|By Marketwired .||
|February 3, 2014 05:33 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/03/14 -- Donnybrook Energy Inc. ("Donnybrook" or the "Company") (TSX VENTURE: DEI) reports the results of its December 31, 2013 Reserves Assessment and Evaluation of certain of its Alberta 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").
A summary of the Company's reserves volumes according to reserve category as at December 31, 2013 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 Donnybrook'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 REMAINING RESERVES (GROSS) Natural Gas Total Oil Natural Gas Liquids Equivalent Reserves Category (MMcf) (Mbbl) (Mbbl) ---------------------------------------------------------------------------- Proved Producing 2,492 33 448 Undeveloped 3,332 144 700 Total Proved 5,824 177 1,148 Probable 9,032 570 2,076 Total Proved plus Probable 14,856 747 3,223
A summary of the Company's estimated future net revenues associated with Donnybrook's reserves as at December 31, 2013 based on the GLJ December 31, 2013 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) 0% 5% 10% 15% 20% Reserves Category (M$) (M$) (M$) (M$) (M$) ---------------------------------------------------------------------------- Proved Producing 7,805 6,196 5,146 4,417 3,886 Undeveloped 7,917 4,618 2,651 1,381 511 Total Proved 15,722 10,813 7,796 5,798 4,397 Probable 41,069 24,296 15,917 11,110 8,069 Total Proved plus Probable 56,791 35,109 23,713 16,908 12,466
Relevant portions of the GLJ January 1, 2014 price forecast used in the Company's evaluation are as follows:
Pentanes Natural Gas Light Crude Oil Plus ------------------ ------------------ --------- AECO Gas Inflation Exchange Henry Hub Price WTI Edmonton Edmonton Rates Rate ($U.S./ ($CDN/ ($US/ ($CDN/ ($CDN/ (%/ ($US/ Year MMBtu) MMBtu) bbl) bbl) bbl) year) $CDN) --------- ------------------ ------------------ ---------------------------- Forecast --------- 2014 4.25 4.03 97.50 92.76 105.20 2.0 0.9500 2015 4.50 4.26 97.50 97.37 107.11 2.0 0.9500 2016 4.75 4.50 97.50 100.00 107.00 2.0 0.9500 2017 5.00 4.74 97.50 100.00 107.00 2.0 0.9500 2018 5.25 4.97 97.50 100.00 107.00 2.0 0.9500 2019 5.50 5.21 97.50 100.00 107.00 2.0 0.9500 2020 5.63 5.33 98.54 100.77 107.82 2.0 0.9500 2021 5.74 5.44 100.51 102.78 109.97 2.0 0.9500 2022 5.86 5.55 102.52 104.83 112.17 2.0 0.9500 2023 5.97 5.66 104.57 106.93 114.41 2.0 0.9500 2024+ +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 2.0 0.9500
The Company currently has 195,436,066 common shares issued and outstanding, no debt and an estimated net working capital position of approximately $3.3 million.
Donnybrook holds an interest in 21 gross sections (7.6 net sections) of petroleum and natural gas rights at Bigstone and Fir, Alberta.
Further information relating to Donnybrook is also available on its website at www.donnybrookenergy.ca.
ON BEHALF OF THE BOARD OF DONNYBROOK ENERGY INC.
Malcolm F. W. Todd, Chief Executive Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the Company's future net revenues. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Donnybrook's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Donnybrook believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Donnybrook does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.
All evaluations and reviews of future net revenue are stated prior to any provision for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. There is no assurance that such price and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of the reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.
Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane. References to gas in this discussion include natural gas.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Donnybrook Energy Inc.
President and Chief Executive Officer
(604) 684-4265 (FAX)
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 26, 2014 12:00 PM EST Reads: 1,674
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Dec. 26, 2014 11:15 AM EST Reads: 2,296
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Dec. 26, 2014 11:00 AM EST Reads: 1,901
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Dec. 26, 2014 11:00 AM EST Reads: 2,064
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 26, 2014 11:00 AM EST Reads: 2,150
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 26, 2014 11:00 AM EST Reads: 1,768
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Dec. 26, 2014 11:00 AM EST Reads: 1,986
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
Dec. 26, 2014 10:00 AM EST Reads: 1,953
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 26, 2014 10:00 AM EST Reads: 1,731
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 26, 2014 10:00 AM EST Reads: 7,119
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 26, 2014 09:30 AM EST Reads: 1,730
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 26, 2014 09:00 AM EST Reads: 2,013
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 26, 2014 09:00 AM EST Reads: 2,223
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Dec. 26, 2014 09:00 AM EST Reads: 2,588
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 26, 2014 08:30 AM EST Reads: 2,372