Altura Announces Fourth Quarter and Year End 2020 Results and Reserves April 16, 2021 EnergyNow Media
CALGARY, AB, April 15, 2021 /CNW/ – Altura Energy Inc. (“Altura” or the “Company”) (TSXV: ATU) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2020 and the independent evaluation of the Company’s oil and natural gas reserves (the “McDaniel Report”), effective December 31, 2020, as prepared by McDaniel and Associates Consultants Ltd. (“McDaniel”). The audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the year ended December 31, 2020 are available on SEDAR at www.sedar.com and on Altura’s website at www.alturaenergy.ca. Selected financial and operating information for the fourth quarter and year ended December 31, 2020 appear below and should be read in conjunction with the related financial statements
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Feb 25, 2021
Budget 2021: Economic growth fuels Alberta’s recovery | Budget 2021 : La croissance économique énergisera la relance de l Alberta
Budget 2021 outlines how Alberta’s government is making strategic investments in natural resources and the environment to prepare for economic recovery and create good jobs for thousands of Albertans.
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Agriculture and Forestry
Alberta’s government has set a target to attract $1.4 billion in investment, which will create more than 2,000 jobs in emerging sectors like hemp, agri-technology and value-added processing. The Government of Alberta is also contributing $245 million to an $815-million investment, in partnership with the Canada Infrastructure Bank and Alberta irrigation districts, to modernize irrigation district infrastructure to drive the expansion of Alberta’s irrigated land base.
Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include but is not limited to: Razor’s business strategy, objectives, strength and focus; the ability of the Company to achieve drilling success consistent with management’s expectations; and future development costs associated with oil and gas reserves. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated a
) costs of $4.78/boe, including technical revisions.
During 2020, the downturn in commodity prices necessitated suspension of capital development so there were no material reserves added from drilling.
Year-end 2020 estimated net present values of future net revenue before tax discounted at 10% (“NPV
10 BT”) for PDP, 1P and 2P reserves totaled $54.7 million, $107.4 million and $218.0 million, respectively.
Approximately 100% of PPR’s total estimated abandonment and reclamation obligations (ARO) is included in the 2020 reserves evaluation (2019 – approximately 79%).
Reserve life index
(1) was 4.7 years, 10.5 years and 16.0 years on a PDP, 1P and 2P basis, respectively.
Notes:
(1)
Finding & Development Costs and “Reserve Life Index” does not have a standardized meaning. See Cautionary Statements – Disclosure of Oil and Gas Reserves Data and Operational Information and Cautionary Statements – Reserve Life Index below
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