CALGARY, Feb. 29, 2016 /CNW/ - Vermilion Energy Inc. ("Vermilion", the
"Company", "We" or "Our") (TSX, NYSE: VET) is pleased to announce
summary 2015 year-end reserves and resource information. The estimates
of reserves and resources and other oil and gas information contained
in this news release has been estimated by GLJ Petroleum Consultants
Ltd. ("GLJ") and prepared in accordance with National Instrument 51-101
"Standards of Disclosure for Oil and Gas Activities" of the Canadian
Securities Administrators ("NI 51-101") and the Canadian Oil and Gas
Evaluation Handbook ("COGEH"). For additional information about
Vermilion, including Vermilion's statement of reserves data and other
information in Form 51-101F1, report on reserves data by independent
qualified reserves evaluator or auditor in Form 51-101F2 and report of
management and directors on oil and gas disclosure in Form 51-101F3,
please review the Company's Annual Information Form for the year ended
December 31, 2015, to be filed on March 4, 2016 and available on SEDAR
at www.sedar.com and on the SEC's EDGAR system at www.sec.gov.
HIGHLIGHTS
-
Total proved ("1P") reserves increased 6% to 160.7 mmboe(1), while total proved plus probable ("2P") reserves also increased 6% to 260.9
mmboe(1). This represents year-over-year 1P and 2P per share reserves growth of
2% and 1%, respectively.
-
Finding and Development ("F&D")(2) and Finding, Development and Acquisition ("FD&A")(2) costs, including Future Development Capital ("FDC") for 2015 on a 2P
basis decreased 48% to $8.98/boe and 55% to $10.03/boe, respectively.
Similarly, our three-year F&D and FD&A, including FDC, on a 2P basis
were $14.82/boe and $17.81/boe, respectively.
-
Achieved a $212.6 million (12%) reduction in FDC costs attributable our
existing assets through reductions in drilling, completions and
facility capital costs. This was partially offset by the addition of
$38.4 million of FDC related to properties acquired during the year
resulting in a net reduction in FDC of 11% to $1.6 billion in 2015.
-
Recycle ratio (including FDC) was 3.6x during 2015, an increase over
3.2x achieved during 2014, indicating that Vermilion has been able to
maintain our high level of investment efficiency despite the decline in
commodity prices.
-
In 2015, we added 34.0 mmboe of 2P reserves with 30.5 mmboe (90%) of
additions coming from exploration and development ("E&D") activities
and 3.5 mmboe (10%) of additions through acquisitions.
-
Replaced 152% of production at the 2P level through E&D related
activities and 170% including acquisitions. At a 1P level, we replaced
142% and 146% of 2015 production, respectively.
-
Increased Proved Developed Producing ("PDP") reserves by 25% to 110.4
mmboe at an average F&D cost (including FDC) of $10.67/boe resulting in
a recycle ratio (including FDC) of 3.0x. PDP reserves represent 69% of
1P reserves in 2015 as compared to 58% in 2014.
-
Positive technical revisions of 2.0 mmboe on a 2P basis resulting from
strong well performance were more than offset by 10.3 mmboe of
revisions due to the decrease in commodity prices since year-end 2014.
Only 4% of the economic revisions occurred outside of Canada,
reflecting the continued high quality of our reserves attributable to
our international operations.
-
Our independent GLJ 2015 Resource Assessment(3) indicates low, best, and high estimates for contingent resources in the
Development Pending category are 95.1(3) mmboe, 160.7(3) mmboe, and 254.7(3) mmboe, respectively. Approximately 80% of our best estimate contingent
resources evaluated reside in the Development Pending category,
reflecting the high quality nature of our contingent resource base.
-
At year-end 2015, 2P reserves were comprised of 30% Brent-based light
crude, 17% North American-based light crude, 11% natural gas liquids,
20% European natural gas and 22% North American natural gas.
-
Achieved a reserve life index for 2P reserves of 11.7 years for year-end
2015 reserves based on annualized Q4 2015 production, compared to 13.6
years at year-end 2014. Year-end 2015 reserve life index for 1P
reserves was 7.2 years, as compared to 8.4 years at year-end 2014.
-
Based on the continued success of our Mannville liquids-rich gas play in
Alberta, our 2015 activities resulted in an additional 35 (23.2 net)
undeveloped wells booked at the 2P level, with average net reserves of
approximately 620 mboe/well. Additionally, we added a further 14 (9
net) undeveloped wells that were attributed to lands acquired in 2015.
-
In the Paris Basin, we added 7.3 mmboe of 2P reserves, related to 18
development opportunities, including 15 new additions and strong upward
revisions related to well performance and expanded waterflood
response. Well additions and successful workover and optimization
campaigns in the Aquitaine Basin in France added a further 2.8 mmboe of
2P reserves.
-
We added an additional 1.9 mmboe of 2P reserves to our Slootdorp-06 well
(92.8 working interest) related to the discovery in the Rotliegend
formation and an additional 1.5 mmboe of 2P reserves to our
Slootdorp-07 well (92.8% working interest) related to the discovery in
the Zechstein formation).
(1)
|
As evaluated by GLJ Petroleum Consultants Ltd. ("GLJ") in a report dated
February 8, 2016 with an effective date of December 31, 2015.
|
(2)
|
F&D (finding and development) and FD&A (finding, development and
acquisition) costs are used as a measure of capital efficiency and are
calculated by dividing the applicable capital costs for the period,
including the change in undiscounted future development capital
("FDC"), by the change in the reserves, incorporating revisions and
production, for the same period.
|
(3)
|
Vermilion retained GLJ to conduct an independent resource evaluation
dated February 8, 2016 to assess contingent resources across all of the
Company's key operating regions with an effective date of December 31,
2015 (the "GLJ 2015 Resource Assessment"). The associated chance of
development for each of the low, best and high estimate for contingent
resources in the Development Pending category are 83%, 82% and 81%,
respectively. There is uncertainty that it will be commercially viable
to produce any portion of the resources.
|
DISCLAIMER
Certain statements included or incorporated by reference in this news
release may constitute forward looking statements or financial outlooks
under applicable securities legislation. Such forward looking
statements or information typically contain statements with words such
as "anticipate", "believe", "expect", "plan", "intend", "estimate",
"propose", or similar words suggesting future outcomes or statements
regarding an outlook. Forward looking statements or information in
this news release may include, but are not limited to:
-
capital expenditures;
-
business strategies and objectives;
-
estimated reserve quantities and the discounted present value of future
net cash flows from such reserves;
-
petroleum and natural gas sales;
-
future production levels (including the timing thereof) and rates of
average annual production growth, estimated contingent resources and
prospective resources;
-
exploration and development plans;
-
acquisition and disposition plans and the timing thereof;
-
operating and other expenses, including the payment of future dividends;
-
royalty and income tax rates;
-
the timing of regulatory proceedings and approvals; and
-
the estimate of Vermilion's share of the expected natural gas production
from the Corrib field.
Such forward-looking statements or information are based on a number of
assumptions all or any of which may prove to be incorrect. In addition
to any other assumptions identified in this document, assumptions have
been made regarding, among other things:
-
the ability of the Company to obtain equipment, services and supplies in
a timely manner to carry out its activities in Canada and
internationally;
-
the ability of the Company to market crude oil, natural gas liquids and
natural gas successfully to current and new customers;
-
the timing and costs of pipeline and storage facility construction and
expansion and the ability to secure adequate product transportation;
-
the timely receipt of required regulatory approvals;
-
the ability of the Company to obtain financing on acceptable terms;
-
foreign currency exchange rates and interest rates;
-
future crude oil, natural gas liquids and natural gas prices; and
-
Management's expectations relating to the timing and results of
development activities.
Although the Company believes that the expectations reflected in such
forward looking statements or information are reasonable, undue
reliance should not be placed on forward looking statements because the
Company can give no assurance that such expectations will prove to be
correct. Financial outlooks are provided for the purpose of
understanding the Company's financial strength and business objectives
and the information may not be appropriate for other purposes. Forward
looking statements or information are based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by the Company and described in the forward
looking statements or information. These risks and uncertainties
include but are not limited to:
-
the ability of management to execute its business plan;
-
the risks of the oil and gas industry, both domestically and
internationally, such as operational risks in exploring for, developing
and producing crude oil, natural gas liquids and natural gas;
-
risks and uncertainties involving geology of crude oil, natural gas
liquids and natural gas deposits;
-
risks inherent in the Company's marketing operations, including credit
risk;
-
the uncertainty of reserves estimates and reserves life and estimates of
resources and associated expenditures;
-
the uncertainty of estimates and projections relating to production,
costs and expenses;
-
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures;
-
the Company's ability to enter into or renew leases on acceptable terms;
-
fluctuations in crude oil, natural gas liquids and natural gas prices,
foreign currency exchange rates and interest rates;
-
health, safety and environmental risks;
-
uncertainties as to the availability and cost of financing;
-
the ability of the Company to add production and reserves through
exploration and development activities;
-
general economic and business conditions;
-
the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld;
-
uncertainty in amounts and timing of royalty payments;
-
risks associated with existing and potential future law suits and
regulatory actions against the Company; and
-
other risks and uncertainties described elsewhere in the annual
information form of the Company for the year ended December 31, 2014 or
in the Company's other filings with Canadian securities authorities.
The forward-looking statements or information contained in this news
release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise, unless required by applicable securities laws.
RESERVES, FUTURE NET REVENUE AND OTHER OIL AND GAS INFORMATION
The following is a summary of the oil and natural gas reserves and the
value of future net revenue of Vermilion as evaluated by GLJ,
independent petroleum engineering consultants in Calgary in a report
dated February 8, 2016 with an effective date of December 31, 2015 (the
"GLJ 2015 Reserves Evaluation"). The GLJ 2015 Reserves Evaluation was
prepared in accordance with National Instrument 51-101 and COGEH.
Reserves and other oil and gas information in this news release is
effective December 31, 2015 unless otherwise stated.
All evaluations of future net production revenue set forth in the tables
below are stated after overriding and lessor royalties, Crown
royalties, freehold royalties, mineral taxes, direct lifting costs,
normal allocated overhead and future capital investments, including
abandonment and reclamation obligations. Future net production revenues estimated by the GLJ 2015 Reserves
Evaluation do not represent the fair market value of the reserves.
Other assumptions relating to the costs, prices for future production
and other matters are included in the GLJ 2015 Reserve Evaluation.
There is no assurance that the future price and cost assumptions used
in the GLJ 2015 Reserves Evaluation will prove accurate and variances
could be material.
Reserves for Australia, Canada, France, Germany, Ireland, the
Netherlands and the United States are established using deterministic
methodology. Total proved reserves are established at the 90 percent
probability (P90) level. There is a 90 percent probability that the
actual reserves recovered will be equal to or greater than the P90
reserves. Total proved plus probable reserves are established at the
50 percent probability (P50) level. There is a 50 percent probability
that the actual reserves recovered will be equal to or greater than the
P50 reserves.
Estimates of reserves have been made assuming that development of each
property, in respect of which estimates have been made, will occur
without regard to the availability of funding required for that
development.
With respect to finding and development costs, the aggregate of the
exploration and development costs incurred in the most recent financial
year and the change during that year in estimated future development
costs generally will not reflect total finding and development costs
related to reserve additions for that year.
Pricing used in the forecast price estimates is set forth in the table
below and referenced in the notes to subsequent tables.
