Calgary, Alberta–(Newsfile Corp. – April 25, 2024) – Tuktu Resources Ltd. (TSXV: TUK) (“Tuktu” or the “Company“) is pleased to announce the results of its year-end independent oil and gas reserves evaluation as of December 31, 2023 (the “Deloitte Report“), as prepared by its independent reserves evaluator, Deloitte Canada LLP (“Deloitte“), as well as the release of its annual information form (“AIF“), audited annual financial statements (“Financial Statements“) and related management’s discussion and analysis (“MD&A“) for the year ended December 31, 2023. The evaluation of Tuktu’s properties was prepared in accordance with the definitions, standards and procedures contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook (“COGEH“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). Copies of the AIF, Financial Statements and the MD&A may be viewed on the Company’s SEDAR+ profile at www.sedarplus.ca.
2023 Year End Reserves Update
The following tables highlight the findings of the Deloitte Report, based on the published average forecast pricing of Deloitte. See “Reader Advisories – Reserves Disclosure” for more information. The numbers in the tables below may not add due to rounding.
SUMMARY OF OIL AND GAS RESERVES | ||||||
As at December 31, 2023 (Forecast Costs and Prices) (1) | ||||||
Company Reserves | ||||||
Total Company | Light and Medium Oil (Mbbl) |
Conventional Natural Gas (MMcf) |
Total Oil Equivalent (Mboe) |
|||
Reserves Category | Gross | Net | Gross | Net | Gross | Net |
Proved Developed Producing | 0.0 | 0.0 | 5,525.6 | 4,718.8 | 920.9 | 786.5 |
Proved Developed Non-Producing | 6.3 | 4.8 | 920.0 | 791.4 | 159.7 | 136.7 |
Proved Undeveloped | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total Proved | 6.3 | 4.8 | 6,445.6 | 5,510.2 | 1,080.6 | 923.2 |
Probable | 121.3 | 112.7 | 2,484.0 | 2,041.2 | 535.3 | 452.9 |
Total Proved Plus Probable | 127.6 | 117.5 | 8,929.6 | 7,551.4 | 1,615.9 | 1,376.1 |
Notes: | ||||||
(1) Gross refers to company interest before royalties. |
NET PRESENT VALUES OF FUTURE NET REVENUE | |||||||
BEFORE INCOME TAXES DISCOUNTED AT (%/YEAR) | |||||||
BEFORE TAX as at December 31, 2023 (Forecast Costs and Prices) (1,2) | |||||||
Net Present Value of Future Net Revenue | |||||||
Total Company | Before Income Taxes, Discounted at (% / year) | Unit Value Before Income Tax, Discounted at 10% / year |
|||||
Reserves Category | 0% | 5% | 10% | 15% | 20% | ||
(M$) | (M$) | (M$) | (M$) | (M$) | $/boe | $/Mcfe | |
Proved Developed Producing | 11,031.3 | 8,395.2 | 6,646.6 | 5,457.5 | 4,614.6 | 8.45 | 1.41 |
Proved Developed Non-Producing | 3,699.7 | 1,356.0 | 521.6 | 207.1 | 82.8 | 3.82 | 0.64 |
Proved Undeveloped | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.00 | 0.00 |
Total Proved | 14,731.0 | 9,751.2 | 7,168.2 | 5,664.6 | 4,697.4 | 7.76 | 1.29 |
Probable | 10,411.5 | 4,460.0 | 2,362.2 | 1,420.5 | 894.4 | 5.22 | 0.87 |
Total Proved Plus Probable | 25,142.5 | 14,211.2 | 9,530.4 | 7,085.1 | 5,591.8 | 6.93 | 1.16 |
Notes: | |||||||
(1) Barrel of Oil Equivalent (BOE): 6 Mcf = 1 BOE | |||||||
(2) Unit Values in $C are based on net reserve volumes |
Future Development Costs | |||||
Estimated Using Forecast Prices and Costs (Undiscounted) | |||||
Year | |||||
Reserves Category | 2024 (M$) |
2025 (M$) |
2026 (M$) |
2027 (M$) |
2028 (M$) |
Proved Developed Producing | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Proved Developed Non-Producing | 110.5 | 0.0 | 0.0 | 0.0 | 0.0 |
Proved Undeveloped | 0.0 | 2,994.9 | 0.0 | 0.0 | 0.0 |
Total Proved | 110.5 | 2,994.9 | 0.0 | 0.0 | 0.0 |
Probable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total Proved Plus Probable | 110.5 | 2,994.9 | 0.0 | 0.0 | 0.0 |
About Tuktu Resources Ltd.
Tuktu is a publicly traded junior oil and gas development company headquartered in Calgary, Alberta with producing oil and gas properties in southern Alberta. For additional information about Tuktu please contact:
Tuktu Resources Ltd.
501, 888 – 4th Avenue S.W.
Calgary, Alberta T2P 0V2
Tim de Freitas, President and Chief Executive Officer (phone 403-478-0141)
Mark Smith, Chief Financial Officer and VP Finance (phone 403-613-9661)