Kallisto Increases Reserves by 27%, Announces Retirement of Executive and 2013 Annual SEDAR Filings
21 3월 2014 - 7:27AM
Marketwired
Kallisto Increases Reserves by 27%, Announces Retirement of
Executive and 2013 Annual SEDAR Filings
CALGARY, ALBERTA--(Marketwired - Mar 20, 2014) - Kallisto Energy
Corp. (TSX-VENTURE:KEC) ("Kallisto" or the "Company") is pleased to
announce it has increased proved & probable reserves by
approximately 27% over the previous year. The additions are the
result of a new discovery, reserve revisions and the Company's
acquisition at Minnehik - Buck Lake. Details of the reserves
changes are:
December 31, 2013 |
Company Share of Reserves (Gross) (1) |
Company Share of Net Present Value (Before Income Tax)
(1) |
|
Oil (Mbbl) |
Natural Gas (MMcf) |
NGL (Mbbl) |
Total (MBOE) |
@ 10% ($M) |
@ 15% ($M) |
Proved developed producing |
351.3 |
1,162.7 |
20.9 |
565.9 |
15,117.1 |
12,870.5 |
Total proved |
527.8 |
1,550.8 |
38.2 |
824.4 |
17,864.2 |
14,857.4 |
Total proved & probable |
989.3 |
2,255.5 |
58.7 |
1,423.9 |
26,133.7 |
20,613.1 |
|
|
|
|
December 31, 2012 |
Proved developed producing |
404.1 |
991.4 |
12.2 |
581.5 |
15,569.4 |
13,232.9 |
Total proved |
487.2 |
1,283.8 |
26.7 |
727.8 |
16,523.4 |
13,887.4 |
Total proved & probable |
787.1 |
1,776.0 |
38.9 |
1,121.9 |
22,261.1 |
18,019.9 |
|
|
(1) |
McDaniel & Associates Consultants Ltd., Evaluation of Oil and
Gas Reserves Based on Forecast Prices and Costs as of December 31,
2013 |
Kallisto has a diversified asset base with abundant near term
drilling opportunities, including:
- Cardium light oil at Minnehik - Buck Lake, Alberta;
- Elkton light oil and Basal Quartz liquids-rich gas at
Crossfield, Alberta;
- Shaunavon crude oil at Chambery, Saskatchewan; and
- Doe Creek light oil at Valhalla, Alberta.
Kallisto is targeting to spend $6,000,000 - $8,000,000 on these
drilling opportunities in 2014. To complete the drilling program,
Kallisto will use internally generated cash flow but will also
require additional sources of capital. Such additional capital may
come through: joint venture or farm-out agreements; disposition of
non-core infrastructure assets; additional equity financing; or
corporate transactions. Management is in discussions with various
parties on all these options and will finalize its 2014 drilling
program and capital budget and report back to shareholders when
additional capital sources have been secured.
The Company is rationalizing certain of its non-core assets in
an effort to partially fund its 2014 drilling program:
- Negotiations are in the final stages on the sale of an
infrastructure asset in the Crossfield, Alberta area. The sale is
expected to be completed by June 30, 2014;
- In January 2014, the Company engaged Sayer Energy Advisors to
assist in the disposition of its Dawson oil transportation
pipeline; and
- On March 3, 2014, the Company sold minor producing properties
in the Crossfield, Alberta area for $350,000.
Kallisto regrets to announce that Mr. Ross Clark, Executive
Vice-President of the Company, is retiring effective March 28,
2014. Ross joined Kallisto in 2008 and was instrumental in the
turnaround of the Company, including the development of its
Pembina, Alberta property. The board, management and staff wish to
express their appreciation to Ross for his work and dedication to
the Company and wish him well.
Kallisto also announces that it has filed its Consolidated
Financial Statements for the year ended December 31, 2013 and the
accompanying Management's Discussion and Analysis. These documents
are available for viewing under Kallisto's profile at
www.sedar.com.
Kallisto is a Calgary-based junior resource company engaged in
the acquisition, exploration, development and production of oil and
natural gas, primarily in Alberta.
Forward Looking Information
The reader is advised that some of the information contained
herein may constitute forward looking statements within the meaning
assigned by National Instrument 51-102 and other relevant
securities legislation. It includes, but is not limited
to, statements with respect to: future drilling opportunities on
Company lands; the Company's 2014 drilling program; the potential
sources of capital to fund the 2014 drilling program; the potential
sale of non-core assets; and the volume and net present value of
Company proved & probable reserves. Forward-looking information
is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"scheduled", "potential", or other similar words, or statements
that certain events or conditions "may", "should" or "could" occur.
Forward-looking information is based on the Company's expectations
regarding its future growth, results of operations, production,
future capital and other expenditures (including the amount, nature
and sources of funding thereof), competitive advantages, plans for
and results of drilling activity, environmental matters, business
prospects and opportunities. Such forward-looking information
reflects management's current beliefs and assumptions and is based
on information currently available to it. The reader is cautioned
that assumptions used in the preparation of such information,
although considered reasonable by the Company at the time of
preparation, may prove to be incorrect and readers are cautioned
not to place undue reliance on forward-looking information, which
speaks only as of the date hereof. The Company does not undertake
any obligation to release publicly any revisions to forward-looking
information contained herein to reflect events or circumstances
that occur after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws.
Forward-looking information involves significant known and
unknown risks and uncertainties. A number of factors could cause
actual results to differ materially from the results discussed in
the forward-looking information including risks associated with the
impact of general economic conditions, industry conditions,
governmental regulation, volatility of commodity prices, currency
fluctuations, imprecision of reserve and resource estimates,
environmental risks, competition from other industry participants,
the lack of availability of qualified personnel or management,
stock market volatility and the Corporation's ability to access
sufficient capital from internal and external sources. Additional
risks and uncertainties are described in the Company's and Annual
Information Form dated April 30, 2013 which is filed under the
Company's SEDAR profile at www.sedar.com.
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Kallisto Energy Corp.Robyn LorePresident and Chief Executive
Officer(403) 237-9996
(TSXV:KEC)
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