Table 1: Forecast Prices used in Estimates (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil and
|
|
|
|
Natural Gas
|
|
Natural Gas
|
|
Natural Gas
|
|
Inflation
|
|
Exchange
|
|
Exchange
|
|
|
|
& Medium Crude Oil
|
|
Crude Oil
|
|
Canada
|
|
Europe
|
|
Liquids
|
|
Rate
|
|
Rate
|
|
Rate
|
|
WTI
|
|
Edmonton
|
|
|
Cromer
|
|
Brent Blend
|
|
|
|
National Balancing
|
|
|
|
|
|
|
|
|
|
Cushing
|
|
Par Price
|
|
|
Medium
|
|
FOB
|
|
AECO
|
|
Point
|
|
FOB
|
|
|
|
|
|
|
|
Oklahoma
|
|
40˚ API
|
|
|
29.3˚ API
|
|
North Sea
|
|
Gas Price
|
|
(UK)
|
|
Field Gate
|
|
Percent
|
|
|
|
|
Year
|
($US/bbl)
|
|
($Cdn/bbl)
|
|
|
($Cdn/bbl)
|
|
($US/bbl)
|
|
($Cdn/MMBtu)
|
|
($US/MMBtu)
|
|
($Cdn/bbl)
|
|
Per Year
|
|
($US/$Cdn)
|
|
($CdnEUR)
|
2015
|
48.82
|
|
57.23
|
|
|
51.91
|
|
53.75
|
|
2.70
|
|
6.55
|
|
34.59
|
|
1.1
|
|
0.783
|
|
1.419
|
Forecast
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
44.00
|
|
55.86
|
|
|
50.80
|
|
45.00
|
|
2.76
|
|
5.55
|
|
30.27
|
|
2.0
|
|
0.725
|
|
1.517
|
2017
|
52.00
|
|
64.00
|
|
|
59.52
|
|
54.00
|
|
3.27
|
|
5.68
|
|
35.76
|
|
2.0
|
|
0.750
|
|
1.467
|
2018
|
58.00
|
|
68.39
|
|
|
63.60
|
|
61.00
|
|
3.45
|
|
6.10
|
|
39.04
|
|
2.0
|
|
0.775
|
|
1.419
|
2019
|
64.00
|
|
73.75
|
|
|
68.59
|
|
67.00
|
|
3.63
|
|
6.70
|
|
42.96
|
|
2.0
|
|
0.800
|
|
1.375
|
2020
|
70.00
|
|
78.79
|
|
|
73.27
|
|
73.00
|
|
3.81
|
|
7.30
|
|
45.85
|
|
2.0
|
|
0.825
|
|
1.333
|
2021
|
75.00
|
|
82.35
|
|
|
76.59
|
|
78.00
|
|
3.90
|
|
7.80
|
|
47.86
|
|
2.0
|
|
0.850
|
|
1.294
|
2022
|
80.00
|
|
88.24
|
|
|
82.06
|
|
83.00
|
|
4.10
|
|
8.30
|
|
51.23
|
|
2.0
|
|
0.850
|
|
1.294
|
2023
|
85.00
|
|
94.12
|
|
|
87.53
|
|
88.00
|
|
4.30
|
|
8.80
|
|
54.59
|
|
2.0
|
|
0.850
|
|
1.294
|
2024
|
87.88
|
|
96.48
|
|
|
89.73
|
|
91.39
|
|
4.50
|
|
9.14
|
|
57.18
|
|
2.0
|
|
0.850
|
|
1.294
|
Thereafter
|
2.0%
|
|
2.0%
|
|
|
2.0%
|
|
2.0%
|
|
2.0%
|
|
2.0%
|
|
2.0%
|
|
2.0%
|
|
0.850
|
|
1.294
|
|
Note:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth above. The
NGL price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101.
|
All forecast prices in the tables above are provided by GLJ. For 2015,
the price of Vermilion's natural gas in the Netherlands is based on the
TTF day-ahead index, as determined on the Title Transfer Facility
Virtual Trading Point operated by Dutch TSO Gas Transport Services,
plus various fees. GasTerra, a state owned entity purchases all natural
gas produced by Vermilion in the Netherlands. The price of Vermilion's
natural gas in Germany is based on the TTF month-ahead index, as
determined on the Title Transfer Facility Virtual Trading Point
operated by Dutch TSO Gas Transport Services, plus various fees. The
benchmark price for Australia and France crude oil is Dated Brent. The
benchmark price for Canadian crude oil is Edmonton Par and Canadian
natural gas is priced against AECO. For the year ended December 31,
2015, the average realized sales prices before hedging were $70.22 per
bbl (Australia), $7.79 per Mcf (Netherlands), $7.18 per Mcf (Germany),
$63.31 per bbl (France) for Brent-based crude oil, $49.10 per bbl
(United States) for WTI, $49.73 per bbl for Canadian-based crude oil
and NGLs and $2.78 per Mcf for Canadian natural gas.
The following table summarizes the capital expenditures made by
Vermilion on oil and natural gas properties for the year ended December
31, 2015:
Table 2: Capital Costs Incurred
|
|
Acquisition Costs
|
|
|
|
|
|
|
|
|
Proved
|
|
Unproved
|
|
Exploration
|
|
Development
|
|
Total
|
(M$)
|
|
Properties
|
|
Properties
|
|
Costs
|
|
Costs
|
|
Costs
|
Australia
|
|
-
|
|
-
|
|
-
|
|
61,741
|
|
61,741
|
Canada
|
|
14,650
|
|
-
|
|
-
|
|
201,508
|
|
216,158
|
France
|
|
317
|
|
-
|
|
-
|
|
92,265
|
|
92,582
|
Germany
|
|
-
|
|
-
|
|
-
|
|
5,363
|
|
5,363
|
Hungary
|
|
-
|
|
-
|
|
1,166
|
|
-
|
|
1,166
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
66,409
|
|
66,409
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
47,325
|
|
47,325
|
United States
|
|
12,764
|
|
-
|
|
-
|
|
12,250
|
|
25,014
|
Total
|
|
27,731
|
|
-
|
|
1,166
|
|
486,861
|
|
515,758
|
The following table sets forth the reserve life index based on total
proved and proved plus probable reserve and fourth quarter 2015
production of 61,058 boe/d.
Table 3: Reserve Life Index
Commodity
|
|
|
Production
|
|
|
Reserve Life Index (years)
|
|
|
|
Fourth Quarter 2015
|
|
|
Total Proved
|
|
|
Proved Plus Probable
|
Oil and natural gas liquids (bbl/d)
|
|
|
34,043
|
|
|
7.6
|
|
|
12.2
|
Natural gas (mmcf/d)
|
|
|
162.09
|
|
|
6.7
|
|
|
11.1
|
Oil Equivalent (boe/d)
|
|
|
61,058
|
|
|
7.2
|
|
|
11.7
|
The following tables provide reserves data and a breakdown of future net
revenue by component and production group using forecast prices and
costs. For Canada, the tables following include Alberta gas cost
allowance.
The following tables may not total due to rounding.
Table 4: Oil and Gas Reserves - Based on Forecast Prices and Costs (1)
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Proved Developed Producing (3) (5) (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
11,465
|
|
11,465
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
13,528
|
|
11,785
|
|
9
|
|
9
|
|
10
|
|
8
|
|
98,840
|
|
89,253
|
France
|
|
34,866
|
|
32,097
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,835
|
|
7,309
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
20,876
|
|
18,148
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
94,976
|
|
94,976
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
29,961
|
|
27,236
|
United States
|
|
384
|
|
314
|
|
-
|
|
-
|
|
-
|
|
-
|
|
372
|
|
304
|
Total Proved Developed Producing
|
|
60,243
|
|
55,661
|
|
9
|
|
9
|
|
10
|
|
8
|
|
252,860
|
|
237,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Proved Developed Producing (3) (5) (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,465
|
|
11,465
|
Canada
|
|
1,942
|
|
1,832
|
|
3,100
|
|
2,883
|
|
7,052
|
|
5,383
|
|
37,913
|
|
32,846
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
36,172
|
|
33,315
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,479
|
|
3,025
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
15,829
|
|
15,829
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
66
|
|
60
|
|
5,060
|
|
4,599
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
59
|
|
49
|
|
505
|
|
414
|
|
|
1,942
|
|
1,832
|
|
3,100
|
|
2,883
|
|
7,177
|
|
5,492
|
|
110,423
|
|
101,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Proved Developed Non-Producing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
1,032
|
|
940
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,090
|
|
14,633
|
France
|
|
1,914
|
|
1,754
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,263
|
|
7,157
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,845
|
|
10,845
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
18,238
|
|
18,238
|
United States
|
|
313
|
|
254
|
|
-
|
|
-
|
|
-
|
|
-
|
|
318
|
|
258
|
Total Proved Developed Non-Producing
|
|
3,259
|
|
2,948
|
|
-
|
|
-
|
|
-
|
|
-
|
|
54,754
|
|
51,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Proved Developed Non-Producing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
-
|
|
-
|
|
1,743
|
|
1,643
|
|
692
|
|
490
|
|
4,863
|
|
4,143
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,914
|
|
1,754
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,377
|
|
1,193
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,808
|
|
1,808
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22
|
|
22
|
|
3,062
|
|
3,062
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
51
|
|
41
|
|
417
|
|
338
|
Total Proved Developed Non-Producing
|
|
-
|
|
-
|
|
1,743
|
|
1,643
|
|
765
|
|
553
|
|
13,441
|
|
12,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Proved Undeveloped (3) (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
2,300
|
|
2,300
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
8,411
|
|
7,357
|
|
-
|
|
-
|
|
-
|
|
-
|
|
74,181
|
|
68,479
|
France
|
|
3,941
|
|
3,693
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,361
|
|
1,684
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
United States
|
|
1,337
|
|
1,087
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,480
|
|
1,204
|
Total Proved Undeveloped
|
|
15,989
|
|
14,437
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,022
|
|
71,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Proved Undeveloped
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,300
|
|
2,300
|
Canada
|
|
-
|
|
-
|
|
3,367
|
|
3,114
|
|
7,051
|
|
5,955
|
|
28,387
|
|
25,244
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,941
|
|
3,693
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
394
|
|
281
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
236
|
|
192
|
|
1,820
|
|
1,480
|
Total Proved Undeveloped
|
|
-
|
|
-
|
|
3,367
|
|
3,114
|
|
7,287
|
|
6,147
|
|
36,842
|
|
32,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Proved (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
13,765
|
|
13,765
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
22,971
|
|
20,082
|
|
9
|
|
9
|
|
10
|
|
8
|
|
190,111
|
|
172,365
|
France
|
|
40,721
|
|
37,544
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,835
|
|
7,309
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
31,500
|
|
26,989
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
105,821
|
|
105,821
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
48,199
|
|
45,474
|
United States
|
|
2,034
|
|
1,655
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,170
|
|
1,766
|
Total Proved
|
|
79,491
|
|
73,046
|
|
9
|
|
9
|
|
10
|
|
8
|
|
385,637
|
|
359,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Proved
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,765
|
|
13,765
|
Canada
|
|
1,942
|
|
1,832
|
|
8,210
|
|
7,640
|
|
14,795
|
|
11,828
|
|
71,163
|
|
62,233
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
42,027
|
|
38,762
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,250
|
|
4,499
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,637
|
|
17,637
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
88
|
|
82
|
|
8,122
|
|
7,661
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
346
|
|
282
|
|
2,742
|
|
2,232
|
Total Proved
|
|
1,942
|
|
1,832
|
|
8,210
|
|
7,640
|
|
15,229
|
|
12,192
|
|
160,706
|
|
146,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Probable (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
3,700
|
|
3,700
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
14,786
|
|
12,565
|
|
3
|
|
3
|
|
3
|
|
2
|
|
132,676
|
|
120,460
|
France
|
|
21,325
|
|
19,814
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,559
|
|
1,505
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,999
|
|
14,999
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
47,405
|
|
47,405
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
48,688
|
|
43,700
|
United States
|
|
3,818
|
|
3,131
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,378
|
|
3,590
|
Total Probable
|
|
43,629
|
|
39,210
|
|
3
|
|
3
|
|
3
|
|
2
|
|
252,705
|
|
231,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,700
|
|
3,700
|
Canada
|
|
475
|
|
447
|
|
4,917
|
|
4,628
|
|
12,751
|
|
10,144
|
|
50,554
|
|
43,637
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
21,585
|
|
20,065
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,000
|
|
2,500
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,901
|
|
7,901
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
83
|
|
66
|
|
8,198
|
|
7,349
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
698
|
|
572
|
|
5,246
|
|
4,301
|
Total Probable
|
|
475
|
|
447
|
|
4,917
|
|
4,628
|
|
13,532
|
|
10,782
|
|
100,184
|
|
89,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
Conventional Natural Gas
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(MMcf)
|
|
(MMcf)
|
Proved Plus Probable (3) (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
17,465
|
|
17,465
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
37,757
|
|
32,647
|
|
12
|
|
12
|
|
13
|
|
10
|
|
322,787
|
|
292,825
|
France
|
|
62,046
|
|
57,358
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,394
|
|
8,814
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
49,499
|
|
41,988
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
153,226
|
|
153,226
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
96,887
|
|
89,174
|
United States
|
|
5,852
|
|
4,786
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,548
|
|
5,356
|
Total Proved Plus Probable
|
|
123,120
|
|
112,256
|
|
12
|
|
12
|
|
13
|
|
10
|
|
638,342
|
|
591,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas
|
|
Coal Bed Methane
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross (2)
|
|
Net (2)
|
|
Gross
|
|
Net
|
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
Proved Plus Probable (3) (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,465
|
|
17,465
|
Canada
|
|
2,417
|
|
2,279
|
|
13,127
|
|
12,268
|
|
27,546
|
|
21,972
|
|
121,717
|
|
105,870
|
France
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
63,612
|
|
58,827
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,250
|
|
6,999
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
25,538
|
|
25,538
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
171
|
|
148
|
|
16,320
|
|
15,010
|
United States
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,044
|
|
854
|
|
7,988
|
|
6,533
|
Total Proved Plus Probable
|
|
2,417
|
|
2,279
|
|
13,127
|
|
12,268
|
|
28,761
|
|
22,974
|
|
260,890
|
|
236,242
|
|
Notes:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth below. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
(2)
|
"Gross Reserves" are Vermilion's working interest (operating or
non-operating) share before deduction of royalties and without
including any royalty interests of Vermilion. "Net Reserves" are
Vermilion's working interest (operating or non-operating) share after
deduction of royalty obligations, plus Vermilion's royalty interests in
reserves.
