CONCORD, ONTARIO--(Marketwired - July 21, 2014) - Rockefeller Hughes Corporation ("Rockefeller" or the "Company") (TSX VENTURE:RHC) today announced that it has received a preliminary report outlining updates to its reserves data. The report, as of July 31, 2014, is prepared by Netherland, Sewell & Associates, Inc. the Company's independent qualified reserves evaluator and is fully National Instrument 51-101 compliant. The data in this preliminary report is to be confirmed, with possible slight adjustments, during the first week of August 2014, and will be finalized as the Company's annual reserves data report. The report shows a substantial increase in every category of reserves. Total Proved reserves have increased by 837% in volume and 440% in dollar value (NPV 10%).
| |
Company Reserves (net) |
Future net revenue (M$) |
| |
(MBBL) |
(MBBL) |
Before Income taxes Disc. @ 10% |
| Category |
2013 |
2014 |
2013 |
2014 |
| Total Proved* |
190.4 |
1,784.2 |
3,364.9 |
18,168.6 |
| Probable: |
229.6 |
503.7 |
3,677.5 |
8,956.30 |
| Proved + Probable |
420 |
2,287.80 |
7,042.4 |
27,124.90 |
| *(Consisting of Proved Developed Producing, Proved Developed Non-Producing and Proved Undeveloped) |
| **2014 Report prepared using a constant oil price of $96.00/BO NYMEX WTI throughout the reserve life. |
Rockefeller is very pleased with the dramatic increase in its reserves and views this improvement as a significant stepping stone to the overall growth of the Company.
The final reserve report is expected to be filed on SEDAR (www.sedar.com) during the first half of August 2014.
The Company is also pleased to announce the hiring of Mr. David Sederis who has joined Rockefeller as Chief Financial Officer. Mr. Sederis has over 20 years' experience in business including roles as CFO for an oil field services related manufacturing firm, head of planning and economics for an international E & P company, Senior Vice President of a boutique investment bank focused on energy, and economic advisor at a midstream company. Mr. Sederis earned a degree in finance and economics from the University of Western Ontario in 1990 and a degree in Management from Wilfrid Laurier University in 1991. He received his accounting designation (CPA, CMA) in 1993 and an MBA from the A.B. Freeman School of Business at Tulane University in 2000.
The Company has granted options to acquire up to a total of 100,000 common shares of Rockefeller to Mr. Sederis, at an exercise price of $0.50c per share. The option to acquire 100,000 common shares vests as to one-third on July 21, 2015, one-third on July 21, 2016 and one-third on July 21, 2017. Subject to the specific terms of the option agreement, the options will be exercisable for a period of up to five years from the date of grant.
With Mr. Sederis' appointment, Mr. Gilliard will no longer act as interim CFO of the Company. Rockefeller would like to thank Mr. Gilliard for his contribution to the Company and wishes him the best with future endeavors.
About Rockefeller Hughes Corporation
Rockefeller is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. The Company is listed on the TSX Venture Exchange under the symbol RHC. There are currently 69,857,911 shares issued and outstanding. For additional details please visit Rockefeller's website at www.rockefellerhughes.com.
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