Angle's total proved reserves carry $190 million of future development capital, representing 1.9 times the 2013 first half cash flow annualized (from Angle's January 9, 2013 press release guidance, approximately $98 million), while Angle's total proved plus probable reserves carry $379 million of future development capital, or 3.9 times 2013 first half cash flow annualized.
----------------------------------------------------------------------------Net Asset Value at Dec 31, 2012Pro Forma Edson Natural Gas Disposition----------------------------------------------------------------------------Proved Plus Probable NPV 10% GLJ $584.3MM----------------------------------------------------------------------------Net Debt ($177.0MM)----------------------------------------------------------------------------Value of Net Undeveloped Land $82.1MM----------------------------------------------------------------------------Value of Seismic $7.0MM----------------------------------------------------------------------------Total $496.4MM----------------------------------------------------------------------------Fully Diluted Shares Outstanding 81.6MM----------------------------------------------------------------------------Net Asset Value per Share $6.08----------------------------------------------------------------------------
ABOUT ANGLE
Calgary-based Angle Energy Inc. is a publicly traded oil and gas exploration and development company incorporated in 2004. Angle's objective is to build shareholder value through the profitable growth of its high-quality asset base using a combination of drilling and strategic acquisitions. Angle's proven and dedicated team of industry specialists is focused on identifying and developing high-quality assets in the Western Canadian Sedimentary Basin, with an emphasis in west central Alberta. Common shares of Angle are listed on the Toronto Stock Exchange under the symbol "NGL."
Basis of Presentation
Production information is commonly reported in units of barrel of oil equivalent ("boe"). For purposes of computing such units, natural gas is converted to equivalent barrels of crude oil using a conversion factor of six thousand cubic feet of gas to one barrel of oil. This conversion ratio of 6:1 is based on an energy equivalent conversion for the individual products, primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Such disclosure of boes may be misleading, particularly if used in isolation.
Forward-Looking Information
Information set forth in this press release contains estimates and forward-looking statements and are made as of February 6, 2013 and based on assumptions as of that date. By their nature, estimates and forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Angle's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Netbacks are calculated by subtracting royalties and operating costs from revenue and the calculation follows industry standards. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. Furthermore, estimates of net asset value and net present values as disclosed do not represent fair market value. Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise, and as such, undue reliance should not be placed on forward-looking statements. Angle's actual results, performance or achievement could differ materially from those expressed in, or implied by, these estimates and forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the estimates and forward-looking statements will transpire or occur, or if any of them do so, what benefits that Angle will derive there from. Unless required by law, Angle disclaims any intention or obligation to update or revise any estimates and forward-looking statements, whether as a result of new information, future events or otherwise. The estimates and forward looking statements are expressly qualified by these cautionary statements.
Contacts:
Angle Energy Inc.
Heather Christie-Burns
President and Chief Operating Officer
(403) 263-4534
(403) 263-4179 (FAX)
Angle Energy Inc.
Gregg Fischbuch
Chief Executive Officer
(403) 263-4534
(403) 263-4179 (FAX)
Angle Energy Inc.
Suite 700, 324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
www.angleenergy.com
