newsEagle Energy Inc. Announces 2017 Annual Results and Reserves Information
Canada NewsWire
CALGARY, March 20, 2018
CALGARY, March 20, 2018 /CNW/ - (TSX: EGL): Eagle Energy Inc. ("Eagle") is pleased to report its financial and operating results and its reserves information for the year ended December 31, 2017.
Reflecting on Eagle's performance in 2017, Wayne Wisniewski, President and Chief Executive Officer, commented, "Eagle closed out 2017 with strong reserve metrics, production and monthly operating costs within its guidance range and capital expenditures as planned, resulting in an increase to funds flow from operations excluding risk management gains (losses) by 49% year-over-year. In addition, we improved the reserves replacement ratio this year from 1.8 times to 2.3 times."
Mr. Wisniewski continued, "We are pleased to report that Eagle's first horizontal well in North Texas continues to perform above expectations. At present, we are moving a drilling rig to a second horizontal location over 10 miles from the first horizontal well. Success on this second well would prove up additional leased acreage in the area. A third horizontal well is planned for late 2018."
Eagle's reserves data and other oil and gas information is included in its Annual Information Form dated March 20, 2018 for the year ended December 31, 2017 ("AIF"). Eagle's audited consolidated annual financial statements, management's discussion and analysis and AIF have been filed with the securities regulators and are available online under Eagle's issuer profile on SEDAR at www.sedar.com and on Eagle's website at www.EagleEnergy.com.
This news release contains non-IFRS financial measures and statements that are forward-looking. Investors should read the sections titled "Non-IFRS Financial Measures" and "Note about Forward-Looking Statements" near the end of this news release. Figures within this news release are presented in Canadian dollars unless otherwise indicated.
Highlights for the Year ended December 31, 2017
Eagle achieved the following results in 2017:
Successfully drilled, completed and brought on production Eagle's first horizontal well on its North Texas property, with production results exceeding expectations.
Posted reserve replacement ratios of 274% and 227% on a proved plus probable and proved basis, respectively.
Reduced general and administrative costs by 25% year-over-year, including reductions in executive compensation.
Grew funds flow from operations excluding risk management gains (losses) by 49% year-over-year (from $9.7 million to $14.5 million).
Recorded 2017 funds flow from operations of $12.7 million.
Sale of Salt Flat Field in Texas and Reduction of Debt
On February 8, 2018, Eagle announced that it sold its oil and gas interests in the Salt Flat Field located in Caldwell County, Texas for approximately $33.3 million cash, subject to customary post-closing adjustments.
Eagle used the net proceeds from the sale to reduce its term loan by 34% (from $US 58.2 million to $US 38.5 million) and to further fund its drilling program in North Texas.
2018 Outlook
Eagle remains focused on continuing to drill wells on its North Texas property due to its high netbacks and opportunities for meaningful growth. This light oil development asset has approximately 25,000 net acres under lease and is the site of Eagle's first horizontal well in North Texas, which continues to perform above expectations. At present, Eagle is moving a drilling rig to a second horizontal location over 10 miles from the first horizontal well. Success on this second well would prove up additional leased acreage in the area. A third horizontal well is planned for late 2018.
In light of our view of the growth opportunities in our North Texas asset, Eagle is seeking to reduce debt and corporate costs, including interest costs, in order to better position itself to capitalize this opportunity. Alternatives for funding growth potentially include asset sales. The February 8, 2018 sale of Eagle's assets in the Salt Flat field was an initial step towards Eagle achieving its overall goals.
The sale of the Salt Flat field reduced Eagle's total corporate production by approximately 1,200 barrels of oil equivalent ("boe") per day ("boe/d"). Following the sale of the Salt Flat field, an improved corporate decline rate of 14% lends itself to Eagle sustaining 2018 average corporate production at post-Salt Flat disposition levels with low capital expenditures.
