Crew Energy Inc.-Reports Significant 2009 Reserves Growth and Provides Operational Update
CALGARY, ALBERTA--(Marketwire - Feb. 23, 2010) - Crew Energy Inc. (TSX:CR) of Calgary, Alberta ("Crew" or the "Company") is pleased to provide an operational update and announce the results of its independent reserve evaluation for the year ended December 31, 2009 as prepared by GLJ Petroleum Consultants Ltd. ("GLJ").
2009 HIGHLIGHTS
- Achieved all in finding, development and acquisition costs of $9.68 per boe on proved plus probable reserves and $13.00 per boe on proved reserves (including future development costs and revisions).
- Proved plus probable reserves at December 31, 2009 increased by 11% to 65.7 million boe which is a 46% increase on a debt adjusted per share basis after the production of 5.1 million boe and the disposition of 4.2 million boe of proved plus probable reserves during 2009.
- Reserve replacement was 229% on proved plus probable reserves and 174% on proved reserves.
- The proved plus probable reserve life index (RLI) at December 31, 2009, based on fourth quarter average production, increased by 15% to 12.5 years from 10.9 years at December 31, 2008.
- Crew's production averaged 14,002 boe per day in 2009, a 21% increase over 2008. Production in the fourth quarter of 2009 averaged 14,470 boe per day representing an 11% increase over the third quarter of 2009 after a mid-fourth quarter disposition of 600 boe per day of production.
- December 2009 exit production per debt adjusted share increased 43% over December 2008 due to significant increases in production at Septimus, British Columbia and Princess, Alberta and a projected $73 million reduction in net debt.
- Crew's active drilling program resulted in an 87% increase in proved plus probable reserves at Princess, Alberta to 15.1 million boe and a 41% increase in proved plus probable reserves at Septimus, British Columbia to 21.6 million boe.
- Crew's net asset value per share at December 31, 2009 is estimated at $13.61 per diluted share supported by a 39% increase in oil and natural gas liquids reserves which offset a significant decline in the natural gas price forecast year over year.
OPERATIONS UPDATE
In 2009, Crew drilled 43 (36.1 net) wells with a 97% success rate. During the fourth quarter of 2009, Crew drilled 23 (21.3 net) wells with a 95% success rate. The majority of these wells were drilled at Princess, Alberta targeting the Company's Pekisko oil play. The program included six (6.0 net) horizontal oil wells, ten (10.0 net) vertical cased oil wells and one (1.0 net) horizontal water disposal well. Two (1.24 net) horizontal gas wells were drilled on the Company's natural gas resource play at Septimus, British Columbia. In addition, three (2.1 net) additional wells were drilled in Alberta resulting in two (1.1 net) gas wells and one (1.0 net) horizontal oil well.
In the fourth quarter, Crew reduced debt from third quarter levels through the disposition of approximately 600 boe per day of non-core production for approximately $25 million and the disposition of the Crew constructed Septimus gas plant to Aux Sable Canada for proceeds of approximately $19 million. As a result of the active fourth quarter capital program and the dispositions, Crew is pleased to report average 2009 production of 14,002 boe per day, exceeding the Company's guidance, and exit production (represented by December 2009 average production) of greater than 15,000 boe per day.
Positive Pekisko Drilling Results with Production up 136%
Crew is pleased to report the Pekisko drilling program continues to expand with the Company currently identifying over 470 drilling locations at Princess. Crew now has 11 horizontal wells that have been on production for in excess of 90 days which are currently producing an average of 240 boe per day per well. Current production at Princess is approximately 5,200 boe per day representing a 136% increase from the 2,200 boe per day that the property was producing when acquired in August 2008. Crew's 2009 Princess Pekisko drilling program was very successful adding in excess of 7 million boe of proved plus probable reserves and increasing the Princess proved plus probable reserves by 87% to 15.1 million barrels at a cost of $8.19 per boe. Crew has plans to drill up to 30 (30.0 net) horizontal wells at Princess in 2010 with 13 horizontal wells now planned in the first quarter of 2010.
