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CALGARY, ALBERTA -- (Marketwire) -- 02/21/13 -- Crew Energy Inc. (TSX: CR) of Calgary, Alberta ("Crew" or the "Company") is pleased to announce the results of its independent reserve evaluation for the year ended December 31, 2012 as prepared by Sproule Associates Ltd. ("Sproule").
2012 HIGHLIGHTS
-- Achieved all-in finding, development and acquisition ("FD&A") costs of $8.17 per boe on proved plus probable reserves, including changes in future development costs, resulting in a recycle ratio of 2.7 times;-- Achieved finding and development ("F&D") costs of $11.71 per boe on proved plus probable reserves, including changes in future development costs, resulting in a recycle ratio of 1.9 times;-- Generated a proved plus probable reserve replacement ratio on production of 254% and a proven reserve replacement ratio on production of 193%;-- Proved developed producing reserves increased 50% to 44.7 mmboe after production of 10.2 mmboe and dispositions of 0.5 mmboe, yielding a proved producing F&D cost of $13.90 per boe;-- Proved reserves increased 31% to 85.1 mmboe after production of 10.2 mmboe and dispositions of 3.5 mmboe. Proved reserves per share increased 11%;-- Proved plus probable reserves increased 28% to 153.0 mmboe after production of 10.2 mmboe and dispositions of 11.9 mmboe. Proved plus probable reserves per share increased 11%;-- Proved plus probable reserves at Crew's Septimus Montney property increased 44% year over year after production. Average probable undeveloped Montney natural gas reserves increased to 3.2 bcf per well from 2.6 bcf per well;-- Proved plus probable reserves at Crew's Deep Basin liquids rich gas property increased 55% year over year after production. This increase is related to the successful 2012 Cardium drilling program and the continued out performance of the Cardium type curve. Sproule has assigned average proved plus probable reserves of 1.8 bcf to 98 locations;-- Proved plus probable reserves at Crew's Princess property increased 7% year over year after production due to the positive response observed at Crew's pools under waterflood; and-- Proved plus probable reserves at Crew's Lloydminster property increased 20% year over year after production as a result of the successful 2012 drilling and recompletion program.RESERVES
The reserves data set forth below is based upon an independent reserves assessment and evaluation prepared by Sproule with an effective date of December 31, 2012 (the "Sproule Report"). The following presentation summarizes the Company's crude oil, natural gas liquids and natural gas reserves and the net present values before income tax of future net revenue for the Company's reserves using forecast prices and costs based on the Sproule Report. The Sproule Report has been prepared in accordance with definitions, standards, and procedures contained in the COGE Handbook and NI 51-101.
All evaluations and reviews of future net cash flows are stated prior to any provisions 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. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without including any royalty interests) unless noted otherwise. In addition to the detailed information disclosed in this news release, more detailed information will be included in the Company's Annual Information Form (the "AIF") which will be filed on the Company's profile at www.sedar.com in due course.
