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Iron Bridge Resources Reports Year-End Reserves and Fourth Quarter 2017 Financial Results and Provides Operations Update

Nachrichtenquelle: Marketwired
20.03.2018, 23:28  |  513   |   |   

CALGARY, Alberta, March 20, 2018 (GLOBE NEWSWIRE) -- Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or the “Company”) (TSX:IBR) today is pleased to report its year-end 2017 oil and gas reserves and fourth quarter 2017 financial results and provide an operations update.

Year-End Reserves Information

The following provides information on IBR’s crude oil, natural gas and NGLs reserves as of December 31, 2017, as evaluated by the Company’s independent qualified reserves evaluators, McDaniel & Associates Consultants Ltd. (“McDaniel”). The evaluation of IBR’s reserves was prepared in accordance with the definitions, standards and procedures prescribed in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook. Unless stated otherwise, all reserves referred to in this news release are stated on a company gross basis (working interest before deduction of royalties and without including any royalty interests).  Additional reserves information as required under NI 51-101 is included in the Company’s Annual Information Form with respect to the year ended December 31, 2017, which is being concurrently filed on SEDAR (as defined below).

The reported reserves at December 31, 2017 exclude reserves that were disposed of in connection with the strategic disposition of the Company’s Waskahigan, Grizzly, Kaybob, Gilby, Pine Creek fields, and other minor Alberta properties (the “Disposition Assets”), which closed on October 17, 2017. Iron Bridge’s year-end 2017 reserves highlights include the following:

  • Total proved plus probable reserves at December 31, 2017 of 26.11 million boe. Elmworth/Gold Creek reserves additions of 21.76 million boe (proved plus probable) essentially replaced the disposed proved plus probable reserves associated with the aforementioned Disposition Assets (22.15 million boe).
     
  • Total proved reserves at December 31, 2017 of 11.47 million boe. Significant proved reserve additions at Elmworth/Gold Creek (10.31 million boe), less the divested proved reserves attributable to the Disposition Assets (14.00 million boe) and fiscal 2017 production (1.20 million boe), resulted in lower proved reserves reported at year-end 2017 as compared to 16.36 million boe of proved reserves at December 31, 2016.
     
  • Assigned and booked reserves on only 10% (8.5 net sections) of IBR’s year-end 2017 acreage of 53,440 net acres (83.5 net sections) of Montney rights at Elmworth/Gold Creek and Pipestone. At year-end 2017, conservatively a total of only 16 future Montney proved undeveloped horizontal locations and 12 future Montney probable undeveloped horizontal locations were booked. These future development opportunities were booked offsetting or in close proximity to the Company’s previously-drilled wells on the surface lease pad at 2-23-68-3W6. Iron Bridge estimates, based on geological mapping and technical data, that it has in excess of 500 potential drilling locations in the Montney formation across its acreage position.      
     
  • Drilling locations booked within the Elmworth/Gold Creek Mid-Montney oil window averaged approximately 870 Mboe per well location (33% light oil and NGLs) proved plus probable, which is a 34% increase over the year-end 2016 average location booking of 650 Mboe (proved plus probable), resulting in positive reserve revisions at year-end 2017 at Elmworth/Gold Creek. Refer to the Reserves Reconciliation heading hereafter
     
  • Delivered low cost Elmworth/Gold Creek Montney reserves additions in 2017, with finding and development (“F&D”) costs of $9.47 per proved plus probable boe, and $12.79 per proved boe, including changes in future development capital (“FDC”). Refer to the detailed calculation under the Capital Expenditures Efficiency heading hereafter
     
  • Established a net asset value at December 31, 2017 of $1.25 per share (proved plus probable discounted at 10%). Refer to the detailed calculation under the Net Asset Value heading hereafter.    

Please refer to below for definitions and advisories.

Corporate Reserves Information

December 31, 2017 Reserves Summary (1) (company gross reserves)
  Shale Gas Tight Oil NGLs Oil Equivalent
(Columns may not add due to rounding) (Bcf) (Mbbls) (Mbbls) (Mboe) (6:1)
Proved developed producing 4.827 173.5 116.9 1,094.8
Proved developed non-producing - - - -
Proved undeveloped 41.211 2,520.7 989.1 10,378.2
Total Proved 46.037 2,694.2 1,106.0 11,473.0
Probable 59.095 3,372.4 1,418.4 14,640.0
Total Proved plus Probable 105.132 6,066.6 2,524.4 26,113.0
(1) Estimated using McDaniel’s forecast prices and costs as of January 1, 2018.

 

December 31, 2017 Net Present Value Summary (1) (company gross reserves)
(Columns may not add due to rounding) (amounts in $000s)
Discount factor:   0%   5%   10%   15%   20%
Proved developed producing $   7,830 $   7,315 $   6,832 $   6,401 $   6,024
Total Proved   84,171   58,191   40,478   28,119   19,294
Probable   192,979   121,341   81,016   57,045   42,060
Total Proved plus Probable $     277,150 $   179,532 $   121,494 $   85,165 $   61,353
(1) Net present values reported are before taxes based on McDaniel’s forecast prices and costs as of January 1, 2018.  The calculated net present values include a deduction for estimated future well abandonment and reclamation but do not include a provision for bank debt interest and general and administrative expenses.  It should not be assumed that the net present value estimates represent the fair market value of the reserves.

A summary of McDaniel’s escalated price forecast assumptions as of January 1, 2018 are as follows:

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