Crew's operating costs at Princess are expected to continue their downward trend from $16.50 per boe when the property was acquired to the $10 per boe range in 2010. The majority of this reduction is attributed to successful drilling of horizontal disposal wells in the Devonian Cairn formation the last two of which each tested at disposal capacity of 9,000 barrels per day. Crew continues to expand and modify its existing infrastructure to facilitate the Pekisko production growth.
Septimus, British Columbia Montney Production up 350%
The Crew constructed 25 mmcf per day Septimus gas plant became operational on October 1, 2009 allowing the Company to increase sales volumes to a current level of approximately 18 mmcf per day with two more wells to place on production. Crew's Montney completion methods have continued to improve with the two most recent Septimus wells testing at a restricted average rate of 5.3 mmcf per day at a flowing pressure of approximately 2,000 psi.
In December, Crew completed the sale of the Septimus gas processing facility to Aux Sable Canada ("ASC") for the as built cost of approximately $19 million. Under the arrangement with ASC, Crew will operate the facility and retain an option to expand the facility to 50 mmcf per day and equalize into a 50% ownership position. ASC recently announced regulatory approval of a 20 inch pipeline connecting the Septimus gas plant to the Alliance pipeline. Completion of the project is expected in the second quarter of 2010 facilitating a significant (350 mmcf per day) increase in takeaway capacity from the greater Septimus area.
Crew has an active drilling program planned in British Columbia for the Montney at Septimus (development) and Portage (exploration) with nine (7.5 net) wells planned in 2010. With the new facility at Septimus, area operating costs are expected to be approximately $0.80 per mcf which represents a 60% reduction from levels prior to the facility's start-up. Crew's Montney liquids production is averaging over 24 bbls per mmcf which significantly enhances the economics of this play in the current natural gas environment.
Crew's 2009 Septimus drilling program was very successful increasing the property's proved plus probable reserves by 41% over 2008 to 21.6 million boe. At Septimus, reserves per previously booked section increased by 25% to average approximately 11 bcf per section. Only 13 net sections out of a total 215 net sections of the Company's Montney resource land exposure have been assigned reserves to the end of 2009.
2010 GUIDANCE
The Board of Directors of Crew has approved a net $120 million 2010 capital expenditure budget which is expected to incorporate the drilling of a minimum of 40 wells of which the majority will be horizontal wells targeting oil at Princess, Alberta. The $120 million budget is expected to approximate 2010 cash flow based on average production of between 15,500 to 15,750 boe per day with an exit 2010 production rate in excess of 17,000 boe per day. This forecast is based on a natural gas price of CDN$5.50 per mcf, an oil price of US$80 WTI per barrel, operating costs of $10.25 per boe and royalties of 23%.
HEDGING ACTIVITY
Crew has continued to pursue commodity hedges that will protect its capital program and balance sheet against volatile commodity prices. Currently the Company has hedged an average of 19.2 mmcf per day of 2010 natural gas at an average fixed price of approximately $6.22 per mcf. The Company also established Canadian dollar WTI oil price swaps or floors on an average of 2,460 bbl per day with a minimum price of approximately CDN $80 per bbl. These hedges represent protection on approximately 37% of the Company's
budgeted 2010 production.
LAND HOLDINGS
The Company has completed an internal evaluation of the fair market value of the Company's undeveloped land holdings as at December 31, 2009. This evaluation was completed principally using industry activity levels, third party transactions and land acquisitions that occurred in proximity to Crew's undeveloped lands during the past year. The Company has estimated the value of its net undeveloped acreage at $278 million. Of the total corporate undeveloped net acres, 64% or 375,000 net acres are situated in the Horn River Basin in British Columbia, the Montney resource play in British Columbia, the Pekisko play at Princess, Alberta and on the emerging Cardium oil trend in Alberta with an estimated assigned value for these lands of $261 million.
