CALGARY, March 5, 2015 /CNW/ – Canbriam Energy Inc. (“Canbriam” or the “Company”) provides an operational update on the commercial development of its liquids-rich Altares Montney asset, located west of Fort St. John, BC, highlighted by the recent commissioning of phase 1 of its 100 percent owned and operated b-72-A processing facility. Canbriam is pleased to also provide details from its 2014 independent reserves evaluation which reflect strong well results and a second commercial target within the Upper Montney.
Based on ongoing strong reservoir performance and attractive well economics, Canbriam is continuing the current pace of development with a 2015 capital budget that focuses on further development of its Altares asset base while maintaining the flexibility to adjust spending dependent upon commodity prices.
“Completion of phase 1 of our b-72-A facility is a major milestone for our Company,” said Paul Myers, Canbriam President & Chief Executive Officer. “It provides us with the processing capacity to continue to demonstrate the high deliverability of our Montney wells.”
Infrastructure Development
Production and Well Results
(1) |
Non-IFRS financial measure. Shown on a before tax basis. |
Independent Reserves Evaluation and Related Oil and Gas Information
(2) |
Non-IFRS financial measure. |
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(3) |
Calculated before tax using a 10% discount rate and based on McDaniel pricing as of 1/1/15. 2P NPV would be approximately $1.5 billion using February 6, 2015 strip pricing. |
Capital Budget and Financial Information
Please refer to our website www.canbriam.com for more details which will be provided in our corporate presentation on March 5, 2015.
About Canbriam
Canbriam Energy Inc. is a private intermediate exploration and production Company with a focus on liquids rich natural gas. Its principal producing properties and acreage positions are in the Altares Montney of Northeast British Columbia, which has been substantially de-risked to support its development plans. The Company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.
[expand title=”Advisories & Contact”]Forward-Looking Statements
This news release contains forward-looking statements within the meaning of securities legislation. All statements, other than historical facts, that address activities that Canbriam intends, assumes, plans, expects, believes or anticipates (and other similar expressions) will, should or may occur in the future are forward- looking statements. Forward-looking statements herein relate to business strategy and objectives; development and exploration plans, including the anticipated benefits resulting therefrom and the timing thereof; reserve quantities and the discounted present value of future net cash flows from such reserves; future production levels; facility construction, including the estimated commissioning of phase 2 of the b-72-A facility and the water recycling facility; drillings plans; and the timing of well completions.The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. These forward- looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Canbriam. Canbriam undertakes no obligation to update or revise any forward-looking statements. Any forward-looking statements in this release are expressly qualified by this cautionary statement.
SOURCE Canbriam Energy Inc.[/expand]