|
(3)
|
"Proved" reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated proved
reserves.
|
(4)
|
"Probable" reserves are those additional reserves that are less certain
to be recovered than proved reserves. It is equally likely that the
actual remaining quantities recovered will be greater or less than the
sum of the estimated proved plus probable reserves.
|
(5)
|
"Developed" reserves are those reserves that are expected to be
recovered from existing wells and installed facilities or, if
facilities have not been installed, that would involve a low
expenditure (e.g. when compared to the cost of drilling a well) to put
the reserves on production.
|
(6)
|
"Developed Producing" reserves are those reserves that are expected to
be recovered from completion intervals open at the time of the
estimate. These reserves may be currently producing or, if shut-in,
they must have previously been on production, and the date of
resumption of production must be known with reasonable certainty.
|
(7)
|
"Developed Non-Producing" reserves are those reserves that either have
not been on production, or have previously been on production, but are
shut in, and the date of resumption of production is unknown.
|
(8)
|
"Undeveloped" reserves are those reserves expected to be recovered from
known accumulations where a significant expenditure (for example, when
compared to the cost of drilling a well) is required to render them
capable of production. They must fully meet the requirements of the
reserves classification (proved, probable, possible) to which they are
assigned.
|
Table 5: Net Present Values of Future Net Revenue - Based on Forecast
Prices and Costs (1)
|
Before Deducting Future Income Taxes Discounted At
|
|
After Deducting Future Income Taxes Discounted At
|
(M$)
|
|
0%
|
|
5%
|
|
10%
|
|
15%
|
|
20%
|
|
0%
|
|
5%
|
|
10%
|
|
15%
|
|
20%
|
Proved Developed Producing (2) (4) (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
2,347
|
|
129,206
|
|
168,558
|
|
175,898
|
|
171,717
|
|
124,988
|
|
173,769
|
|
178,900
|
|
170,295
|
|
158,300
|
Canada
|
|
949,037
|
|
750,567
|
|
619,559
|
|
528,638
|
|
462,575
|
|
949,037
|
|
750,567
|
|
619,559
|
|
528,638
|
|
462,575
|
France
|
|
1,798,973
|
|
1,255,682
|
|
953,329
|
|
767,459
|
|
643,532
|
|
1,517,541
|
|
1,074,705
|
|
821,780
|
|
664,015
|
|
557,940
|
Germany
|
|
43,971
|
|
38,938
|
|
34,820
|
|
31,467
|
|
28,720
|
|
43,971
|
|
38,938
|
|
34,820
|
|
31,467
|
|
28,720
|
Ireland
|
|
552,363
|
|
501,468
|
|
439,666
|
|
387,319
|
|
345,603
|
|
552,363
|
|
501,468
|
|
439,666
|
|
387,319
|
|
345,603
|
Netherlands
|
|
83,154
|
|
94,117
|
|
99,646
|
|
102,200
|
|
103,013
|
|
64,192
|
|
75,617
|
|
81,576
|
|
84,532
|
|
85,720
|
United States
|
|
16,290
|
|
12,359
|
|
9,959
|
|
8,387
|
|
7,290
|
|
16,290
|
|
12,359
|
|
9,959
|
|
8,387
|
|
7,290
|
Total Proved Developed Producing
|
|
3,446,135
|
|
2,782,337
|
|
2,325,537
|
|
2,001,368
|
|
1,762,450
|
|
3,268,382
|
|
2,627,423
|
|
2,186,260
|
|
1,874,653
|
|
1,646,148
|
Proved Developed Non-Producing (2) (4) (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
104,042
|
|
71,099
|
|
54,809
|
|
45,013
|
|
38,420
|
|
104,042
|
|
71,099
|
|
54,809
|
|
45,013
|
|
38,420
|
France
|
|
90,457
|
|
62,628
|
|
45,934
|
|
35,314
|
|
28,159
|
|
58,901
|
|
40,465
|
|
29,248
|
|
22,088
|
|
17,265
|
Germany
|
|
25,871
|
|
19,029
|
|
14,433
|
|
11,275
|
|
9,044
|
|
25,871
|
|
19,029
|
|
14,433
|
|
11,275
|
|
9,044
|
Ireland
|
|
92,735
|
|
62,194
|
|
44,189
|
|
32,997
|
|
25,688
|
|
92,735
|
|
62,194
|
|
44,189
|
|
32,997
|
|
25,688
|
Netherlands
|
|
49,823
|
|
39,122
|
|
30,708
|
|
24,196
|
|
19,156
|
|
41,346
|
|
30,978
|
|
22,865
|
|
16,628
|
|
11,839
|
United States
|
|
9,355
|
|
5,641
|
|
3,488
|
|
2,150
|
|
1,264
|
|
9,355
|
|
5,641
|
|
3,488
|
|
2,150
|
|
1,264
|
Total Proved Developed Non-Producing
|
|
372,283
|
|
259,713
|
|
193,561
|
|
150,945
|
|
121,731
|
|
332,250
|
|
229,406
|
|
169,032
|
|
130,151
|
|
103,520
|
Proved Undeveloped (2) (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
90,351
|
|
65,761
|
|
47,675
|
|
34,243
|
|
24,141
|
|
54,095
|
|
38,796
|
|
27,698
|
|
19,530
|
|
13,425
|
Canada
|
|
489,912
|
|
322,128
|
|
216,629
|
|
147,559
|
|
100,575
|
|
394,990
|
|
268,530
|
|
185,169
|
|
128,464
|
|
88,643
|
France
|
|
195,493
|
|
141,793
|
|
105,874
|
|
81,079
|
|
63,249
|
|
126,807
|
|
88,335
|
|
62,501
|
|
44,867
|
|
32,357
|
Germany
|
|
6,456
|
|
3,478
|
|
1,746
|
|
724
|
|
117
|
|
6,456
|
|
3,478
|
|
1,746
|
|
724
|
|
117
|
Ireland
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Netherlands
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
United States
|
|
33,881
|
|
15,244
|
|
5,265
|
|
(415)
|
|
(3,816)
|
|
33,881
|
|
15,244
|
|
5,265
|
|
(415)
|
|
(3,816)
|
Total Proved Undeveloped
|
|
816,093
|
|
548,404
|
|
377,189
|
|
263,190
|
|
184,266
|
|
616,229
|
|
414,383
|
|
282,379
|
|
193,170
|
|
130,726
|
Proved (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
92,698
|
|
194,967
|
|
216,233
|
|
210,141
|
|
195,858
|
|
179,083
|
|
212,565
|
|
206,598
|
|
189,825
|
|
171,725
|
Canada
|
|
1,542,991
|
|
1,143,794
|
|
890,997
|
|
721,210
|
|
601,570
|
|
1,448,069
|
|
1,090,196
|
|
859,537
|
|
702,115
|
|
589,638
|
France
|
|
2,084,923
|
|
1,460,103
|
|
1,105,137
|
|
883,852
|
|
734,940
|
|
1,703,249
|
|
1,203,505
|
|
913,529
|
|
730,970
|
|
607,562
|
Germany
|
|
76,298
|
|
61,445
|
|
50,999
|
|
43,466
|
|
37,881
|
|
76,298
|
|
61,445
|
|
50,999
|
|
43,466
|
|
37,881
|
Ireland
|
|
645,098
|
|
563,662
|
|
483,855
|
|
420,316
|
|
371,291
|
|
645,098
|
|
563,662
|
|
483,855
|
|
420,316
|
|
371,291
|
Netherlands
|
|
132,977
|
|
133,239
|
|
130,354
|
|
126,396
|
|
122,169
|
|
105,538
|
|
106,595
|
|
104,441
|
|
101,160
|
|
97,559
|
United States
|
|
59,526
|
|
33,244
|
|
18,712
|
|
10,122
|
|
4,738
|
|
59,526
|
|
33,244
|
|
18,712
|
|
10,122
|
|
4,738
|
Total Proved
|
|
4,634,511
|
|
3,590,454
|
|
2,896,287
|
|
2,415,503
|
|
2,068,447
|
|
4,216,861
|
|
3,271,212
|
|
2,637,671
|
|
2,197,974
|
|
1,880,394
|
Probable (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
233,918
|
|
195,941
|
|
160,242
|
|
132,868
|
|
112,579
|
|
131,359
|
|
109,293
|
|
88,489
|
|
72,597
|
|
60,886
|
Canada
|
|
1,259,521
|
|
782,374
|
|
525,575
|
|
374,090
|
|
277,970
|
|
925,820
|
|
572,010
|
|
383,568
|
|
273,386
|
|
203,911
|
France
|
|
1,368,130
|
|
737,715
|
|
464,855
|
|
321,653
|
|
235,825
|
|
898,657
|
|
464,533
|
|
277,847
|
|
181,362
|
|
124,539
|
Germany
|
|
58,777
|
|
38,397
|
|
26,546
|
|
19,305
|
|
14,655
|
|
58,777
|
|
38,397
|
|
26,546
|
|
19,305
|
|
14,655
|
Ireland
|
|
444,344
|
|
271,776
|
|
182,158
|
|
131,596
|
|
100,818
|
|
444,344
|
|
271,776
|
|
182,158
|
|
131,596
|
|
100,818
|
Netherlands
|
|
259,073
|
|
192,535
|
|
149,984
|
|
121,255
|
|
100,904
|
|
213,280
|
|
150,798
|
|
111,666
|
|
85,850
|
|
68,004
|
United States
|
|
169,572
|
|
89,698
|
|
51,373
|
|
30,603
|
|
18,222
|
|
111,879
|
|
59,733
|
|
33,482
|
|
18,708
|
|
9,648
|
Total Probable
|
|
3,793,335
|
|
2,308,436
|
|
1,560,733
|
|
1,131,370
|
|
860,973
|
|
2,784,116
|
|
1,666,540
|
|
1,103,756
|
|
782,804
|
|
582,461
|
Proved Plus Probable (2) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
326,616
|
|
390,908
|
|
376,475
|
|
343,009
|
|
308,437
|
|
310,442
|
|
321,858
|
|
295,087
|
|
262,422
|
|
232,611
|
Canada
|
|
2,802,512
|
|
1,926,168
|
|
1,416,572
|
|
1,095,300
|
|
879,540
|
|
2,373,889
|
|
1,662,206
|
|
1,243,105
|
|
975,501
|
|
793,549
|
France
|
|
3,453,053
|
|
2,197,818
|
|
1,569,992
|
|
1,205,505
|
|
970,765
|
|
2,601,906
|
|
1,668,038
|
|
1,191,376
|
|
912,332
|
|
732,101
|
Germany
|
|
135,075
|
|
99,842
|
|
77,545
|
|
62,771
|
|
52,536
|
|
135,075
|
|
99,842
|
|
77,545
|
|
62,771
|
|
52,536
|
Ireland
|
|
1,089,442
|
|
835,438
|
|
666,013
|
|
551,912
|
|
472,109
|
|
1,089,442
