PNA's Deal: GAME CHANGER for 2P Reserves, RLI, Operatorship!As mentioned in another post, this great deal at this discounted price because of PNA's LIQUIDITY problems (no credit facility in place, declining cash, and negative CF), had the following key features. Operatorship, Reserves and RLI are GAME CHANGERS for PTA:
- PNA gives PTA about US$4 million in CASH.
- PNA gives PTA Operatorship, see PNA's presentation.
- PNA adds 300 bblsd production (100% oil) and 2 Producing Blocks.
- PNA adds 2 exploration Blocks with significant upside potential, see TINIGUA.
-
And PNA gives PTA 6.3 MMbbls 2P Reserves, see below from the latest Reserves report from PNA which increased its 2P reserves in 2014 by 112% !!! I quote:
, /CNW/ - PetroNova Inc. ("PetroNova" or the "Company") (TSX-V: PNA), a company engaged in the exploration and development of oil and natural gas resources in , today announced its operational and financial results for the year ended .
" made progress on each of our blocks in 2014, particularly in the where our drilling activities added approximately 1.9 million barrels of net 2P reserves," said , President and Chief Executive Officer of . "We will continue to interpret well results from the Pendare and El Tigre campaign, as well as the seismic data acquired in our CPO-7, CPO-13, and PUT-2 blocks to determine future exploration opportunities."
audited consolidated financial statements as at and for the years ended and 2013, together with the notes thereto, and the related management's discussion and analysis for the periods then ended, are available under the Company's profile on SEDAR at www.sedar.com. In addition, the Company has filed its annual information form for the year ended December 31, 2014 (the "AIF") which contains reserves data and other oil and gas information as required by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
Since , the Company:
- Increased net 2P reserves (proved plus probable, net of production, dispositions and revisions) by 112% compared to 2013 as a result of the recently drilled wells in the CPO-13 block, as described in the following table*:
|
Block
|
Gross Reserves (Mbbl)
at December 31
|
Net Reserves (Mbbl)
at December 31
|
|
2013
|
2014
|
2013
|
2014
|
|
CPO-7
|
1,181
|
1,088
|
576
|
517
|
|
CPO-13
|
1,694
|
5,256
|
1,083
|
3,006
|
|
Total
|
2,875
|
6,344
|
1,659
|
3,523
|
Notes:
|
(1)
|
Certain columns may not add due to rounding.
|
|
(2)
|
The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.
|
|
(3)
|
"Gross" means the Company's working interest before the deduction of royalties and without including any royalty interests of the Company.
|
|
(4)
|
"Net" means the Company's working interest after the deduction of royalty obligations, plus the Company's royalty interests.
|
|
(5)
|
See "Disclosure of Reserves Data" contained herein.
|
- Reported net 2P reserves of 3,523 Mbbl at , as described in the following table*:
|
|
Light and Medium
Oil
|
|
Heavy
Oil
|
|
Net Present Value of
Future Net Revenue
Before Income Taxes
Discounted at 10%/year
(US$ Thousands)
|
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
|
Reserves Category
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
|
PROVED
|
|
|
|
|
|
|
|
|
|
|
|
Developed Producing
|
|
139
|
|
68
|
|
86
|
|
53
|
|
2,920
|
|
Developed Non-Producing
|
|
-
|
|
-
|
|
183
|
|
112
|
|
2,633
|
|
Undeveloped
|
|
484
|
|
232
|
|
2,280
|
|
1,321
|
|
33,254
|
|
TOTAL PROVED
|
|
622
|
|
300
|
|
2,549
|
|
1,485
|
|
38,807
|
|
TOTAL PROBABLE
|
|
466
|
|
218
|
|
2,707
|
|
1,520
|
|
28,402
|
|
TOTAL PROVED PLUS PROBABLE
|
|
1,088
|
|
517
|
|
5,256
|
|
3,006
|
|
67,209
|
Notes:
|
(1)
|
Certain columns may not add due to rounding.
|
|
(2)
|
"Gross" means the Company's working interest before the deduction of royalties and without including any royalty interests of the Company.
|
|
(3)
|
"Net" means the Company's working interest after the deduction of royalty obligations, plus the Company's royalty interests.
|
|
(4)
|
Based on forecast prices and costs. Estimates of future net revenue, whether discounted or not, do not represent fair market value.
|
|
(5)
|
See "Disclosure of Reserves Data" contained herein.
|
See the link:
https://www.petronova.com/News--Media/Press-Releases-/Press-Release-Details/2015/PetroNova-announces-2014-year-end-results-2015-outlook-and-appointment-of-Chief-Financial-Officer/default.aspx