/T/
A summary of the Company's land holdings at December 31, 2009 is outlined
below:
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(acres) Developed Undeveloped Total
Gross Net Gross Net Gross Net
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Alberta 360,777 201,749 455,582 384,575 816,359 586,323
British Columbia 110,756 49,389 222,757 163,372 333,512 212,760
Other 1,448 406 377,321 37,785 378,768 38,191
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Total 472,981 251,544 1,055,660 585,732 1,528,639 837,274
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/T/
RESERVES
The reserves data set forth below is based upon an independent reserves assessment and evaluation prepared by GLJ with an effective date of December 31, 2009 (the "GLJ Report"). The following presentation summarizes the Company's crude oil, natural gas liquids and natural gas reserves and the net present values before income tax of future net revenue for the Company's reserves using forecast prices and costs based on the GLJ Report. The GLJ Report has been prepared in accordance with the standards contained in the COGE Handbook and the reserve definitions contained in NI 51-101.
All evaluations and reviews of future net cash flows 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. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
See "Information Regarding Disclosure on Oil and Gas Reserves and Operational Information" for additional cautionary language, explanations and discussions and "Forward Looking Information and Statements" for a statement of principal assumptions and risks that may apply.
Reserves Summary
The Company's total proved plus probable reserves increased by 11% in 2009 to 65.7 MMboe and proved reserves increased by 11% to 39.7 MMboe. These increases were realized even though the Company produced 5.1 MMboe during the year and sold 4.2 MMboe of proved plus probable reserves and 2.8 MMboe of proved reserves to improve the Company's balance sheet.
The following table provides summary reserve information based upon the GLJ Report and using the published GLJ (2010-01) price forecast.
/T/
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Natural gas Barrels of oil
Oil (1) liquids Natural gas(2) equivalent
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Comp Comp Comp Comp
Int. Net Int. Net Int. Net Int. Net
(3) (4) (3) (4) (3) (4) (3) (4)
(Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mmcf) (Mmcf) (Mboe) (Mboe)
Proved
Producing 4,061 3,181 2,471 1,764 87,829 71,569 21,171 16,873
Non-producing 262 204 349 256 18,335 14,533 3,667 2,882
Undeveloped 2,644 2,093 1,394 1,119 64,833 50,287 14,844 11,594
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Total proved 6,968 5,478 4,214 3,139 170,997 136,389 39,681 31,348
Probable 8,258 6,331 2,436 1,830 92,191 72,862 26,059 20,305
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Total proved
Plus probable 15,226 11,809 6,650 4,969 263,187 209,251 65,741 51,653
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Notes:
(1) Includes 362 mbbl of proved and 489 mbbl of proved plus probable company
interest heavy oil reserves that were previously classified under
NI 51-101 as light/medium oil reserves. As a result of changes
implemented under Alberta's New Royalty Framework (NRF) regarding the
classification of heavy oil for royalty purposes, NI 51-101 as of
January 1, 2009 required the classification of these reserves as Heavy
Oil. For the purpose of the press release the Company has determined
that these amounts are not material for separate disclosure.
(2) Includes 9.1 bcf of proved and 15.5 bcf of proved plus probable company
interest coal bed methane natural gas reserves. For the purpose of the
press release the Company has determined that these amounts are not
material for separate disclosure.
(3) "Comp Int." reserves means Crew's working interest (operating and non-
operating) share before deduction of royalties and including any
royalty interest of the Company.
(4) "Net" reserves means Crew's working interest (operated and non-operated)
share after deduction of royalty obligations, plus Crew's royalty
interest in reserves.
(5) Oil equivalent amounts have been calculated using a conversion rate of
six thousand cubic feet of natural gas to one barrel of oil.
(6) May not add due to rounding.
