This news release contains references to estimates of oil and gas classified as TPIIP and DPIIP in the Montney region in northeastern British Columbia which are not, and should not be confused with, oil and gas reserves. See "Definitions of Oil and Gas Resources and Reserves". TPIIP, DPIIP and UPIIP have been estimated using a zero percent porosity cutoff.
Projects have not been defined to develop the resources in the Evaluated Areas as at the evaluation date. Such projects, in the case of the Montney resource development, have historically been developed sequentially over a number of drilling seasons and are subject to annual budget constraints, Crew's policy of orderly development on a staged basis, the timing of the growth of third party infrastructure, the short and long-term view of Crew on gas prices, the results of exploration and development activities of Crew and others in the area and possible infrastructure capacity constraints. As with any resource estimates, the evaluation will change over time as new information becomes available.
Prospective Resources have not been risked for chance of discovery. There is no certainty that any portion of the Prospective Resources will be discovered. The Prospective and Contingent Resources have not been risked for chance of development. There is no certainty that it will be commercially viable to produce any portion of the Prospective (if discovered) or Contingent Resources. The Contingent Resource contingencies are identified as economic or non-technical, there are no technical contingencies. Significant positive factors are historic drilling success and production history on the more fully developed Montney acreage, abundant well log and production test data. Potential negative factors include lack of long term production history over the majority of Crew lands, lack of infrastructure, potential for variations in the quality of the Montney formation where minimal well data currently exists, access to the substantial amount of capital which would be required to develop the resources, low commodity prices that would curtail the economics of development and the future performance of wells, regulatory approvals, access to the required services at the appropriate cost and topographic or surface restrictions.
Crew's belief that it will establish significant additional reserves over time with the conversion of Prospective Resource into Contingent Resource, Contingent Resource into probable reserves and probable reserves into proved reserves is a forward looking statement and is based on certain assumptions and is subject to certain risks, as discussed below under the heading "Forward Looking Information and Statements".
Forward-Looking Information and Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" "forecast" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the volume and product mix of Crew's oil and gas production; the recognition of significant resources under the heading "Montney Resource Evaluation"; future oil and natural gas prices and Crew's commodity risk management programs; future liquidity and financial capacity; future results from operations; the total future capital associated with development of reserves and resources; and methods of funding our capital program.
Most Popular Stories
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Allstate Seeks to Invest in Minority Firms
- Stolen Cobalt-60 Recovered in Mexico
- SpaceX's Satellite Launch Is 'Game-Changer'
- White House Pushes to Extend Unemployment Benefits
- Latin Music Conference Turns 25
- First-time Jobless Claims Drop Below 300,000
- Sarmiento to Handle Greeley Latin Ops
- U.S. Growth Stayed Steady During Shutdown, Fed Says
- Calif. Likes Christie, Says Tea Party's a Drag