RE:Reserves Out!
Highlights
1P Reserves after tax value discounted at 10% increased 27% to US$1.2
billion (representing CAD$5.27 per share);
2P Reserves after tax value discounted at 10% increased 20% to US$2.2
billion (representing CAD$9.72 per share);
Main drivers for the increased valuation are operational improvements,
an accelerated drilling program and lower future development costs.
Operating costs per unit have decreased with reduction in diluent
usage, treating system improvements, reduced energy consumption, and
improved pump performance;
2013 Company average production was 18,169 bopd for an annual total
volume of 6.6 million barrels (4.5% of total proved reserves);
Reserves Life Index for 1P and 2P is 22 years and 35 years respectively;