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Sterling Resources Files Executive Summaries of Reserves Reports and Discloses Contingent and Prospective Resources
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CALGARY, May 24, 2016
CALGARY, May 24, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") is pleased to advise that executive summaries of the reserves and resources evaluation reports for the Breagh and Cladhan fields in the UK North Sea as at December 31, 2015 have been filed on SEDAR. The executive summaries were prepared by the Company's independent reserves evaluator RPS Energy Canada Ltd. ("RPS") and are dated April 12, 2016. The reserves, resources and associated valuations in these executive summaries are consistent with the Statement of Reserves Data and Other Oil and Gas Information (form NI 51-101F1) filed on April 19, 2016 with an effective date of December 31, 2015 and included in the Company's Annual Information Form.
These executive summaries for Breagh and Cladhan respectively are also available on the Company's website.
The Company retained RPS to conduct an independent resource evaluation to assess Contingent and Prospective resources across the Company's operating regions of the UK and the Netherlands with an effective date of December 31, 2015. The resource assessments were prepared in accordance with the standards contained in the COGE Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") effective at the time thereof. A range of Contingent resources estimates (P90 (1C), P50 (2C) and P10 (3C)) and Prospective resources estimates (P90 (low), P50 (best) and P10 (high)) were prepared by RPS using probabilistic methods.
A summary of the Company's Contingent and Prospective resources as of December 31, 2015 contained in the Resources Reports are included in the following tables, with details provided in the attached appendix. Please consult the attached appendix for all relevant resource descriptions, qualifications, risks, contingencies and cautionary language in relation to the review and interpretation thereof.
Summary of Risked P50 Contingent Resources as of December 31, 2015
| | | TOTAL BOE(ii) | |||
| | | unrisked | risked | ||
| Resource sub-category | Gross (MMboe) | Net (MMboe) | Gross (MMboe) | Net (MMboe) | |
| | | | | | |
| Development Pending | | | | | |
| | Total | - | - | - | - |
| | | | | | |
| Development on hold | | | | | |
| | Total | - | - | - | - |
| | | | | | |
| Development Unclarified | | | | | |
| | Total(I) | 19.6 | 19.6 | 4.8 | 4.8 |
| | | | | | |
| Development not viable | | | | | |
| | Total | - | - | - | - |
| | | | | | |
| Total Corporation(i) | 19.6 | 19.6 | 4.8 | 4.8 | |
Summary of Risked Best Estimate Prospective Resources as of December 31, 2015
| | | TOTAL BOE(ii) | |||
| | | unrisked | risked | ||
| Resource sub-category | Gross | Net | Gross | Net | |
| | | | | | |
| Prospect | | | | | |
| | Total(i) | 47.1 | 47.1 | 2.6 | 2.6 |
| | | | | | |
| Lead | | | | | |
| | Total | - | - | - | - |
| | | | | | |
| Play | | | | | |
| | Total | - | - | - | - |
| | | | | | |
| Total Corporation(i) | 47.1 | 47.1 | 2.6 | 2.6 | |
| | |
| (i) | Total is an arithmetic summation of Risked P50 Contingent/Prospective resources, and includes both light and medium crude oil and conventional natural gas. Please see the attached appendix under Item A1 & A2 for further details as to the relative components of the total, both in terms of product type and field. Values may not add or be consistent with the attached appendix due to rounding. |
| (ii) | BOEs may be misleading, particularly if used in isolation. The BOE column is the sum of the light and medium oil, conventional natural gas and natural gas liquids columns with the conversion of gas to liquids using a BOE conversion ratio of 6 Mscf:1 bbl, based on an energy equivalency conversion method primarily applicable at the burner tip. This conversion does not represent a value equivalency at the wellhead. |
| | |
The Company's Annual Information Form (AIF) which provides the reserves reporting for the year ended December 31, 2015 can be found on the Company's profile on SEDAR at www.sedar.com or on the Company's website at www.sterling-resources.com.
Sterling is a Canadian listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom and the Netherlands. The common shares are listed and posted for trading on the TSX Venture Exchange (TSX-V) under the symbol "SLG".
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Filer Profile No. 00002072
Forward-Looking Statements
Statements relating to expected production, reserves and other resources, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the resources described can be profitably produced in the future. The resource estimates provided herein are estimates only and there is no assurance that the estimated resources will be recovered. Actual resources may be greater than or less than the estimates provided herein.
These forward-looking statements involve numerous assumptions made by RPS and by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.
Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.
Financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
Resources Advisory
Resource definitions, including those set out below, are as specified by NI 51-101, including by reference to CSA Staff Notice 51-324 – Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities and the COGE Handbook.
"Resources" are quantities of petroleum that are estimated to exist originally in naturally occurring accumulations, including the quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.
"Contingent resources" are defined as those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as "contingent resources" the estimated discovered recoverable quantities associated with a project in the early project stage.
"Prospective resources" are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations by application of future development projects. If discovered, they would be technically and economically viable to recover.
The above Contingent resources volumes under the heading "unrisked" have not been adjusted for the Chance of Development, while the Contingent resources volumes under the heading "risked" have been risk discounted for the Company's estimates of Chance of Development which involves assessing various risks based upon a number of assumptions and other factors. The Chance of Development is the probability that a resource, once it has been discovered, will ultimately be commercially developed. While the Company believes that such estimates and underlying assumptions are reasonable, many of these assumptions are beyond the Company's control, are subject to change and may not, over time, prove to be accurate. As a result, the actual level of various risks (including those currently identified and that may be identified in the future) could prove to be greater and the Chance of Development lower than currently estimated. Such differences could be material.
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