/T/
Reserves Values
The estimated before tax future net revenues associated with Crew's reserves effective December 31, 2009 and based on the published GLJ (2010 - 01) future price forecast are summarized in the following table:
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(MM$) 0% 5% 10% 15% 20%
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Proved
Producing 584,390 469,373 396,421 345,916 308,730
Non-producing 86,721 70,540 58,774 49,947 43,151
Undeveloped 355,899 244,932 179,576 137,131 107,728
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Total proved 1,027,010 784,845 634,772 532,995 459,609
Probable 893,375 536,165 364,465 267,473 206,449
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Total proved plus
probable 1,920,386 1,321,010 999,236 800,468 666,058
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Notes:
(1) The estimated future net revenues are stated before deducting future
estimated site restoration costs and are reduced for estimated future
abandonment costs and estimated capital for future development
associated with the reserves.
(2) May not add due to rounding.
Price Forecast
The GLJ (2010-01) price forecast is summarized as follows:
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Edmonton Bow River Natural
$US/$Cdn light med. crude gas at
Exchange WTI @ crude oil at AECO/NIT Westcoast
Year Rate Cushing oil Hardisty spot Station 2
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(US$/bbl) (C$/bbl) (C$/bbl) (C$/MMbtu) (C$/MMbtu)
2010 0.95 80.00 83.26 71.61 5.96 5.76
2011 0.95 83.00 86.42 72.59 6.79 6.59
2012 0.95 86.00 89.58 73.45 6.89 6.69
2013 0.95 89.00 92.74 74.19 6.95 6.75
2014 0.95 92.00 95.90 76.72 7.05 6.85
2015 0.95 93.84 97.84 78.27 7.16 6.96
2016 0.95 95.72 99.81 79.85 7.42 7.22
2017 0.95 97.64 101.83 81.46 7.95 7.75
2018 0.95 99.59 103.88 83.11 8.52 8.32
2019 0.95 101.58 105.98 84.78 8.69 8.49
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2020 + 0.950 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
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Notes:
(1) Inflation is accounted for at 2.0% per year.
/T/
Reserves Reconciliation
The following summary reconciliation of Crew's Company Interest reserves compares changes in the Company's reserves as at December 31, 2009 to the reserves as at December 31, 2008 based on the GLJ (2010-01) future price forecast.
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Total Proved
Proved Total plus
Producing Proved Probable
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(Mboe) (Mboe) (Mboe)
Balance December 31, 2008 23,491 35,898 59,124
Technical revisions 906 1,035 (804)
Drilling extensions 1,668 7,823 14,215
Infill drilling 323 2,643 2,467
Extensions and improved recoveries 2,430 163 75
Dispositions (2,536) (2,769) (4,226)
Production (5,111) (5,111) (5,111)
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Balance December 31, 2009 21,171 39,681 65,741
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Notes:
(1) "Company Interest" reserves means, Crew's working interest (operating
and non-operating) share before deduction of royalties and including
any royalty interest of the Company.
(2) May not add due to rounding
/T/
Capital Program Efficiency
The efficiency of the Company's capital program for the year ended December 31, 2009 is summarized below.
/T/
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Three Year Average
2009 2008 2007-2009
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Proved Proved Proved
plus plus plus
Proved Probable Proved Probable Proved Probable
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Exploration and
Development expenditures
($ thousands)
(notes 5 & 6) 109,511 109,511 191,677 191,677 403,280 403,280
Acquisitions/
(Dispositions)
($ thousands)
(notes 3, 5 & 6) (59,637) (59,637) 312,446 312,446 389,494 389,494
Change in future
development capital
($ thousands)
-Exploration and
Development 66,341 67,800 56,303 102,613 118,685 158,375
-Acquisitions/
Dispositions (600) (4,170) 20,898 27,789 30,048 39,064
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Reserves additions
after revisions (Mboe)
-Exploration and
Development (note 7) 11,663 15,953 8,416 16,774 24,128 37,340
-Acquisitions/
Dispositions (2,769) (4,226) 9,102 13,104 14,740 19,821
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8,894 11,727 17,518 29,878 38,868 57,161
Finding & Development
Costs ($/boe)
(notes 1 & 2) 16.55 10.58 28.24 15.64 22.25 13.51
Finding, Development &
Acquisition Costs
($/boe) (note 4)
Exploration and
development 15.08 11.11 29.47 17.54 21.63 15.04
Acquisitions/
Dispositions 21.75 15.10 36.62 25.96 28.46 21.62
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Total F,D&A 13.00 9.68 33.18 21.24 24.22 17.32
Reserves Replacement
Ratio 174% 229% 412% 703% 310% 456%
Reserve Life Index
based on fourth quarter
production (years) 7.5 12.5 6.6 10.9
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Notes:
(1) 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 reserve additions for that year.
