CALGARY, AB–(Marketwired – February 27, 2017) – Front Range Resources Ltd. (“Front Range” or the “Company“) (TSX VENTURE: FRK) reports the results of its December 31, 2016 Reserves Assessment and Evaluation of its oil and gas properties, as evaluated by GLJ Petroleum Consultants Ltd. (“GLJ”) in accordance with National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities and the COGE Handbook.
A summary of the Company’s reserves volumes according to reserve category as at December 31, 2016 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 Front Range’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)|
|Reserves Category||Light & Medium
|Total Proved plus Probable||24||4,651||2,760||105||1,365|
A summary of the Company’s estimated future net revenues associated with Front Range’s reserves as at December 31, 2016 based on the GLJ January 1, 2017 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||14,802||10,737||8,229||6,622||5,540|
Relevant portions of the GLJ January 1, 2017 price forecast used in the Company’s evaluation are as follows:
|Natural Gas||Light Crude Oil||Plus||Inflation||Exchange|
|Year||Henry Hub||AECO Gas Price||WTI||Edmonton||Edmonton||Rates||Rate|
Further information relating to Front Range is also available on its website at www.frrl.ca.