|
|
835,438
|
|
666,013
|
|
551,912
|
|
472,109
|
Netherlands
|
|
392,050
|
|
325,774
|
|
280,338
|
|
247,651
|
|
223,073
|
|
318,818
|
|
257,393
|
|
216,107
|
|
187,010
|
|
165,563
|
United States
|
|
229,098
|
|
122,942
|
|
70,085
|
|
40,725
|
|
22,960
|
|
171,405
|
|
92,977
|
|
52,194
|
|
28,830
|
|
14,386
|
Total Proved Plus Probable
|
|
8,427,846
|
|
5,898,890
|
|
4,457,020
|
|
3,546,873
|
|
2,929,420
|
|
7,000,977
|
|
4,937,752
|
|
3,741,427
|
|
2,980,778
|
|
2,462,855
|
|
Notes:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth below. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
(2)
|
"Proved" reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated proved
reserves.
|
(3)
|
"Probable" reserves are those additional reserves that are less certain
to be recovered than proved reserves. It is equally likely that the
actual remaining quantities recovered will be greater or less than the
sum of the estimated proved plus probable reserves.
|
(4)
|
"Developed" reserves are those reserves that are expected to be
recovered from existing wells and installed facilities or, if
facilities have not been installed, that would involve a low
expenditure (e.g. when compared to the cost of drilling a well) to put
the reserves on production.
|
(5)
|
"Developed Producing" reserves are those reserves that are expected to
be recovered from completion intervals open at the time of the
estimate. These reserves may be currently producing or, if shut-in,
they must have previously been on production, and the date of
resumption of production must be known with reasonable certainty.
|
(6)
|
"Developed Non-Producing" reserves are those reserves that either have
not been on production, or have previously been on production, but are
shut in, and the date of resumption of production is unknown.
|
(7)
|
"Undeveloped" reserves are those reserves expected to be recovered from
known accumulations where a significant expenditure (for example, when
compared to the cost of drilling a well) is required to render them
capable of production. They must fully meet the requirements of the
reserves classification (proved, probable, possible) to which they are
assigned.
|
Table 6: Total Future Net Revenue (Undiscounted) Based on Forecast
Prices and Costs (1)
|
|
|
|
|
|
|
|
|
|
Abandonment
|
|
Future Net
|
|
|
|
Future Net
|
|
|
|
|
|
|
|
|
Capital
|
|
and
|
|
Revenue
|
|
|
|
Revenue
|
|
|
|
|
|
|
Operating
|
|
Development
|
|
Reclamation
|
|
Before
|
|
Future
|
|
After
|
(M$)
|
|
Revenue
|
|
Royalties
|
|
Costs
|
|
Costs
|
|
Costs
|
|
Income Taxes
|
|
Income Taxes
|
|
Income Taxes
|
Proved (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
1,279,689
|
|
-
|
|
765,611
|
|
164,897
|
|
256,483
|
|
92,698
|
|
(86,385)
|
|
179,083
|
Canada
|
|
3,444,744
|
|
430,994
|
|
956,472
|
|
429,587
|
|
84,700
|
|
1,542,991
|
|
94,922
|
|
1,448,069
|
France
|
|
3,739,055
|
|
286,952
|
|
1,054,237
|
|
142,825
|
|
170,118
|
|
2,084,923
|
|
381,674
|
|
1,703,249
|
Germany
|
|
243,200
|
|
34,472
|
|
121,828
|
|
7,557
|
|
3,045
|
|
76,298
|
|
-
|
|
76,298
|
Ireland
|
|
945,039
|
|
-
|
|
196,807
|
|
29,121
|
|
74,013
|
|
645,098
|
|
-
|
|
645,098
|
Netherlands
|
|
419,120
|
|
20,930
|
|
153,011
|
|
38,411
|
|
73,791
|
|
132,977
|
|
27,439
|
|
105,538
|
United States
|
|
193,175
|
|
53,303
|
|
33,559
|
|
44,764
|
|
2,023
|
|
59,526
|
|
-
|
|
59,526
|
Total Proved
|
|
10,264,022
|
|
826,651
|
|
3,281,525
|
|
857,162
|
|
664,173
|
|
4,634,511
|
|
417,650
|
|
4,216,861
|
Proved Plus Probable (2) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
1,660,324
|
|
-
|
|
901,981
|
|
164,950
|
|
266,777
|
|
326,616
|
|
16,174
|
|
310,442
|
Canada
|
|
6,173,958
|
|
832,588
|
|
1,597,976
|
|
830,126
|
|
110,756
|
|
2,802,512
|
|
428,623
|
|
2,373,889
|
France
|
|
6,025,272
|
|
448,246
|
|
1,560,955
|
|
340,273
|
|
222,745
|
|
3,453,053
|
|
851,147
|
|
2,601,906
|
Germany
|
|
408,139
|
|
61,573
|
|
199,859
|
|
7,594
|
|
4,038
|
|
135,075
|
|
-
|
|
135,075
|
Ireland
|
|
1,487,330
|
|
-
|
|
294,754
|
|
29,121
|
|
74,013
|
|
1,089,442
|
|
-
|
|
1,089,442
|
Netherlands
|
|
908,049
|
|
67,612
|
|
274,464
|
|
87,472
|
|
86,451
|
|
392,050
|
|
73,232
|
|
318,818
|
United States
|
|
596,459
|
|
162,300
|
|
91,475
|
|
109,001
|
|
4,585
|
|
229,098
|
|
57,693
|
|
171,405
|
Total Proved Plus Probable
|
|
17,259,531
|
|
1,572,319
|
|
4,921,464
|
|
1,568,537
|
|
769,365
|
|
8,427,846
|
|
1,426,869
|
|
7,000,977
|
|
Notes:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth below. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
(2)
|
"Proved" reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated proved
reserves.
|
(3)
|
"Probable" reserves are those additional reserves that are less certain
to be recovered than proved reserves. It is equally likely that the
actual remaining quantities recovered will be greater or less than the
sum of the estimated proved plus probable reserves.
|
Table 7: Future Net Revenue by Production Group Based on Forecast Prices
and Costs (1)
|
|
|
Future Net Revenue
|
|
|
|
|
|
|
Before Income Taxes (2)
|
|
|
|
|
|
|
(Discounted at 10% Per Year)
|
|
|
Unit Value
|
Proved Developed Producing
|
|
|
(M$)
|
|
|
($/boe)
|
Light crude oil & medium crude oil (3)
|
|
|
1,587,327
|
|
|
25.88
|
Heavy Oil (3)
|
|
|
216
|
|
|
12.36
|
Natural gas (4)
|
|
|
733,875
|
|
|
18.69
|
Shale Gas
|
|
|
2,860
|
|
|
7.26
|
Coal Bed Methane
|
|
|
1,259
|
|
|
2.62
|
Total Proved Developed Producing
|
|
|
2,325,537
|
|
|
22.91
|
Proved Developed Non-Producing
|
|
|
|
|
|
|
Light crude oil & medium crude oil (3)
|
|
|
66,158
|
|
|
20.41
|
Heavy Oil (3)
|
|
|
-
|
|
|
-
|
Natural gas (4)
|
|
|
126,536
|
|
|
14.41
|
Shale Gas
|
|
|
-
|
|
|
-
|
Coal Bed Methane
|
|
|
867
|
|
|
3.17
|
Total Proved Developed Non-Producing
|
|
|
193,561
|
|
|
15.74
|
Proved Undeveloped
|
|
|
|
|
|
|
Light crude oil & medium crude oil (3)
|
|
|
259,816
|
|
|
13.92
|
Heavy Oil (3)
|
|
|
-
|
|
|
-
|
Natural gas (4)
|
|
|
116,627
|
|
|
8.44
|
Shale Gas
|
|
|
-
|
|
|
-
|
Coal Bed Methane
|
|
|
746
|
|
|
1.44
|
Total Proved Undeveloped
|
|
|
377,189
|
|
|
11.43
|
Proved
|
|
|
|
|
|
|
Light crude oil & medium crude oil (3)
|
|
|
1,913,301
|
|
|
22.97
|
Heavy Oil (3)
|
|
|
216
|
|
|
12.42
|
Natural gas (4)
|
|
|
977,038
|
|
|
15.81
|
Shale Gas
|
|
|
2,860
|
|
|
7.28
|
Coal Bed Methane
|
|
|
2,872
|
|
|
2.26
|
Total Proved
|
|
|
2,896,287
|
|
|
19.73
|
Probable
|
|
|
|
|
|
|
Light crude oil & medium crude oil (3)
|
|
|
992,703
|
|
|
20.85
|
Heavy Oil (3)
|
|
|
87
|
|
|
15.91
|
Natural gas (4)
|
|
|
565,389
|
|
|
13.80
|
Shale Gas
|
|
|
691
|
|
|
7.26
|
Coal Bed Methane
|
|
|
1,863
|
|
|
2.26
|
Total Probable
|
|
|
1,560,733
|
|
|
19.73
|
Proved Plus Probable
|
|
|
|
|
|
|
Light crude oil & medium crude oil (3)
|
|
|
2,906,004
|
|
|
22.21
|
Heavy Oil (3)
|
|
|
303
|
|
|
13.30
|
Natural gas (4)
|
|
|
1,542,427
|
|
|
15.00
|
Shale Gas
|
|
|
3,551
|
|
|
7.33
|
Coal Bed Methane
|
|
|
4,735
|
|
|
2.31
|
Total Proved Plus Probable
|
|
|
4,457,020
|
|
|
18.87
|
|
Notes:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth below. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
(2)
|
Other Company revenue and costs not related to a specific production
group have been allocated proportionately to production groups. Unit
values are based on Company Net Reserves. Net present value of
reserves categories are an approximation based on major products.
|
(3)
|
Including solution gas and other by-products.
|
(4)
|
Including by-products but excluding solution gas.
|
Reconciliations of Changes in Reserves
The following tables set forth a reconciliation of the changes in
Vermilion's gross light and medium crude oil, heavy oil and associated
and non-associated gas (combined) reserves as at December 31, 2015
compared to such reserves as at December 31, 2014.
