Conference Call Tomorrow at 7:00 a.m. MT (9:00 a.m. ET)
Tourmaline will host a conference call tomorrow, March 20, 2013 starting at 7:00 a.m. MT (9:00 a.m. ET). To participate, please dial 1-866-226-1792 (toll-free in North America), or local dial-in 416-340-2216, a few minutes prior to the conference call.
The conference call ID number is 4159296.
All amounts in this news release are stated in Canadian dollars unless otherwise specified.
The reserves data set forth above is based upon the reports of GLJ Petroleum Consultants Ltd. ("GLJ") and Deloitte, each dated effective December 31, 2012, which have been consolidated into one report by GLJ and adjusted to apply certain of GLJ's assumptions and methodologies and pricing and cost assumptions. The complete GLJ January 1, 2013 price forecast used in the reserve evaluations is available on its website at www.gljpc.com.
There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. The Company's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material.
All evaluations and reviews of future net revenue 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. The after-tax net present value of the Company's oil and gas properties reflects the tax burden on the properties on a stand-alone basis and utilizes the Company's tax pools. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the after-tax value of the Company, which may be significantly different. The Company's financial statements and the management's discussion and analysis should be consulted for information at the level of the Company.
The estimated values of future net revenue disclosed in this news release do not represent fair market value. There is no assurance that the forecast prices and cost assumptions used in the reserve evaluations will be attained and variances could be material.
The reserve data provided in this news release presents only a portion of the disclosure required under National Instrument 51-101. All of the required information will be contained in the Company's Annual Information Form for the year ended December 31, 2012, which will be filed on SEDAR (accessible at www.sedar.com) on or before March 30, 2013.
Per share reserve information is based on the total common shares outstanding, after accounting for outstanding Company options, at year end 2012 and 2011, respectively.
See also the Company's news release dated February 12, 2013 for more information with respect to the Company's reserves data.
F&D and FD&A Costs
In addition to F&D, the Company uses FD&A as a measure of the efficiency of its overall capital program including the effect of acquisitions and dispositions. 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.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Ad Counts Rise in 2013 for Hispanic Magazines
- Top Websites for U.S. Hispanics
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- Dell Offers Undisclosed Number of Employee Buyouts
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- A Biography of Jonathan Ive, Apple's Creative Chief
- Authorities Close to Deal with JPMorgan Chase over Madoff Response