(2) Calculation does not include technical revisions.
(3) The acquisition costs related to corporate acquisitions reflect the
consideration paid for the shares acquired plus the net debt assumed,
both valued at closing and does not reflect the fair market value
allocated to the acquired oil and gas assets under Generally Accepted
Accounting Principles.
(4) Calculation includes reserve revisions and changes in future development
costs. Crew also calculates finding, development and acquisition
("FD&A") costs which incorporate both the costs and associated reserve
additions related to acquisitions net of any dispositions during the
year. Since acquisitions can have a significant impact on Crew's annual
reserve replacement costs, the Company believes that FD&A costs provide
a more meaningful portrayal of Crew's cost structure.
(5) 2009 figures include information based on estimated unaudited financial
results that may change on the completion of the audited financial
statements.
(6) Exploration and development expenditures exclude approximately $19
million incurred in 2009 to construct the Septimus gas processing
facility as this facility was sold for its cost of construction in 2009.
(7) Change in future development capital includes Alberta Drilling Credits
to be earned on future drilling totalling $3.7 million for proved
reserves and $5.6 million for proved plus probable reserves.
/T/
Net Asset Value
The following table provides a calculation of Crew's estimated net asset value at December 31, 2009 based on the estimated future net revenues associated with Crew's proved plus probable reserves before income tax and discounted at 10% as presented in the GLJ Report and including Crew's internal assessment of undeveloped land values.
/T/
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($ thousands)
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Proved plus probable reserves -- discounted at 10% 999,236
Undeveloped Land (note 1) 278,000
Bank debt as at December 31, 2009 (note 2) (135,600)
Estimated working capital deficiency as at December 31, 2009
(notes 2&3) (46,600)
Proceeds from dilutive stock options 44,200
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Net asset value 1,139,236
Diluted Common shares outstanding (thousands) 83,685
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Net asset value per share $ 13.61
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Notes:
(1) Internally estimated value (see "Land Holdings")
(2) Figures include information based on unaudited financial results that
may change.
(3) Working capital deficiency includes an estimate of the Company's
accounts receivable less accounts payable and accrued liabilities as at
December 31, 2009.
/T/
OUTLOOK
One year ago we were mired in one of the worst recessions in decades. The environment has improved dramatically with the world's economy and banking systems generally stabilizing and moving into the early stages of a recovery. Commodity prices have rebounded with oil leading the group, however natural gas prices remain depressed due to an oversupplied market. Crew intends to focus its capital investments on projects that have the ability to provide the best returns on capital in the current commodity price environment. The Company's priorities in 2010 are:
- Maintain a strong, flexible balance sheet enabling the Company to increase exploration and development expenditures or increase its resource focus through acquisitions.
- Continue to improve operating efficiencies through an improved cost structure.
- Continue to actively hedge to protect our balance sheet and capital program.
- Continue to grow the Company's production and reserves on a debt adjusted per share basis.
- Continue to build and validate the potential on the Company's resource focused assets.
On behalf of the Board of Directors, Management and staff, I would like to thank our shareholders for their support. We strongly believe Crew is in a unique position to capture significant value in its portfolio of oil and natural gas resource plays in 2010 and beyond.