Table 8: Reconciliation of Company Gross Reserves by Principal Product
Type - Based on Forecast Prices and Costs (3)
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
AUSTRALIA
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
12,534
|
|
5,449
|
|
17,983
|
|
12,534
|
|
5,449
|
|
17,983
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
500
|
|
50
|
|
550
|
|
500
|
|
50
|
|
550
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
3,087
|
|
(1,799)
|
|
1,288
|
|
3,087
|
|
(1,799)
|
|
1,288
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(2,356)
|
|
-
|
|
(2,356)
|
|
(2,356)
|
|
-
|
|
(2,356)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
13,765
|
|
3,700
|
|
17,465
|
|
13,765
|
|
3,700
|
|
17,465
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
12,534
|
|
5,449
|
|
17,983
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
500
|
|
50
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
3,087
|
|
(1,799)
|
|
1,288
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
-
|
|
-
|
|
-
|
|
(2,356)
|
|
-
|
|
(2,356)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
13,765
|
|
3,700
|
|
17,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
CANADA
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
27,488
|
|
14,799
|
|
42,287
|
|
27,478
|
|
14,797
|
|
42,275
|
|
10
|
|
2
|
|
12
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
1,245
|
|
2,541
|
|
3,786
|
|
1,245
|
|
2,541
|
|
3,786
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
(283)
|
|
(825)
|
|
(1,108)
|
|
(295)
|
|
(828)
|
|
(1,123)
|
|
(1)
|
|
1
|
|
-
|
|
13
|
|
3
|
|
16
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
(9)
|
|
(4)
|
|
(13)
|
|
(9)
|
|
(4)
|
|
(13)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
(1,970)
|
|
(1,720)
|
|
(3,690)
|
|
(1,970)
|
|
(1,720)
|
|
(3,690)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(3,481)
|
|
-
|
|
(3,481)
|
|
(3,478)
|
|
-
|
|
(3,478)
|
|
-
|
|
-
|
|
-
|
|
(3)
|
|
-
|
|
(3)
|
At December 31, 2015
|
|
22,990
|
|
14,792
|
|
37,782
|
|
22,971
|
|
14,786
|
|
37,757
|
|
9
|
|
3
|
|
12
|
|
10
|
|
3
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
177,414
|
|
141,032
|
|
318,446
|
|
153,592
|
|
130,581
|
|
284,173
|
|
22,260
|
|
10,031
|
|
32,291
|
|
1,562
|
|
420
|
|
1,982
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
56,482
|
|
22,244
|
|
78,726
|
|
56,482
|
|
22,244
|
|
78,726
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
4,325
|
|
(7,773)
|
|
(3,448)
|
|
3,505
|
|
(7,828)
|
|
(4,323)
|
|
-
|
|
-
|
|
-
|
|
820
|
|
55
|
|
875
|
Acquisitions
|
|
1,933
|
|
10,824
|
|
12,757
|
|
1,933
|
|
10,824
|
|
12,757
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
(39)
|
|
(8,944)
|
|
(8,983)
|
|
(39)
|
|
(8,944)
|
|
(8,983)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
(13,736)
|
|
(19,315)
|
|
(33,051)
|
|
(2,350)
|
|
(14,201)
|
|
(16,551)
|
|
(11,386)
|
|
(5,114)
|
|
(16,500)
|
|
-
|
|
-
|
|
-
|
Production
|
|
(26,116)
|
|
-
|
|
(26,116)
|
|
(23,012)
|
|
-
|
|
(23,012)
|
|
(2,664)
|
|
-
|
|
(2,664)
|
|
(440)
|
|
-
|
|
(440)
|
At December 31, 2015
|
|
200,263
|
|
138,068
|
|
338,331
|
|
190,111
|
|
132,676
|
|
322,787
|
|
8,210
|
|
4,917
|
|
13,127
|
|
1,942
|
|
475
|
|
2,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
13,550
|
|
11,331
|
|
24,881
|
|
70,608
|
|
49,635
|
|
120,243
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
3,059
|
|
2,749
|
|
5,808
|
|
13,718
|
|
8,997
|
|
22,715
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
(410)
|
|
(2,077)
|
|
(2,487)
|
|
28
|
|
(4,197)
|
|
(4,169)
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
187
|
|
1,538
|
|
1,725
|
|
509
|
|
3,342
|
|
3,851
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
(2)
|
|
(193)
|
|
(195)
|
|
(18)
|
|
(1,688)
|
|
(1,705)
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
(95)
|
|
(597)
|
|
(692)
|
|
(4,354)
|
|
(5,536)
|
|
(9,891)
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
(1,494)
|
|
-
|
|
(1,494)
|
|
(9,328)
|
|
-
|
|
(9,328)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
14,795
|
|
12,751
|
|
27,546
|
|
71,162
|
|
50,554
|
|
121,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
FRANCE
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
35,602
|
|
20,288
|
|
55,890
|
|
35,602
|
|
20,288
|
|
55,890
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
4,328
|
|
2,466
|
|
6,794
|
|
4,328
|
|
2,466
|
|
6,794
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
5,268
|
|
(1,429)
|
|
3,839
|
|
5,268
|
|
(1,429)
|
|
3,839
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(4,477)
|
|
-
|
|
(4,477)
|
|
(4,477)
|
|
-
|
|
(4,477)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
40,721
|
|
21,325
|
|
62,046
|
|
40,721
|
|
21,325
|
|
62,046
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
9,875
|
|
2,582
|
|
12,457
|
|
9,875
|
|
2,582
|
|
12,457
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
(1,686)
|
|
(1,023)
|
|
(2,709)
|
|
(1,686)
|
|
(1,023)
|
|
(2,709)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(354)
|
|
-
|
|
(354)
|
|
(354)
|
|
-
|
|
(354)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
7,835
|
|
1,559
|
|
9,394
|
|
7,835
|
|
1,559
|
|
9,394
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
37,249
|
|
20,719
|
|
57,967
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
4,328
|
|
2,465
|
|
6,794
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
5,268
|
|
(1,429)
|
|
3,839
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
(281)
|
|
(171)
|
|
(452)
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
-
|
|
-
|
|
-
|
|
(4,537)
|
|
-
|
|
(4,537)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
42,027
|
|
21,585
|
|
63,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
GERMANY
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
40,258
|
|
21,301
|
|
61,559
|
|
40,258
|
|
21,301
|
|
61,559
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
2,546
|
|
(2,546)
|
|
-
|
|
2,546
|
|
(2,546)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
(5,543)
|
|
(756)
|
|
(6,299)
|
|
(5,543)
|
|
(756)
|
|
(6,299)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(5,761)
|
|
-
|
|
(5,761)
|
|
(5,761)
|
|
-
|
|
(5,761)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
31,500
|
|
17,999
|
|
49,499
|
|
31,500
|
|
17,999
|
|
49,499
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
6,710
|
|
3,550
|
|
10,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
424
|
|
(424)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
(924)
|
|
(126)
|
|
(1,050)
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
-
|
|
-
|
|
-
|
|
(960)
|
|
-
|
|
(960)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
5,250
|
|
3,000
|
|
8,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
IRELAND
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
105,931
|
|
38,707
|
|
144,638
|
|
105,931
|
|
38,707
|
|
144,638
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
(99)
|
|
8,698
|
|
8,599
|
|
(99)
|
|
8,698
|
|
8,599
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(11)
|
|
-
|
|
(11)
|
|
(11)
|
|
-
|
|
(11)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
105,821
|
|
47,405
|
|
153,226
|
|
105,821
|
|
47,405
|
|
153,226
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
17,655
|
|
6,451
|
|
24,106
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
(17)
|
|
1,450
|
|
1,434
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
-
|
|
-
|
|
-
|
|
(2)
|
|
-
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
17,637
|
|
7,901
|
|
25,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
NETHERLANDS
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
37,155
|
|
47,076
|
|
84,231
|
|
37,155
|
|
47,076
|
|
84,231
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
17,405
|
|
2,880
|
|
20,285
|
|
17,405
|
|
2,880
|
|
20,285
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
5,736
|
|
4,366
|
|
10,102
|
|
5,736
|
|
4,366
|
|
10,102
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
4,242
|
|
(5,634)
|
|
(1,392)
|
|
4,242
|
|
(5,634)
|
|
(1,392)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(16,339)
|
|
-
|
|
(16,339)
|
|
(16,339)
|
|
-
|
|
(16,339)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
48,199
|
|
48,688
|
|
96,887
|
|
48,199
|
|
48,688
|
|
96,887
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
54
|
|
103
|
|
157
|
|
6,247
|
|
7,949
|
|
14,196
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
39
|
|
7
|
|
46
|
|
2,940
|
|
487
|
|
3,427
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
7
|
|
6
|
|
13
|
|
963
|
|
734
|
|
1,697
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
24
|
|
(33)
|
|
(9)
|
|
731
|
|
(972)
|
|
(241)
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
(36)
|
|
-
|
|
(36)
|
|
(2,759)
|
|
-
|
|
(2,758)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
88
|
|
83
|
|
171
|
|
8,122
|
|
8,198
|
|
16,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
449
|
|
1,338
|
|
1,787
|
|
449
|
|
1,338
|
|
1,787
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
1,367
|
|
1,324
|
|
2,691
|
|
1,367
|
|
1,324
|
|
2,691
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
106
|
|
370
|
|
476
|
|
106
|
|
370
|
|
476
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
196
|
|
786
|
|
982
|
|
196
|
|
786
|
|
982
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(84)
|
|
-
|
|
(84)
|
|
(84)
|
|
-
|
|
(84)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
2,034
|
|
3,818
|
|
5,852
|
|
2,034
|
|
3,818
|
|
5,852
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
243
|
|
1,402
|
|
1,645
|
|
243
|
|
1,402
|
|
1,645
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
