CALGARY, AB–(Marketwired – February 24, 2016) – Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE: SE) reports the results of its December 31, 2015 Reserves Assessment and Evaluation of its oil and gas properties, as evaluated by GLJ Petroleum Consultants (“GLJ”) in accordance with National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the COGE Handbook.
- Total Proved Reserves increased by approximately 45% to 1,641 Mboe
- Total Proved plus Probable Reserves increased by approximately 38% to 4,488 Mboe
- Net present value (NPV 10%) before income taxes of the Company’s Total Proved plus Probable Reserves increased by approximately 3% to $15.195 million ($1.34 per issued and outstanding share)
- Net present value (NPV 10%) before income taxes of the Company’s Total Proved Reserves increased by approximately 20% to $6.252 million ($0.55 per issued and outstanding share)
A summary of the Company’s reserves volumes according to reserve category as at December 31, 2015 is as provided in the following table. Unless otherwise stated, the reserves information included in this release is stated on a “company interest” basis, which represents Stonehaven’s working interest (operated and non-operated) share of remaining reserves before deduction of royalties and including any royalty interests. Numbers presented in table may not add exactly due to rounding.
|COMPANY SHARE OF MARKETABLE RESERVES (GROSS)|
|Light & Medium||Conventional||Shale||Natural Gas||Total Oil|
|Crude Oil||Natural Gas||Natural Gas||Liquids||Equivalent|
|Total Proved plus Probable||83||5,514||14,498||1,069||4,488|
A summary of the Company’s estimated future net revenues associated with Stonehaven’s reserves as at December 31, 2015 based on the GLJ January 1, 2016 price forecast is provided in the following table. It should not be assumed that the net present values estimated by GLJ represent the fair market value of the reserves. Numbers presented in table may not add exactly due to rounding.
|Before Income Taxes Discounted at (%/year)|
|Total Proved plus Probable||48,175||25,894||15,195||9,463||6,132|
Relevant portions of the GLJ January 1, 2016 price forecast used in the Company’s evaluation are as follows:
|Natural Gas||Light Crude Oil||
|Henry Hub||AECO Gas Price||WTI||Edmonton||Edmonton|
Stonehaven currently has 11,345,433 common shares issued and outstanding, no debt and an estimated net working capital position of approximately $3.0 million.
The Company holds interests in petroleum and natural gas rights at Bigstone, Fir and Wilson Creek, Alberta.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.
For further information, please contact Gordon Mayr, Chief Operating Officer.
|Telephone: (403) 237-5700||Email: firstname.lastname@example.org|