CALGARY, April 25, 2013/CNW/ – Canbriam Energy Inc. (“Canbriam” or the “Company”), a leading private Canadian unconventional resource exploration and development company, today announced an update on the development activity results from its liquid rich Montney asset in the British Columbia Northern Montney trend.
“We are pleased with our 2012 performance. It was a strong year for reserve and production growth with industry-leading efficiency metrics” said Canbriam’s President and Chief Executive Officer, Paul Myers. “The results stem from the early development of the liquids-rich gas region on the Altares property, which is characterized by the highest reservoir pressures and some of the highest liquid yields in the British Columbia Northern Montney trend.”
- Commissioned a 100% owned and operated 50 mmcf/day “shallow cut” gas processing facility in May
- Invested C$116 million of capital during the year almost exclusively on the liquids rich Altares area
- Reserve additions of 16.7 mmboe Total Proved, 22.91 mmboe Proved + Probable
- Finding and Development costs (including changes in FDC):
- Total Proved: $11.46/boe
- Proved + Probable $7.95/boe
- Full Year: $21.21/boe
- Q4: $27.06/boe
- Recycle Ratio
- Full Year: 2.7
- Q4: 3.4
- Operating expense
- Full Year: $6.58/boe
- Q4: $3.91/boe
Canbriam’s December 31, 2012 reserves have been evaluated by the independent reserve auditors, GLJ Petroleum Consultants Ltd. (“GLJ”). GLJ has prepared their evaluation in accordance with reserve definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook.
Canbriam commissioned its 100% working interest 50 mmcf/d gas processing facility. The facility is a refrigeration and compression plant that extracts condensate (C5+), Butane (C4) and Propane (C3). Facility output includes high heat content gas (1138 btu/scf) which is tied directly into the Spectra T-North sales pipeline and an average NGL yield since plant start-up of 60 bbls/mmcf (of which approximately 42 bbls is condensate). Fourth quarter production averaged 6,983 boe/day and was 73% natural gas and 27% natural gas liquids, of which 69% was condensate.
The Company estimates 44 TCF of Original Gas In Place (OGIP) on the Canbriam lands and will continue to focus 2013 investment on the Altares liquid rich gas field. The Company has historically focused activity on the Upper Montney interval and given recent encouraging initial results, will also direct investment to the Mid and Lower Montney target zones in 2013. The Company is currently developing plans to increase processing capacity in 2014 to accommodate incremental expected volumes from the 2013-2014 programs. Canbriam is supported by a strong group of Private Equity investors including Warburg Pincus, ARC Financial, Ontario Teachers’ Pension Plan, GE Asset Management and Blackrock.
Canbriam Energy Inc. is a private intermediate exploration and production Company with a focus on liquids rich natural gas. Its principal producing properties and acreage positions are in the Altares Montney of Northeast British Columbia, which has been substantially de-risked to support its development plans. The Company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.
This news release contains forward-looking statements within the meaning of securities legislation. All statements, other than historical facts, that address activities that Canbriam intends, assumes, plans, expects, believes or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Forward-looking statements herein relate to the use of the net proceeds of the Notes offering. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Canbriam. Canbriam undertakes no obligation to update or revise any forward-looking statements. Any forward-looking statements in this release are expressly qualified by this cautionary statement.
Investor & Media Contacts
President and Chief Executive Officer
Chief Financial Officer
Director, Investor Relations