The sale of the Salt Flat field also reduced Eagle's term loan by 34% (from $US 58.2 million to $US 38.5 million). On a go-forward basis, and excluding one-time interest charges relating to the sale, the lower level of debt at current interest rates will result in reduced monthly interest costs. In addition, general and administrative expenses are expected to decrease in 2018 as Eagle continues to focus on efficiencies and cost reduction.
To advise us on our plan, Eagle retained Tudor, Pickering, Holt & Co. Securities – Canada, ULC ("TPH") to act as a financial advisor to Eagle's board of directors (the "Board"). TPH is an independent investment bank with extensive financial and technical knowledge of the energy sector. Eagle's Board and management are committed to acting in the best interests of Eagle and believe this will ultimately benefit Eagle. While all transaction alternatives will be evaluated, the Board and management are encouraged by the potential for the North Texas assets to deliver attractive returns to Eagle with continued development.
Eagle intends to disclose developments with respect to specific transactions, if any, only when they are approved by the Board, unless disclosure is otherwise necessary or appropriate. Eagle does not intend to set a definite schedule to complete its plan and cautions that there are no assurances or guarantees that a specific transaction will result, or, if a transaction is undertaken, the terms or timing of such a transaction.
2017 Year-end Reserves Information
An independent evaluation of Eagle's U.S. reserves was conducted by Netherland, Sewell & Associates, Inc. and of Eagle's Canadian reserves by McDaniel & Associates Consultants Ltd. These reserves evaluation reports are effective December 31, 2017 and were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Details regarding Eagle's reserves and oil and gas assets are set forth in Eagle's AIF.
2017 Year-End Reserves Report – Highlights (based on Company Gross reserves)
Grew year-over-year proved reserves by 11% and proved plus probable reserves by 10%.
Achieved year-end proved plus probable reserves of 23.2 million boe (68% total proved, 47% proved developed producing).
Crude oil comprises 92% of proved developed producing reserves.
Posted reserve replacement ratios of 274% and 227% on a proved plus probable and proved basis, respectively.
Increased the reserve life indices to 17.7 years and 12.1 years on a proved plus probable and proved basis, respectively.
The following tables summarize the independent reserves estimates and values of Eagle's reserves as at December 31, 2017. (For information regarding Eagle's reserves estimates and values excluding the Salt Flat properties, see "Reserves Data Excluding the Salt Flat Properties" in the AIF.)
Summary of Reserves
Canadian Operations
Company Gross(1)(2)
Reserves Categories
Crude Oil
Natural Gas
Liquids
Natural Gas
Total Oil
Equivalent 2017
Total Oil
Equivalent 2016
(Mbbls)
(Mbbls)
(MMcf)
(Mboe)
(Mboe)
Proved
Developed producing
6,966
125
3,311
7,643
7,976
Developed non-producing
61
19
458
156
150
Undeveloped
1,864
188
4,450
2,793
1,185
Total proved
8,891
332
8,219
10,593
9,311
Total probable
3,710
147
3,631
4,463
4,602
Total proved plus probable
12,601
479
11,850
15,055
13,914
US Operations
Company Gross(1)(2)
Reserves Categories
Crude Oil
Natural Gas
Liquids
Natural Gas
Total Oil
Equivalent 2017
Total Oil
Equivalent 2016
(Mbbls)
(Mbbls)
(MMcf)
(Mboe)
(Mboe)
Proved
Developed producing
2,987
73
513
3,145
2,959
Developed non-producing
304
16
146
344
429
Undeveloped
1,429
128
1,211
1,759
1,475
Total proved
4,720
217
1,870
5,248
4,864
Total probable
2,348
211
1,996
2,892
2,132
Total proved plus probable
7,068
428
3,866
8,140
6,996
Total Company Operations
Company Gross(1)(2)
Reserves Categories
Crude Oil
Natural Gas
Liquids
Natural Gas
Total Oil
Equivalent 2017
Total Oil
Equivalent 2016
(Mbbls)
(Mbbls)
(MMcf)
(Mboe)
(Mboe)
Proved
Developed producing
9,953
198
3,824
10,789
10,935
Developed non-producing
365
35
604
500
579
Undeveloped
3,293
316
5,661
4,552
2,660
Total proved
13,611
549
10,089
15,841
14,175
Total probable
6,058
359
5,627
7,355
6,735
Total proved plus probable
19,669
907
15,716
23,196
20,910
Notes:
(1)
Company gross reserves are Eagle's total working interest share before the deduction of any royalties and exclude Eagle's royalty interests.
