CALGARY, ALBERTA–(Marketwired – Sept. 16, 2014) – Mapan Energy Ltd. (TSX VENTURE:MPG) (“Mapan” or the “Corporation“) reports that natural gas production from its Deep Basin North properties at Chinook Ridge, Alberta and Hiding, British Columbia will be on restricted rates due to repairs and maintenance to be conducted by Trans Canada Pipelines Limited on both the 24 inch and the 36 inch NGTL Systems downstream (east) of the Elmworth gas plant. Mapan’s current production of 28MMCF/d processed at Elmworth will be curtailed to approximately 14MMCF/d and it is anticipated that this production will be restricted for a period of at least 14 days.
Mapan confirms that production from the Deep Basin, West Central Area of Alberta at the Cecilia Gas Plant is unaffected by this outage.
About Mapan
Mapan owns production, lands and P&NG rights in two areas of the Alberta and British Columbia Deep Basin comprised of 197,000 gross acres (155,000 net acres) of which approximately 115,000 net acres are undeveloped lands. Prior to any impact of the production disruption disclosed herein, average production for the full year of 2014 is expected to be 6,500 BOED of which 90 per cent is natural gas production. The Corporation’s management expects that Mapan has considerable upside for future production and reserve growth and will reassess the effect of the production disruption on annual guidance in the coming weeks.
[expand title=”Advisories & Contact”]ADVISORY: This press release contains forward looking statements. More particularly, this press release contains forward looking statements concerning the the expected restrictions on production as disclosed herein and the timing and effect thereof and expected average production for 2014 and the commodity mix thereof. Although MAPAN believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because MAPAN cannot give assurances that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, economic or industry condition changes and risks associated with the repairs and maintenance that are causing the anticipated curtailment of production and the timing thereof. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Paris and MAPAN will derive therefrom. Additional information on these and other factors that could affect Paris and MAPAN are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward looking statements contained in this press release are made as of the date hereof and neither Paris nor MAPAN undertakes any obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Barrels of Oil Equivalent: Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1; utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mapan Energy Ltd.
Richard A. Walls
President & CEO
403-536-5771
rwalls@mapanenergy.com
Mapan Energy Ltd.
Jennifer Dugdale
Chief Financial Officer
403-536-5773
jdugdale@mapanenergy.com
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