CAUTIONARY STATEMENTS
Unaudited financial information
Certain financial and operating information included in this press release for the quarter and year ended December 31, 2009, such as finding and development costs, production information and net asset value, are based on estimated unaudited financial results for the quarter and year then ended, and are subject to the same limitations as discussed under Forward Looking Information set out below. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2009 and changes could be material.
Information Regarding Disclosure on Oil and Gas Reserves and Operational
Information
In accordance with Canadian practice, production volumes are reported on a company gross basis, before deduction of Crown and other royalties, unless otherwise stated. Unless otherwise specified, all reserve volumes in this news release and all information derived therefrom are based on "company interest reserves" using forecast prices and costs. "Company interest reserves" consist of "company gross reserves" (as defined in National Instrument 51-101 adopted by the Canadian Securities Regulators ("NI 51-101")) plus Crew's royalty interests in reserves. "Company interest reserves" are not a measure defined in NI 51-101 and does not have a standardized meaning under NI 51-101. Accordingly our Company interest reserves may not be comparable to reserves presented or disclosed by other issuers. Our oil and gas reserves statement for the year ended December 31, 2009, which will include complete disclosure of our oil and gas reserves and other oil and gas information in accordance with NI 51-101, will be contained within our Annual Information Form which will be available on our SEDAR profile at www.sedar.com. In relation to the disclosure of estimates in the operations update discussion, such estimates for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.
In relation to the disclosure of net asset value ("NAV"), the NAV table shows what is normally referred to as a "produce-out" NAV calculation under which the current value of the Company's reserves would be produced at forecast future prices and costs and do not necessarily represent a "going concern" value of the Company. The value is a snapshot in time and is based on various assumptions including commodity prices and foreign exchange rates that vary over time. It should not be assumed that the future net revenues estimated by GLJ represent the fair market value of the reserves, nor should it be assumed that Crew's internally estimated value of its undeveloped land holdings represent the fair market value of the lands.
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" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the following: the volumes and estimated value of Crew's oil and gas reserves; the life of Crew's reserves; the volume and product mix of Crew's oil and gas production; future oil and natural gas prices and Crew's commodity risk management programs; future liquidity and financial capacity; future results from operations and operating metrics; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future hedging activities; future development, exploration, acquisition and development activities and related capital expenditures; the number of wells to be drilled and completed and related production expectations; the amount and timing of capital projects; the completion of the Septimus pipeline and takeaway capacity; operating costs; the total future capital associated with development of reserves and resources; and forecast reductions in operating expenses.
The recovery and reserve estimates of Crew's reserves and resources provided herein are estimates only and there is no guarantee that the estimated reserves or resources with be recovered. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Crew which have been used to develop such statements and information but which may prove to be incorrect. Although Crew believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Crew can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities consistent with past operations; the continued and timely development of infrastructure in areas of new production; continued availability of debt and equity financing and cash flow to fund Crew's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Crew operates; the timely receipt of any required regulatory approvals; the ability of Crew to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Crew has an interest in to operate the field in a safe, efficient and effective manner; the ability of Crew to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Crew to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Crew operates; and the ability of Crew to successfully market its oil and natural gas products.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statement, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Crew's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Crew or by third party operators of Crew's properties, increased debt levels or debt service requirements; inaccurate estimation of Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Crew's public disclosure documents, (including, without limitation, those risks identified in this news release and Crew's Annual Information Form).
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Crew does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOE equivalent
Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Crew is a Calgary, Alberta based oil and gas exploration, development and production company whose shares are traded on The Toronto Stock Exchange under the trading symbol "CR".
Crew Energy Inc.
Dale Shwed
President and C.E.O.
(403) 231-8850
or
Crew Energy Inc.
John Leach
Senior Vice President and C.F.O.
(403) 231-8859
www.crewenergy.com
