilities, it will look to process third party volumes as a means to reduce the cost of operating/owning the facility.

Please refer to the MD&A on pages 16 to 18 for additional information relating to specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. The MD&A can be accessed either on the Company's website or under the Company's SEDAR+ profile on www.sedarplus.ca.

Abbreviations

 Bblbarrels of oil
 bbl/d barrels of oil per day
 boe barrels of oil equivalent
 boe/d barrels of oil equivalent per day
 CDN$Canadian dollars
 Mbblthousand barrels of oil
 Mboe thousand barrels of oil equivalent
 Mcf thousand cubic feet
 MMbblmillion barrels of oil
 MMboemillion barrels of oil equivalent
 MMcfmillion cubic feet
 US United States
 US$US dollars
 WCS Western Canadian Select
 WTI West Texas Intermediate

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

Neither the 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.

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