1,453
|
|
1,569
|
|
3,022
|
|
1,453
|
|
1,569
|
|
3,022
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
274
|
|
507
|
|
781
|
|
274
|
|
507
|
|
781
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisitions
|
|
220
|
|
900
|
|
1,120
|
|
220
|
|
900
|
|
1,120
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(18)
|
|
-
|
|
(18)
|
|
(18)
|
|
-
|
|
(18)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
At December 31, 2015
|
|
2,170
|
|
4,378
|
|
6,548
|
|
2,170
|
|
4,378
|
|
6,548
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
10
|
|
58
|
|
68
|
|
500
|
|
1,630
|
|
2,129
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
233
|
|
250
|
|
483
|
|
1,842
|
|
1,836
|
|
3,678
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
72
|
|
247
|
|
319
|
|
223
|
|
702
|
|
925
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
35
|
|
143
|
|
178
|
|
267
|
|
1,079
|
|
1,346
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
(3)
|
|
-
|
|
(3)
|
|
(90)
|
|
-
|
|
(90)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
346
|
|
698
|
|
1,044
|
|
2,742
|
|
5,246
|
|
7,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil &
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPANY
|
|
Total Oil (4)
|
|
Medium Crude Oil
|
|
Heavy Oil
|
|
Tight Oil
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
At December 31, 2014
|
|
76,073
|
|
41,874
|
|
117,947
|
|
76,063
|
|
41,872
|
|
117,935
|
|
10
|
|
2
|
|
12
|
|
-
|
|
-
|
|
-
|
Discoveries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
7,440
|
|
6,381
|
|
13,821
|
|
7,440
|
|
6,381
|
|
13,821
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
8,178
|
|
(3,683)
|
|
4,496
|
|
8,166
|
|
(3,686)
|
|
4,480
|
|
(1)
|
|
1
|
|
-
|
|
13
|
|
3
|
|
16
|
Acquisitions
|
|
196
|
|
786
|
|
982
|
|
196
|
|
786
|
|
982
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
(9)
|
|
(4)
|
|
(13)
|
|
(9)
|
|
(4)
|
|
(13)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
(1,970)
|
|
(1,720)
|
|
(3,690)
|
|
(1,970)
|
|
(1,720)
|
|
(3,690)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Production
|
|
(10,398)
|
|
-
|
|
(10,398)
|
|
(10,395)
|
|
-
|
|
(10,395)
|
|
-
|
|
-
|
|
-
|
|
(3)
|
|
-
|
|
(3)
|
At December 31, 2015
|
|
79,510
|
|
43,635
|
|
123,145
|
|
79,491
|
|
43,629
|
|
123,120
|
|
9
|
|
3
|
|
12
|
|
10
|
|
3
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas (4)
|
|
Conventional Natural Gas
|
|
Coal Bed Methane (5)
|
|
Shale Natural Gas (5)
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
Factors
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
|
(MMcf)
|
At December 31, 2014
|
|
370,876
|
|
252,100
|
|
622,976
|
|
347,054
|
|
241,649
|
|
588,703
|
|
22,260
|
|
10,031
|
|
32,291
|
|
1,562
|
|
420
|
|
1,982
|
Discoveries
|
|
17,405
|
|
2,880
|
|
20,285
|
|
17,405
|
|
2,880
|
|
20,285
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Extensions & Improved Recovery
|
|
66,217
|
|
25,633
|
|
91,850
|
|
66,218
|
|
25,633
|
|
91,851
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Technical Revisions
|
|
3,199
|
|
(4,958)
|
|
(1,760)
|
|
2,379
|
|
(5,013)
|
|
(2,635)
|
|
-
|
|
-
|
|
-
|
|
820
|
|
55
|
|
875
|
Acquisitions
|
|
2,153
|
|
11,724
|
|
13,877
|
|
2,153
|
|
11,724
|
|
13,877
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Dispositions
|
|
(39)
|
|
(8,944)
|
|
(8,983)
|
|
(39)
|
|
(8,944)
|
|
(8,983)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Economic Factors
|
|
(15,422)
|
|
(20,338)
|
|
(35,760)
|
|
(4,036)
|
|
(15,224)
|
|
(19,260)
|
|
(11,386)
|
|
(5,114)
|
|
(16,500)
|
|
-
|
|
-
|
|
-
|
Production
|
|
(48,599)
|
|
-
|
|
(48,599)
|
|
(45,495)
|
|
-
|
|
(45,495)
|
|
(2,664)
|
|
-
|
|
(2,664)
|
|
(440)
|
|
-
|
|
(440)
|
At December 31, 2015
|
|
395,788
|
|
258,097
|
|
653,885
|
|
385,637
|
|
252,705
|
|
638,342
|
|
8,210
|
|
4,917
|
|
13,127
|
|
1,942
|
|
475
|
|
2,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
|
|
BOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
Proved +
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1) (2)
|
|
Proved
|
|
Probable
|
|
Probable
|
|
Proved
|
|
Probable
|
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mbbl)
|
|
(Mboe)
|
|
(Mboe)
|
|
(Mboe)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014
|
|
13,614
|
|
11,492
|
|
25,106
|
|
151,503
|
|
95,383
|
|
246,884
|
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries
|
|
39
|
|
7
|
|
46
|
|
2,940
|
|
487
|
|
3,427
|
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery
|
|
3,299
|
|
3,005
|
|
6,304
|
|
21,775
|
|
13,659
|
|
35,433
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions
|
|
(315)
|
|
(1,863)
|
|
(2,178)
|
|
8,397
|
|
(6,372)
|
|
2,026
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
222
|
|
1,681
|
|
1,903
|
|
776
|
|
4,421
|
|
5,197
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
(2)
|
|
(193)
|
|
(195)
|
|
(18)
|
|
(1,688)
|
|
(1,705)
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors
|
|
(95)
|
|
(597)
|
|
(692)
|
|
(4,635)
|
|
(5,707)
|
|
(10,342)
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
(1,533)
|
|
-
|
|
(1,533)
|
|
(20,032)
|
|
-
|
|
(20,031)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
15,229
|
|
13,532
|
|
28,761
|
|
160,706
|
|
100,184
|
|
260,889
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
Notes:
|
(1)
|
"Proved" reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated proved
reserves.
|
(2)
|
"Probable" reserves are those additional reserves that are less certain
to be recovered than proved reserves. It is equally likely that the
actual remaining quantities recovered will be greater or less than the
sum of the estimated proved plus probable reserves.
|
(3)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth above. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
(4)
|
For reporting purposes, "Total Oil" is the sum of Light Crude oil and
Medium Crude Oil, Heavy Oil and Tight Oil. For reporting purposes,
"Total Gas" is the sum of Conventional Natural Gas, Coal Bed Methane
and Shale Natural Gas.
|
(5)
|
"Coal Bed Methane" and "Shale Natural Gas" were considered
"Unconventional Natural Gas" in previous years. NI 51-5101 no longer
differentiates between conventional and unconventional activities.
|
The table below sets out the future development costs deducted in the
estimation of future net revenue attributable to total proved reserves
and total proved plus probable reserves (using forecast prices and
costs).
Table 9: Future Development Costs(1)
|
|
|
Total Proved
|
|
|
Total Proved Plus Probable
|
(M$)
|
|
|
Estimated Using Forecast Prices and Costs
|
|
|
Estimated Using Forecast Prices and Costs
|
Australia
|
|
|
|
|
|
|
2016
|
|
|
52,820
|
|
|
52,820
|
2017
|
|
|
6,701
|
|
|
6,701
|
2018
|
|
|
51,052
|
|
|
51,052
|
2019
|
|
|
2,993
|
|
|
2,993
|
2020
|
|
|
3,052
|
|
|
3,052
|
Remainder
|
|
|
48,279
|
|
|
48,332
|
Total for all years undiscounted
|
|
|
164,897
|
|
|
164,950
|
Canada
|
|
|
|
|
|
|
2016
|
|
|
120,559
|
|
|
152,322
|
2017
|
|
|
98,902
|
|
|
170,944
|
2018
|
|
|
89,432
|
|
|
189,394
|
2019
|
|
|
45,342
|
|
|
136,985
|
2020
|
|
|
51,326
|
|
|
127,236
|
Remainder
|
|
|
24,026
|
|
|
53,245
|
Total for all years undiscounted
|
|
|
429,587
|
|
|
830,126
|
France
|
|
|
|
|
|
|
2016
|
|
|
47,099
|
|
|
79,711
|
2017
|
|
|
41,380
|
|
|
77,270
|
2018
|
|
|
12,751
|
|
|
76,088
|
2019
|
|
|
7,300
|
|
|
49,803
|
2020
|
|
|
15,570
|
|
|
24,985
|
Remainder
|
|
|
18,725
|
|
|
32,416
|
Total for all years undiscounted
|
|
|
142,825
|
|
|
340,273
|
Germany
|
|
|
|
|
|
|
2016
|
|
|
210
|
|
|
210
|
2017
|
|
|
159
|
|
|
159
|
2018
|
|
|
141
|
|
|
141
|
2019
|
|
|
6,936
|
|
|
6,936
|
2020
|
|
|
110
|
|
|
147
|
Remainder
|
|
|
1
|
|
|
1
|
Total for all years undiscounted
|
|
|
7,557
|
|
|
7,594
|
Ireland
|
|
|
|
|
|
|
2016
|
|
|
8,862
|
|
|
8,862
|
2017
|
|
|
1,321
|
|
|
1,321
|
2018
|
|
|
-
|
|
|
-
|
2019
|
|
|
1,826
|
|
|
1,826
|
2020
|
|
|
-
|
|
|
-
|
Remainder
|
|
|
17,112
|
|
|
17,112
|
Total for all years undiscounted
|
|
|
29,121
|
|
|
29,121
|
Netherlands
|
|
|
|
|
|
|
2016
|
|
|
1,487
|
|
|
5,150
|
2017
|
|
|
28,416
|
|
|
48,788
|
2018
|
|
|
1,076
|
|
|
15,274
|
2019
|
|
|
424
|
|
|
11,254
|
2020
|
|
|
433
|
|
|
433
|
Remainder
|
|
|
6,575
|
|
|
6,573
|
Total for all years undiscounted
|
|
|
38,411
|
|
|
87,472
|
United States
|
|
|
|
|
|
|
2016
|
|
|
11,034
|
|
|
30,362
|
2017
|
|
|
24,333
|
|
|
37,820
|
2018
|
|
|
9,397
|
|
|
40,819
|
2019
|
|
|
-
|
|
|
-
|
2020
|
|
|
-
|
|
|
-
|
Remainder
|
|
|
-
|
|
|
-
|
Total for all years undiscounted
|
|
|
44,764
|
|
|
109,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
|
|
|
|
|
|
|
2016
|
|
|
242,071
|
|
|
329,437
|
2017
|
|
|
201,212
|
|
|
343,003
|
2018
|
|
|
163,849
|
|
|
372,768
|
2019
|
|
|
64,821
|
|
|
209,797
|
2020
|
|
|
70,491
|
|
|
155,853
|
Remainder
|
|
|
114,718
|
|
|
157,679
|
Total for all years undiscounted
|
|
|
857,162
|
|
|
1,568,537
|
|
Note:
|
(1)
|
The pricing assumptions used in the GLJ Report with respect to net
present value of future net revenue (forecast) as well as the inflation
rates used for operating and capital costs are set forth above. See
"Forecast Prices used in Estimates". The NGL price is an aggregate of
the individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101.
|
Vermilion expects to source its capital expenditure requirements from
internally generated cash flow and, as appropriate, from Vermilion's
existing credit facility or equity or debt financing. It is
anticipated that costs of funding the future development costs will not
impact development of its properties or Vermilion's reserves or future
net revenue.
