GREY:ARKXF - Post by User
Post by
shambano1on Aug 21, 2014 7:40am
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Post# 22863639
2013 reserve highlights and NAV
2013 reserve highlights and NAV | 2013 HIGHLIGHTS |
| · Increased Proved plus Probable reserves year over year by 43% to 42.5 million boe from 29.6 |
| million boe and also increased Proved reserves by 25% to 21.4 million boe from 17.1 million boe. |
| |
| · Increased Proved plus Probable Oil and NGLs reserves year over year by 48% to 10.8 million |
| boe from 7.3 million boe and also increased Proved Oil and NGLs reserves by 24% to 5.6 million |
| boe from 4.5 million boe. Oil and condensate comprise 60% of the oil and NGLs proved plus |
| probable reserves. |
| |
| · Achieved all in finding, development and acquisition (″FD&A″) costs of $14.84 per boe on Proved |
| plus Probable reserves. Finding and development (″F&D″) costs including FDC but excluding |
| acquisitions and dispositions were $15.68 per boe on a Proved plus Probable basis. |
| Approximately $14.2 million or 14% of 2013 capital expenditures were invested in facility |
| expansions or additions, undeveloped land and seismic. |
| |
| · Increased Proved plus Probable reserve value year over year by 52% to $392.3 million from |
| $257.4 million using a 10% discount factor before tax. |
| |
| · Replaced 2013 production of 1,349.5 mboe by 10.6 times with Proved plus Probable reserve |
| additions and 4.2 times with Proved reserve additions. |
| |
| · Achieved a recycle ratio of 1.4 times based on Proved and Probable FD&A of $14.84 and Artek’s |
| estimated fourth quarter 2013 operating netback of $20.47 per boe but using the Company’s |
| estimated January and February 2014 operating netback of $30.70 per boe the recycle ratio |
| would be 2.1 times. |
| |
| · Specifically at Inga and Fireweed, proved plus probable reserves increased by 73% to 26.6 |
| million boe as compared to the previous year and proved plus probable reserve value also |
| increased 79% to $270.8 million using a 10% discount factor before tax. |
| |
| · Estimated capital expenditures for the year ended December 31, 2013 were approximately $98.7 |
| million, including $14.3 million for the Fireweed acquisition and approximately $4.4 million on |
| undeveloped land acquisitions for new exploration plays in the Inga and Peace River Arch areas. |
| |
| · Net asset value at December 31, 2013 increased 20% year over year to $5.43 per diluted share. |
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