CALGARY, Nov. 21, 2013 /CNW/ – Seven Generations Energy Ltd. (the “Company”) is pleased to announce that it has commissioned McDaniel and Associates Ltd. (“McDaniel”) to conduct a review of the Company’s reserves effective October 31, 2013. McDaniel identified 840.1 Bscf and 144.4 MMBbls (condensate & NGL) in the Total Proved plus Probable category with a combined total, pre-tax, net present value (“NPV”), discounted at 10 percent, of approximately $2.9 billion. These volumes are up from 522.7 Bscf gas and 94.5 MMBbls (condensate & NGL) in the same reserves category with a corresponding value of approximately $1.9 billion effective March 31, 2013. In the Total Proved category McDaniel identified 331.7 Bscf and 52.5 MMBbls (condensate & NGL) with a combined NPV, discounted at 10 percent, of approximately $870 million. These volumes are up from 155.5 Bscf gas and 27.6 MMBbls (condensate & NGL) in the same category with a corresponding value of approximately $613 million effective March 31, 2013.
Seven Generations Energy Ltd. is a private oil and gas developer based in Calgary, Alberta. The Company is engaged in the delineation and development of its Kakwa River Project, a multi-zone, tight, rich gas project in the Alberta Deep Basin, approximately 100 km south of Grand Prairie, Alberta.
This press release may contain forward-looking information and statements regarding the Company. Any statements included in this press release that address activities, events or developments that the Company “expects,” “believes,” “plans,” “projects,” “estimates” or “anticipates” will or may occur in the future are forward-looking statements. Estimates of reserves and resources are also forward-looking statements. Actual results may differ materially due to a variety of important factors. Among other items, such factors might include: planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve, resource and production estimates; unanticipated recovery or production problems; weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas and liquids gathering systems, pipelines and processing facilities; potential costs associated with complying with new or modified regulations; oil and natural gas prices and competition; the impact of derivative positions; production expense estimates; cash flow and cash flow estimates; drilling and operating risks; our ability to replace oil and gas reserves; volatility in the financial and credit markets or in oil and natural gas prices. Except as required by law, the Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change. Do not place undue reliance on forward-looking information.
SOURCE Seven Generations Energy Ltd.
For further information:
Pat Carlson
CEO
403-718-0700