CONTINGENT RESOURCES
Vermilion retained GLJ to conduct an independent resource evaluation to
assess contingent resources across all of the Company's key operating
regions with an effective date of December 31, 2015 (the "GLJ Resources
Assessment"). All contingent resources evaluated in the GLJ Resources
Assessment were deemed economic at the effective date of December 31,
2015.
A range of contingent resources estimates (low, best and high) were
prepared by GLJ. See notes 6 to 8 of the tables below for a
description of low estimate, best estimate and high estimate.
The GLJ Resources Assessment estimated contingent resources of 95.1
million boe (low estimate) to 254.7 million boe (high estimate), with a
best estimate of 160.7 million boe. Contingent resources are in
addition to reserves estimated in the GLJ Report.
An estimate of risked net present value of future net revenue of
contingent resources is preliminary in nature and is provided to assist
the reader in reaching an opinion on the merit and likelihood of the
company proceeding with the required investment. It includes contingent
resources that are considered too uncertain with respect to the chance
of development to be classified as reserves. There is uncertainty that
the risked net present value of future net revenue will be realized.
Summary information regarding contingent resources and net present value
of future net revenues from contingent resources are set forth below
and are derived, in each case, from the GLJ Resources Assessment. The
GLJ Resources Assessment was prepared in accordance with COGEH and
NI-51-101 by GLJ, an independent qualified reserve evaluator.
Table 10: Summary of Risked Oil and Gas Contingent Resources as at
December 31, 2015 (1) (2) - Forecast Prices and Costs (3) (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrisked
|
|
Light Crude Oil &
|
|
Conventional
|
|
Coal Bed
|
|
Natural Gas
|
|
Oil
|
|
|
Oil
|
Resources
|
Medium Crude Oil
|
|
Natural Gas
|
|
Methane
|
|
Liquids
|
|
Equivalent
|
|
|
Equivalent
|
Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chance
|
|
|
|
|
Maturity
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
|
of Dev.
|
|
Gross
|
|
Net
|
Sub-Class
|
|
(Mbbl)
|
|
(Mbbl)
|
|
|
(MMcf)
|
|
(MMcf)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
|
(Mbbl)
|
|
(Mbbl)
|
|
|
(%) (9)
|
|
(Mbbl)
|
|
(Mbbl)
|
Contingent (1C) - Low Estimate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10)
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
Canada(11)
|
|
15,733
|
|
11,470
|
|
|
216,245
|
|
186,486
|
|
|
3,537
|
|
3,360
|
|
|
15,457
|
|
11,988
|
|
|
67,820
|
|
55,099
|
|
|
81.5%
|
|
83,218
|
|
67,516
|
France(12)
|
|
12,604
|
|
11,853
|
|
|
1,020
|
|
1,020
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
12,774
|
|
12,023
|
|
|
87.8%
|
|
14,542
|
|
13,687
|
Germany
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
Ireland(13)
|
|
-
|
|
-
|
|
|
4,475
|
|
4,475
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
746
|
|
746
|
|
|
70.0%
|
|
1,065
|
|
1,065
|
Netherlands(14)
|
|
-
|
|
-
|
|
|
215
|
|
215
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
36
|
|
36
|
|
|
60.0%
|
|
60
|
|
60
|
USA(15)
|
|
10,099
|
|
8,314
|
|
|
11,178
|
|
9,202
|
|
|
-
|
|
-
|
|
|
1,782
|
|
1,467
|
|
|
13,744
|
|
11,315
|
|
|
90.0%
|
|
15,272
|
|
12,571
|
Total
|
|
38,436
|
|
31,637
|
|
|
233,133
|
|
201,398
|
|
|
3,537
|
|
3,360
|
|
|
17,239
|
|
13,455
|
|
|
95,120
|
|
79,219
|
|
|
83.3%
|
|
114,157
|
|
94,899
|
Contingent (2C) - Best Estimate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10)
|
|
3,000
|
|
3,000
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
3,000
|
|
3,000
|
|
|
80.0%
|
|
3,750
|
|
3,750
|
Canada(11)
|
|
24,685
|
|
17,637
|
|
|
361,733
|
|
312,655
|
|
|
6,445
|
|
6,009
|
|
|
24,018
|
|
18,485
|
|
|
110,066
|
|
89,233
|
|
|
79.8%
|
|
138,003
|
|
111,976
|
France(12)
|
|
25,611
|
|
24,007
|
|
|
1,300
|
|
1,300
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
25,828
|
|
24,224
|
|
|
85.7%
|
|
30,138
|
|
28,255
|
Germany
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
Ireland(13)
|
|
-
|
|
-
|
|
|
6,859
|
|
6,859
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
1,143
|
|
1,143
|
|
|
70.0%
|
|
1,633
|
|
1,633
|
Netherlands(14)
|
|
-
|
|
-
|
|
|
4,739
|
|
4,739
|
|
|
-
|
|
-
|
|
|
3
|
|
3
|
|
|
793
|
|
793
|
|
|
60.0%
|
|
1,321
|
|
1,321
|
USA(15)
|
|
14,470
|
|
11,912
|
|
|
16,449
|
|
13,540
|
|
|
-
|
|
-
|
|
|
2,622
|
|
2,159
|
|
|
19,834
|
|
16,328
|
|
|
90.0%
|
|
22,038
|
|
18,141
|
Total
|
|
67,766
|
|
56,556
|
|
|
391,080
|
|
339,093
|
|
|
6,445
|
|
6,009
|
|
|
26,643
|
|
20,647
|
|
|
160,664
|
|
134,721
|
|
|
81.6%
|
|
196,883
|
|
165,076
|
Contingent (3C) - High Estimate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10)
|
|
4,040
|
|
4,040
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
4,040
|
|
4,040
|
|
|
80.0%
|
|
5,050
|
|
5,050
|
Canada(11)
|
|
51,590
|
|
36,716
|
|
|
537,685
|
|
461,047
|
|
|
8,843
|
|
8,270
|
|
|
34,482
|
|
25,750
|
|
|
177,160
|
|
140,686
|
|
|
78.6%
|
|
225,319
|
|
179,007
|
France(12)
|
|
41,455
|
|
38,784
|
|
|
1,670
|
|
1,670
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
41,733
|
|
39,062
|
|
|
85.0%
|
|
49,114
|
|
45,950
|
Germany
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
Ireland(13)
|
|
-
|
|
-
|
|
|
10,671
|
|
10,671
|
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
1,779
|
|
1,779
|
|
|
70.0%
|
|
2,541
|
|
2,541
|
Netherlands(14)
|
|
-
|
|
-
|
|
|
9,294
|
|
9,294
|
|
|
-
|
|
-
|
|
|
6
|
|
6
|
|
|
1,555
|
|
1,555
|
|
|
60.0%
|
|
2,592
|
|
2,592
|
USA(15)
|
|
20,592
|
|
16,951
|
|
|
23,987
|
|
19,746
|
|
|
-
|
|
-
|
|
|
3,824
|
|
3,148
|
|
|
28,414
|
|
23,390
|
|
|
90.0%
|
|
31,571
|
|
25,988
|
Total
|
|
117,677
|
|
96,491
|
|
|
583,307
|
|
502,428
|
|
|
8,843
|
|
8,270
|
|
|
38,312
|
|
28,904
|
|
|
254,681
|
|
210,512
|
|
|
80.5%
|
|
316,187
|
|
261,128
|
Table 11: Summary of Risked Net Present Value of Future Net Revenues as
at December 31, 2015 - Forecast Prices and Costs (3)
Resources Project
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity Sub-Class
|
Before Income Taxes, Discounted at (5)
|
|
After Income Taxes, Discounted at (5)
|
(M$)
|
|
0%
|
|
5%
|
|
10%
|
|
15%
|
|
20%
|
|
0%
|
|
5%
|
|
10%
|
|
15%
|
|
20%
|
Contingent (1C) -Low Estimate (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Canada
|
|
1,263,475
|
|
696,994
|
|
404,377
|
|
244,496
|
|
152,795
|
|
917,336
|
|
485,559
|
|
266,767
|
|
150,423
|
|
85,918
|
France
|
|
764,172
|
|
412,773
|
|
234,791
|
|
138,408
|
|
83,554
|
|
500,593
|
|
255,152
|
|
135,124
|
|
72,474
|
|
38,285
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Ireland
|
|
10,759
|
|
6,832
|
|
3,908
|
|
1,827
|
|
388
|
|
10,759
|
|
6,832
|
|
3,908
|
|
1,827
|
|
388
|
Netherlands
|
|
321
|
|
288
|
|
235
|
|
183
|
|
139
|
|
(111)
|
|
(31)
|
|
(4)
|
|
1
|
|
(1)
|
USA
|
|
402,480
|
|
183,006
|
|
86,860
|
|
41,587
|
|
19,010
|
|
257,913
|
|
112,016
|
|
47,760
|
|
18,068
|
|
3,877
|
Total
|
|
2,441,207
|
|
1,299,893
|
|
730,171
|
|
426,501
|
|
255,886
|
|
1,686,490
|
|
859,528
|
|
453,555
|
|
242,793
|
|
128,467
|
Contingent (2C) -Best Estimate (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
112,493
|
|
76,004
|
|
51,782
|
|
35,416
|
|
24,186
|
|
8,804
|
|
(933)
|
|
(6,457)
|
|
(9,465)
|
|
(10,961)
|
Canada
|
|
2,320,917
|
|
1,231,251
|
|
711,661
|
|
438,235
|
|
283,381
|
|
1,690,519
|
|
869,129
|
|
482,208
|
|
282,696
|
|
172,627
|
France
|
|
1,596,937
|
|
861,198
|
|
493,517
|
|
295,075
|
|
181,775
|
|
1,046,955
|
|
534,621
|
|
286,991
|
|
157,949
|
|
87,111
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Ireland
|
|
34,337
|
|
24,293
|
|
16,560
|
|
11,029
|
|
7,171
|
|
25,752
|
|
18,634
|
|
12,872
|
|
8,618
|
|
5,581
|
Netherlands
|
|
17,580
|
|
12,005
|
|
8,041
|
|
5,233
|
|
3,236
|
|
8,618
|
|
5,315
|
|
2,916
|
|
1,218
|
|
28
|
USA
|
|
761,511
|
|
347,466
|
|
175,611
|
|
95,123
|
|
53,819
|
|
490,733
|
|
219,043
|
|
105,532
|
|
52,935
|
|
26,574
|
Total
|
|
4,843,775
|
|
2,552,217
|
|
1,457,172
|
|
880,111
|
|
553,568
|
|
3,271,381
|
|
1,645,809
|
|
884,062
|
|
493,951
|
|
280,960
|
Contingent (3C) -High Estimate (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
213,428
|
|
151,220
|
|
109,414
|
|
80,640
|
|
60,405
|
|
40,896
|
|
22,363
|
|
11,003
|
|
3,988
|
|
(347)
|
Canada
|
|
4,528,849
|
|
2,254,759
|
|
1,249,423
|
|
745,486
|
|
469,386
|
|
3,301,748
|
|
1,601,403
|
|
857,791
|
|
491,549
|
|
295,260
|
France
|
|
2,789,003
|
|
1,489,072
|
|
858,593
|
|
521,966
|
|
329,664
|
|
1,828,488
|
|
934,880
|
|
512,726
|
|
293,550
|
|
172,056
|
Germany
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Ireland
|
|
73,725
|
|
48,565
|
|
32,219
|
|
21,620
|
|
14,641
|
|
55,100
|
|
36,396
|
|
24,132
|
|
16,127
|
|
10,830
|
Netherlands
|
|
54,851
|
|
37,676
|
|
26,539
|
|
19,104
|
|
13,995
|
|
29,079
|
|
19,328
|
|
12,926
|
|
8,658
|
|
5,754
|
USA
|
|
1,306,063
|
|
569,626
|
|
289,610
|
|
162,255
|
|
96,886
|
|
844,550
|
|
363,515
|
|
179,660
|
|
96,592
|
|
54,589
|
Total
|
|
8,965,919
|
|
4,550,918
|
|
2,565,798
|
|
1,551,071
|
|
984,977
|
|
6,099,861
|
|
2,977,885
|
|
1,598,238
|
|
910,464
|
|
538,142
|
Notes:
|
(1)
|
The contingent resource assessments were prepared by GLJ in accordance
with the definitions, standards and procedures contained in the COGEH
and NI 51-101. Contingent resource is defined in the COGEH as those
quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations using established
technology or technology under development, but which are not currently
considered to be commercially recoverable due to one or more
contingencies. There is no certainty that it will be commercially
viable to produce any portion of the contingent resources or that
Vermilion will produce any portion of the volumes currently classified
as contingent resources. The estimates of contingent resources involve
implied assessment, based on certain estimates and assumptions, that
the resources described exists in the quantities predicted or
estimated, as at a given date, and that the resources can be profitably
produced in the future. The risked net present value of the future net
revenue from the contingent resources does not necessarily represent
the fair market value of the contingent resources. Actual contingent
resources (and any volumes that may be reclassified as reserves) and
future production therefrom may be greater than or less than the
estimates provided herein.