(2)
Totals may not add due to rounding.
Summary of Net Present Value of Future Net Revenue of Reserves
Canadian Operations
Net Present Value of Future Net Revenue
Before Income Taxes Discounted at (%/year)(1)(2)(3)
Reserves Category
0%
5%
10%
15%
20%
$CA
($000's)
($000's)
($000's)
($000's)
($000's)
Proved
Developed producing
221,014
134,582
94,758
73,285
60,145
Developed non-producing
2,068
1,673
1,303
1,017
806
Undeveloped
50,912
29,254
16,787
9,316
4,666
Total proved
273,994
165,509
112,847
83,618
65,617
Total probable
175,900
70,158
38,615
25,375
18,393
Total proved plus probable
449,894
235,668
151,462
108,992
84,009
US Operations
Net Present Value of Future Net Revenue
Before Income Taxes Discounted at (%/year)(1)(2)(3)
Reserves Category
0%
5%
10%
15%
20%
$US
($000's)
($000's)
($000's)
($000's)
($000's)
Proved
Developed producing
89,991
64,645
52,157
44,518
39,255
Developed non-producing
13,803
7,512
5,127
3,946
3,230
Undeveloped
36,149
26,298
19,808
15,267
11,949
Total proved
139,943
98,454
77,092
63,731
54,434
Total probable
89,247
58,752
42,434
32,318
25,503
Total proved plus probable
229,190
157,205
119,526
96,049
79,937
Total Company Operations
Net Present Value of Future Net Revenue
Before Income Taxes Discounted at (%/year)(1)(2)(3)
Reserves Category
0%
5%
10%
15%
20%
$CA
($000's)
($000's)
($000's)
($000's)
($000's)
Proved
Developed producing
330,003
213,498
158,808
128,201
108,738
Developed non-producing
18,526
10,708
7,513
5,821
4,753
Undeveloped
93,880
60,542
40,364
27,488
18,883
Total proved
442,409
284,748
206,685
161,509
132,374
Total probable
281,944
140,205
89,362
64,135
49,061
Total proved plus probable
724,353
424,953
296,047
225,644
181,435
Notes:
(1)
It should not be assumed that the net present values of estimated future net revenue shown above are representative of the fair market value of the reserves. There is no assurance that the underlying price and costs assumptions will be attained and variances could be material. The recovery and estimates of reserves provided in this news release 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.
(2)
The U.S. operations numbers have been converted into Canadian dollars using the following foreign exchange rates: 2018 - $CA 1.00 equal to $US 0.790; 2019 - $CA 1.00 equal to $US 0.790; 2020- $CA 1.00 equal to $US 0.800; 2021 - $CA 1.00 equal to $US 0.825; 2022 and thereafter - $CA 1.00 equal to $US 0.850 (as per McDaniel & Associates Consultants Ltd. January 1, 2018 price deck forecast).
(3)
Totals may not add due to rounding.
At a 10% discount factor, proved developed producing reserves comprise 54% (2016 – 57%) of the proved plus probable value and proved reserves account for 70% (2016 – 71%) of the proved plus probable value.
Future Development Costs ("FDC")
Total future development costs are estimated at $77.3 million for total proved and $95.3 million for total proved plus probable reserves.
