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Presented below is the recycle ratio as calculated by using the annual netback per barrel divided by the calculated finding and development costs (excluding acquisitions and dispositions, abandonment and furniture and fixtures) and excluding the effects of revisions and economic factors.
--------------------------------------------------------------------------------------------------------------------------------------------------------Total Proved Consolidated Canada Tunisia----------------------------------------------------------------------------Operating netback before commodity price contracts ($/boe)(unaudited) (1) 23.31 11.86 81.83F&D costs net of acquisitions, revisions and economic factors ($/boe)(unaudited) 63.61 34.76 106.63----------------------------------------------------------------------------Recycle ratio 0.4x 0.3x 0.8x------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Total Proved Plus Probable Consolidated Canada Tunisia----------------------------------------------------------------------------Operating netback before commodity price contracts ($/boe)(unaudited) (1) 23.31 11.86 81.83F&D costs net of acquisitions, revisions and economic factors ($/boe)(unaudited) 41.54 17.23 67.20----------------------------------------------------------------------------Recycle ratio 0.6x 0.7x 1.2x--------------------------------------------------------------------------------------------------------------------------------------------------------Note: (1) Operating netback is calculated by deducting royalties and net production expenses from revenue.
Corporate Net Asset Value
The Company's net asset value as of December 31, 2012, is detailed in the following table. This net asset value determination is a "point-in-time" measurement and does not take into account the possibility of Chinook being able to recognize additional reserves through successful future capital investment in its existing properties beyond those included in the 2012 year-end reserve reports.
--------------------------------------------------------------------------------------------------------------------------------------------------------December 31, 2012 Before Tax NPV 5% Before Tax NPV 10% Before Tax NPV 15%---------------------------------------------------------------------------- ($ thousands)$/share ($ thousands)$/share ($ thousands)$/share----------------------------------------------------------------------------Proved plus probable reserves NPV (1,2) 1,170,840 5.47 937,867 4.38 773,311 3.61Undeveloped acreage (3) 35,774 0.17 35,774 0.17 35,774 0.17Net debt (4) (72,121) (0.34) (72,121) (0.34) (72,121) (0.34)----------------------------------------------------------------------------Net asset value (basic) (5) 1,134,493 5.30 901,520 4.21 736,964 3.44--------------------------------------------------------------------------------------------------------------------------------------------------------December 31, 2012 After Tax NPV 5% After Tax NPV 10% After Tax NPV 15%---------------------------------------------------------------------------- ($ thousands)$/share ($ thousands)$/share ($ thousands)$/share----------------------------------------------------------------------------Proved plus probable reserves NPV (1,2 ) 877,466 4.10 702,813 3.28 579,643 2.71Undeveloped acreage (3) 35,774 0.17 35,774 0.17 35,774 0.17Net debt (4) (72,121) (0.34) (72,121) (0.34) (72,121) (0.34)----------------------------------------------------------------------------Net asset value (basic) (5) 841,119 3.93 666,466 3.11 543,296 2.54--------------------------------------------------------------------------------------------------------------------------------------------------------Notes:(1) Evaluated by independent reserve evaluators as at December 31, 2012. Net present value of future net revenue does not represent the fair market value of the reserves.(2) Net present values for before and after tax are based on McDaniel's December 31, 2012 escalated price forecast.(3) Undeveloped land value has been calculated based on internal estimates of $100/acre for all Canadian lands.(4) Net debt as at December 31, 2012, including working capital deficit (estimated and unaudited).(5) Basic shares at December 31, 2012 total 214,187,681 common shares.