|
(2)
|
GLJ prepared the estimates of contingent resources shown for each
property using deterministic principles and methods. Probabilistic
aggregation of the low and high property estimates shown in the table
might produce different total volumes than the arithmetic sums shown in
the table.
|
(3)
|
The forecast price and cost assumptions utilized in the year-end 2015
reserves report were also utilized by GLJ in preparing the contingent
resource assessments. See "GLJ December 31, 2015 Forecast Prices" in
Vermilion's Annual Information Form for the year ended December 31,
2015.
|
(4)
|
"Gross" Contingent Resources are Vermilion's working interest (operating
or non-operating) share before deduction of royalties and without
including any royalty interests of Vermilion. "Net" Contingent
Resources are Vermilion's working interest (operating or non-operating)
share after deduction of royalty obligations, plus Vermilion's royalty
interests in Contingent Resources.
|
(5)
|
The risked net present value of future net revenue attributable to the
contingent resources does not necessarily represent the fair market
value of the contingent resources. Estimated abandonment and
reclamation costs have been included in the evaluation.
|
(6)
|
This is considered to be a conservative estimate of the quantity that
will actually be recovered. It is likely that the actual remaining
quantities recovered will exceed the low estimate. If probabilistic
methods are used, there should be at least a 90 percent probability
(P90) that the quantities actually recovered will equal or exceed the
low estimate.
|
(7)
|
This is considered to be the best estimate of the quantity that will
actually be recovered. It is equally likely that the actual remaining
quantities recovered will be greater or less than the best estimate. If
probabilistic methods are used, there should be at least a 50 percent
probability (P50) that the quantities actually recovered will equal or
exceed the best estimate.
|
(8)
|
This is considered to be an optimistic estimate of the quantity that
will actually be recovered. It is unlikely that the actual remaining
quantities recovered will exceed the high estimate. If probabilistic
methods are used, there should be at least a 10 percent probability
(P10) that the quantities actually recovered will equal or exceed the
high estimate.
|
(9)
|
The Chance of Development (CoDev) is the estimated probability that,
once discovered, a known accumulation will be commercially developed.
Five factors have been considered in determining the CoDev as follows:
|
|
-
CoDev = Ps (Economic Factor) × Ps (Technology Factor) × Ps (Development
Plan Factor) ×Ps (Development Timeframe Factor) × Ps (Other Contingency
Factor) wherein
-
Ps is the probability of success
-
Economic Factor - For reserves to be assessed, a project must be
economic. With respect to contingent resources, this factor captures
uncertainty in the assessment of economic status principally due to
uncertainty in cost estimates and marketing options. Economic viability
uncertainty due to technology is more aptly captured with the
Technology Factor. The Economic Factor will be 1 for reserves and will
often be 1 for development pending and for projects with a development
study or pre-development study with a robust rate of return. A robust
rate of return means that the project retains economic status with
variation in costs and/or marketing plans over the expected range of
outcomes for these variables.
-
Technology Factor - For reserves to be assessed, a project must utilize
established technology. With respect to contingent resources, this
factor captures the uncertainty in the viability of the proposed
technology for the subject reservoir, namely, the uncertainty
associated with technology under development. By definition, technology
under development is a recovery process or process improvement that has
been determined to be technically viable via field test and is being
field tested further to determine its economic viability in the subject
reservoir. The Technology Factor will be 1 for reserves and for
established technology. For technology under development, this factor
will consider different risks associated with technologies being
developed at the scale of the well versus the scale of a project and
technologies which are being modified or extended for the subject
reservoir versus new emerging technologies which have not previously
been applied in any commercial application. The risk assessment will
also consider the quality and sufficiency of the test data available,
the ability to reliably scale such data and the ability to extrapolate
results in time.
-
Development Plan Factor - For reserves to be assessed, a project must
have a detailed development plan. With respect to contingent resources,
this factor captures the uncertainty in the project evaluation
scenario. The Development Plan Factor will be 1 for reserves and high,
approaching 1, for development pending projects. This factor will
consider development plan detail variations including the degree of
delineation, reservoir specific development and operating strategy
detail (technology decision, well layouts (spacing and pad locations),
completion strategy, start-up strategy, water source and disposal,
other infrastructure, facility design, marketing plans etc) and the
quality of the cost estimates as provided by the developer.
-
Development Timeframe Factor - In the case of major projects, for
reserves to be assessed, first major capital spending must be initiated
within 5 years of the effective date. The Development Timeframe Factor
will be 1 for reserves and will often be 1 for development pending
provided the project is planned on-stream based on the same criteria
used in the assessment of reserves. With respect to contingent
resources, the factor will approach 1 for projects planned on-stream
with a timeframe slightly longer than the limiting reserves criteria.
-
Other Contingency Factor - For reserves to be assessed, all
contingencies must be eliminated. With respect to contingent resources,
this factor captures major contingencies, usually beyond the control of
the operator, other than those captured by economic status, technology
status, project evaluation scenario status and the development
timeframe. The Other Contingency Factor will be 1 for reserves and for
development pending and less than 1 for on hold. Provided all
contingencies have been identified and their resolution is reasonably
certain, this factor would also be 1 for development unclarified.
-
These factors may be inter-related (dependent) and care has been taken
to ensure that risks are appropriately accounted.
|
(10)
|
Contingent resources for Australia have been estimated based on the
continued drilling in our active core asset (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent resources
on commercial production is $171 MM and the expected timeline is
between two and six years. The specific contingencies for these
resources are Corporate Commitment and Development Timing.
|
(11)
|
Contingent resources for Canada have been estimated based on the
continued drilling in our active core assets (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent resources
on commercial production is $1,234 MM and the expected timeline is
between one and 10 years. The specific contingencies for these
resources are Corporate Commitment and Development Timing.
|
(12)
|
Contingent resources for France have been estimated based on the
continued drilling in our active core assets (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent resources
on commercial production is $542 MM and the expected timeline is
between two and 10 years. The specific contingencies for these
resources are Corporate Commitment and Development Timing.
|
(13)
|
Contingent resources for Ireland have been estimated based on the
continued drilling in our active core asset (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent resources
on commercial production is $31 MM and the expected timeline is between
three and four years. The specific contingencies for these resources
are Corporate Commitment and Development Timing.
|
(14)
|
Contingent resources for Netherlands have been estimated based on the
continued drilling in our active core assets (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent resources
on commercial production is $14 MM and the expected timeline is between
two and 10 years. The specific contingencies for these resources are
Corporate Commitment and Development Timing.
|
(15)
|
Contingent resources for USA have been estimated based on the continued
drilling in our active core asset (see "Description of Properties"
section of this AIF) using established recovery technologies. The
estimated cost to bring these Contingent resources on commercial
production is $278 MM and the expected timeline is between two and 10
years. The specific contingencies for these resources are Corporate
Commitment and Development Timing.
|
ABOUT VERMILION
Vermilion is an international energy producer that seeks to create value
through the acquisition, exploration, development and optimization of
producing properties in North America, Europe and Australia. Our
business model targets annual organic production growth, along with
providing reliable and increasing dividends to investors. Vermilion is
targeting growth in production primarily through the exploitation of
light oil and liquids-rich natural gas conventional resource plays in
Canada and the United States, the exploration and development of high
impact natural gas opportunities in the Netherlands and Germany, and
through oil drilling and workover programs in France and Australia.
Vermilion also holds an 18.5% working interest in the Corrib gas field
in Ireland. Vermilion pays a monthly dividend of Canadian $0.215 per
share, which provides a current yield of approximately 7%. Management
and directors of Vermilion hold approximately 6% of the outstanding
shares, are committed to consistently delivering superior rewards for
all stakeholders, and have delivered a 20-year history of market
outperformance. Vermilion trades on the Toronto Stock Exchange and the
New York Stock Exchange under the symbol VET.
Natural gas volumes have been converted on the basis of six thousand
cubic feet of natural gas to one barrel equivalent of oil. Barrels of
oil equivalent ("boe") may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet of
natural gas to one barrel of oil is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
Fund flows from operations, netbacks and recycle ratio are measures that
do not have standardized meanings prescribed by International Financial
Reporting Standards ("IFRS") and therefore may not be comparable with
the calculations of similar measures for other entities. "Fund flows
from operations" represents cash flows from operating activities before
changes in non-cash operating working capital and asset retirement
obligations settled. Management considers fund flows from operations
and fund flows from operations per share to be key measures as they
demonstrate Vermilion's ability to generate the cash necessary to pay
dividends, repay debt, fund asset retirement obligations and make
capital investments. Management believes that by excluding the
temporary impact of changes in non-cash operating working capital, fund
flows from operations provides a useful measure of Vermilion's ability
to generate cash that is not subject to short-term movements in
non-cash operating working capital. "Recycle Ratio" means a measure of
capital efficiency calculated by dividing the operating netback of
production by the cost of adding reserves. "Netbacks" are per boe and
per Mcf measures used in operational and capital allocation decisions.
After-tax cash flow netbacks are calculated as cash flow from operating
activities (determined in accordance with IFRS) expressed on a per boe
basis.
SOURCE Vermilion Energy Inc.
PDF available at: http://stream1.newswire.ca/media/2016/02/29/20160229_C9877_DOC_EN_44637.pdf