Reserves Performance Ratios
Eagle achieved the following capital efficiency statistics:
2017
2016
Proved
Proved plus
Probable
Proved
Proved plus
Probable
Reserves – Company Gross (Mboe)
15,841
23,196
14,175
20,910
Capital Expenditures ($M)
Exploration and Development ("E&D")(1)(8)
24,256
24,256
5,771
5,771
Acquisition (Disposition)(2)(8)
(105)
(105)
5,144
5,144
Total Capital Expenditures
24,151
24,151
10,915
10,915
Field Netbacks ($/boe)(3)
Current Year
21.05
21.05
16.12
16.12
Finding, Development and Acquisition ("FD&A") Costs(4)(8)
Change in Future Development Costs ("FDC") ($M)
35,619
33,051
11,219
15,691
Reserve Additions - Company Gross (Mboe)
2,950
3,569
2,515
3,717
FD&A Costs including changes in FDC ($/boe)(4)
20.30
16.06
8.80
7.16
FD&A Costs excluding changes in FDC ($/boe)(4)
8.22
6.80
4.34
2.94
Recycle Ratio(5)(8)
1.04
1.31
1.83
2.25
Reserves Replacement(6)(8)
227%
274%
184%
272%
Reserves Life Index (yrs)(7)(8)
12.1
17.7
10.4
15.3
Notes:
(1)
E&D is equal to expenditures for "exploration and evaluation" plus "oil and gas properties" from the Consolidated Cash Flow Statement.
(2)
Acquisition refers to the January 2016 acquisition of Maple Leaf Royalties Corp. Eagle closed a minor disposition in 2017. See "Overview of Eagle" in the management discussion and analysis and note 6 of the audited consolidated annual financial statements.
(3)
Field netbacks are calculated by subtracting royalties, operating expenses, and transportation and marketing expenses from revenues, which are from the Consolidated Statement of (Loss) Earnings and Comprehensive (Loss) Earnings. Field netback is a non-IFRS financial measure. See "Non-IFRS Financial Measures".
(4)
Eagle calculates FD&A costs incorporating both the costs and associated reserve additions related to E&D and acquisitions during the year. Eagle believes that FD&A costs provide useful information to investors because it is a measure of the cost to locate new reserves and the ongoing expense of extracting petroleum throughout the lifecycle of the reserves.
(5)
Recycle ratio is calculated by dividing field netback per boe by FD&A costs including changes in FDC per boe. Eagle believes that the recycle ratio provides useful information to investors because it is a measure of a company's production efficiency based on its FD&A costs.
(6)
Reserves Replacement is calculated by dividing company gross reserve additions by working interest production for the year, which, in 2017, is based on average working interest production of 3,598 boe/d (2016 - 3,740 boe/d).
(7)
Reserves Life Index is calculated by dividing company gross reserves by working interest production for the year, which, in 2017, is based on average working interest production of 3,598 boe/d (2016 - 3,740 boe/d).
(8)
Eagle cautions readers as to the reliability of these capital efficiency statistics as these measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers.
Selected Annual Information
The following table shows selected information for Eagle's fiscal years ended December 31, 2017, December 31, 2016 and December 31, 2015.
Years ended December 31
2017
2016
2015
($000's except per share amounts and production)
Sales volumes – boe/d
3,821
3,972
3,358
Revenue, net of royalties
55,569
48,993
48,121
Field netback
29,354
23,437
23,659
Funds flow from operations
12,695
15,798
30,738
per share – basic and diluted
0.30
0.38
0.88
(Loss) earnings
(17,349)
9,559
(76,046)
per share – basic and diluted
(0.40)
0.23
(2.18)
Current assets
13,869
9,302
19,767
Current liabilities
13,715
74,595
9,397
Total assets
207,314
218,036
208,572
Total non-current liabilities
94,312
26,202
92,616
Shareholders' equity
99,287
117,239
106,559
Dividends declared
425
3,821
12,040
per issued share
0.01
0.09
0.35
Shares issued
43,302
42,452
34,863
Summary of Quarterly Results
Q4/2017
Q3/2017
Q2/2017
Q1/2017
Q4/2016
Q3/2016
Q2/2016
Q1/2016
($000's except for boe/d and per share amounts)
Sales volumes – boe/d
3,804
3,749
3,966
3,767
3,803
4,085
4,147
3,854
Revenue, net of royalties
14,725
12,459
14,167
14,218
13,891
12,854
13,149
9,099
per boe
42.08
36.12
39.25
41.95
39.72
34.20
34.84
25.94
Operating, transportation and marketing expenses
6,864
6,301
5,885
7,165
6,799
6,564
5,928
6,265
per boe
19.61
18.27
16.31
21.14
19.44
17.46
15.71
17.86
Field netback
7,861
6,158
8,282
7,053
7,092
6,290
7,221
2,834
per boe
22.47
17.85
22.94
20.81
20.28
16.74
19.13
8.08
Funds flow from operations
3,488
3,346
4,272
1,589
3,901
4,582
5,148
2,167
per boe
9.98
9.70
11.84
4.69
11.15
12.19
13.64
6.18
per share – basic
0.08
0.08
0.10
0.04
0.09
0.11
0.12
0.05
per share – diluted
0.08
0.07
0.10
0.04
0.09
0.11
0.12
0.05
(Loss) earnings
(14,293)
(4,711)
675
1,303
30,508
52
(9,288)
(11,713)
per share – basic
(0.34)
(0.11)
0.02
0.03
0.72
0.00
(0.23)
(0.29)
per share - diluted
(0.34)
(0.11)
0.02
0.03
0.72
0.00
(0.23)
(0.29)
Cash dividends declared
-
-
-
425
637
636
1,274
1,584
per issued share
0.00
0.00
0.00
0.01
0.015
0.015
0.03
0.04
Current assets
13,869
11,122
11,847
18,819
9,302
9,787
10,618
12,829
Current liabilities
13,715
8,042
6,599
11,474
74,595
72,387
75,035
5,472
Total assets
207,314
213,867
222,155
233,951
218,036
190,945
195,044
199,708
Total non-current liabilities
94,312
92,367
97,086
104,359
26,202
31,690
32,397
96,317
Shareholders' equity
99,287
113,458
118,470
118,118
117,239
86,868
87,612
97,919
Shares issued
43,302
43,302
42,857
42,857
42,452
42,452
42,452
42,452
For the three months ended December 31, 2017, sales volumes increased 1% from the third quarter as a result of new well production that was offset by natural decline and weather-related effects in October and December 2017 due to extreme cold.
Field netback increased 28% from the third quarter due a 19% increase in realized prices which was commensurate with an increase in the WTI benchmark price. The increase in field netback due to higher pricing was partially offset by a 9% increase in operating, transportation and marketing expenses in the fourth quarter of 2017 compared to the third quarter of 2017, due to well repairs and cold weather in Dixonville.
Funds flow from operations increased 4% from the third quarter of 2017. This was primarily due to 28% higher field netbacks which were offset by a risk management loss of $0.1 million in the fourth quarter, compared to a $0.5 million gain in the third quarter.
(Loss) earnings on a quarterly basis often do not move directionally or by the same amounts as funds flow from operations. This is due to items of a non-cash nature that factor into the calculation of (loss) earnings, and those that are required to be fair valued at each quarter end. Fourth quarter 2017 funds flow from operations increased by 4% from the third quarter of 2017, yet the fourth quarter net income was 203% less than the third quarter of 2017 primarily as a result of the impairment expense of $12.4 million, offset by a decrease in the unrealized risk management loss due to weaker forward commodity prices at the end of the fourth quarter. The fourth quarter of 2017 includes an unrealized risk management loss of $0.4 million compared to an unrealized risk management loss of $2.0 million in the third quarter of 2017.
Total non-current liabilities increased slightly in the fourth quarter from the third quarter due to a higher foreign exchange rate applied to Eagle's U.S.-denominated debt. During the first quarter of 2017, Eagle retired all amounts drawn under its bank credit facility that was classified as a "current" liability and entered into a new four year term loan agreement which is classified as a "non-current" liability. During the second quarter, Eagle prepaid $US 4.0 million of term loan principal.
Advisories
Non-IFRS Financial Measures
Statements throughout this news release make reference to the terms "field netback" and "funds flow from operations excluding risk management gains (losses)", which are non-IFRS financial measures that do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers.
"Field netback" is calculated by subtracting royalties, operating expenses, and transportation and marketing expenses from revenues. This method of calculating field netback is in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter). Management believes that field netback provides useful information to investors and management because such a measure reflects the quality of production and the level of profitability.
"Funds flow from operations excluding risk management gains (losses)" is calculated by adding back realized risk management gains (losses) to funds flow from operations. Management believes this measure provides useful information to investors and management because it shows what funds flow would have been if Eagle had not had any risk management contracts in place throughout the year.
Note about Forward-Looking Statements
Certain of the statements made and information contained in this news release are forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historic fact are forward-looking statements. Eagle cautions investors that important factors could cause Eagle's actual results to differ materially from those projected, or set out, in any forward-looking statements included in this news release.
In particular, and without limitation, this news release contains forward-looking statements pertaining to the following:
Eagle's drilling plans on its North Texas property and its expectation that additional leased acreage would be proved up in the area if the second horizontal well is successful;
Eagle's intentions to reduce debt and corporate costs, including interest costs;
Eagle's expectations regarding alternatives for funding growth potentially including asset sales;
Eagle's expectations regarding its corporate decline rate of 14% lending itself to Eagle sustaining 2018 average corporate production at post-Salt Flat field disposition levels with low capital expenditures;
Eagle's expectations regarding reducing its interest costs and general and administrative expenses;
Eagle's intentions to review transaction alternatives;
Eagle's expectations regarding the potential for the North Texas assets to deliver attractive returns to Eagle with continued development;
Eagle's estimated volumes and values of reserves;
Future development costs associated with reserves; and
Anticipated crude oil, natural gas liquids and natural gas production weighting.
With respect to forward-looking statements contained in this news release, assumptions have been made regarding, among other things:
future crude oil, NGL and natural gas prices, differentials and weighting;
future foreign exchange and interest rates;
future production levels;
future capital expenditures and the ability of Eagle to obtain financing on acceptable terms;
not including capital required to pursue future acquisitions in the forecasted capital expenditures;
the ability of Eagle to complete new acquisitions;
future production estimates, which are based on the proposed drilling program with a success rate that, in turn, is based upon historical drilling success and an evaluation of the particular wells to be drilled, among other things; and
projected operating costs, which are estimated based on historical information and anticipated changes in the cost of equipment and services, among other things.
Eagle's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and those in the AIF:
volatility of crude oil, NGL, and natural gas prices;
commodity supply and demand;
fluctuations in foreign exchange and interest rates;
inherent risks and changes in costs associated with the development of petroleum properties;
ultimate recoverability of reserves;
timing, results and costs of drilling and production activities;
availability and terms of financing and capital; and
new regulations and legislation that apply to the operations of Eagle and its subsidiaries.
Additional risks and uncertainties affecting Eagle are contained in the AIF under the heading "Risk Factors".
As a result of these risks, actual performance and financial results in 2018 may differ materially from any projections of future performance or results expressed or implied by these forwardlooking statements. Eagle's production rates, operating and general and administrative costs, field netbacks, drilling program, capital budget, reserves and potential transactions are subject to change in light of ongoing results, prevailing economic circumstances, obtaining regulatory approvals, commodity prices, exchange rates, financing terms, and industry conditions and regulations. New factors emerge from time to time, and it is not possible for management to predict all of these factors or to assess, in advance, the impact of each such factor on Eagle's business, or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although management believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date the forward-looking statements were made, there can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. There are no assurances or guarantees that the transaction review process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction. Actual results will differ, and the difference may be material and adverse to Eagle and its shareholders. These statements speak only as of the date of this news release and may not be appropriate for other purposes. Eagle does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Note Regarding Barrel of Oil Equivalency
This news release contains disclosure expressed as "boe" or "boe/d". All oil and natural gas equivalency volumes have been derived using the conversion ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of 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 well head. In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl would be misleading as an indication of value.
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for trading on the Toronto Stock Exchange under the symbol "EGL".
All material information about Eagle may be found on its website at www.EagleEnergy.com or under Eagle's issuer profile at www.sedar.com.