Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DLKRF) (FSE:
A1U1) (
the “Company” or “Decklar”)
announces the results of independent reserve evaluations of the
Asaramatoru field reserves effective October 31, 2021. The
Company’s share of reserves relates to the Risk Finance and
Technical Services Agreement (“RFTSA”) with respect to the 51% of
the Asaramatoru Field owned by Prime Exploration and Production
Limited (“Prime”). Advanced commercial discussions with the owners
of the remaining 49% to extend the RFTSA to include their share of
the field are ongoing.
October 31, 2021 Reserve Highlights of Decklar’s
Interest:
- Decklar’s total gross proved
(“1P”) oil reserves in the Asaramatoru field
totaled approximately 4.1 million barrels of oil (“bbls”);
- Decklar’s total gross proved plus
probable (“2P”) oil reserves in the Asaramatoru
field totaled approximately 6.5 million bbls;
- Decklar’s total gross proved plus
probable plus possible (“3P”) oil reserves in the
Asaramatoru field totaled approximately 9.7 million bbls;
The 1P, 2P and 3P reserves figures provided
above have been calculated in compliance with Canadian National
Instrument 51-101 – Standards of Disclosure for Oil and Gas
Activities (“NI 51- 101”) and the Canadian Oil and
Gas Evaluation Handbook (“COGEH”).
The October 31, 2021 reserves evaluation report
for the Asaramatoru field was prepared by McDaniel & Associates
(the “Oct 2021 McDaniel Report”).
Duncan Blount, CEO of Decklar Resources, Inc.,
said “We are very pleased with the Asaramatoru reserve report and
the addition of the Asaramatoru field RFTSA to Decklar's project
portfolio in Nigeria. In 2022, Decklar and our co-venturers will be
focused on operations to resume production and grow reserves
through development and appraisal drilling and reservoir management
in the Asaramatoru field.”
The following table summarizes Decklar’s gross
and net after royalty reserves for the Asaramatoru field as of
October 31, 2021.
Summary of Oil and Gas
ReservesUsing Forecast Prices and
Costs
Light and Medium Oil |
Decklar Gross Reserves(1)(3) |
Decklar Net |
|
10/31/21 |
Reserves(1)(3) |
|
(mmbbl) |
10/31/21 |
|
|
(mmbbl) |
Reserves Category(4) |
Asaramatoru |
|
Asaramatoru |
|
|
|
|
|
|
Proved |
|
|
|
|
Developed Producing |
- |
|
- |
|
Developed Non-Producing |
1.53 |
|
1.45 |
|
Undeveloped |
2.85 |
|
2.68 |
|
Total Proved |
4.38 |
|
4.13 |
|
Total Probable |
2.57 |
|
2.36 |
|
Total Proved plus Probable |
6.95 |
|
6.49 |
|
Total Possible (6) |
3.38 |
|
3.18 |
|
Total Proved plus Probable plus Possible (6) |
10.33 |
|
9.67 |
|
Notes: |
(1) |
The information contained herein for the Asaramatoru field has been
derived from a reserve report dated November 2021 (effective as of
October 31, 2021) prepared by McDaniel & Associates
(“McDaniel”). |
(2) |
The information contained herein for the Asaramatoru field has been
derived from a reserve report dated November 2021 (effective as of
October 31, 2021) prepared by McDaniel. |
(3) |
Gross Reserves means Decklar’s working interest share of total
field reserves after deducting reserves volumes owned by others but
before deducting reserves attributable to government and third
party royalties and income taxes or their equivalent. Net Reserves
means Decklar’s working interest share of total field reserves
after deducting reserves volumes owned by others and after
deducting reserves attributable to government and third party
royalties but before income taxes or their equivalent. |
(4) |
All reserves definitions utilized herein are as set out in the
COGEH. |
(5) |
As at October 31, 2021, Decklar holds a participation interest in
the Asaramatoru field with respect to the 51% owned by Prime. |
(6) |
Possible reserves are those additional reserves that are less
certain to be recovered than probable reserves. There is a 10%
probability that the quantities actually recovered will equal or
exceed the sum of proved plus probable plus possible reserves. |
(7) |
The estimates of reserves for individual properties may not reflect
the same confidence level as estimates of reserves for all
properties, due to the effects of aggregation. |
(8) |
Due to rounding, certain columns may not add exactly. |
For further information: |
|
Duncan T. Blount |
Chief Executive Officer |
Telephone: +1 305 890 6516 |
Email: dblount@decklarresources.com |
|
David Halpin |
Chief Financial Officer |
Telephone: +1 403 816 3029 |
Email: david.halpin@decklarresources.com |
|
Investor Relations: info@decklarresources.com |
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Language
Information Regarding Reserves and Net Present
Value of Future Net Revenues
All information contained in this press release
regarding reserves and the net present value of future net revenue
has been derived from the independent reserves report prepared by
McDaniel and Associates which has an effective date of October 31,
2021.
Certain statements made and information
contained herein constitute “forward-looking information” (within
the meaning of applicable Canadian securities legislation),
including extending the RFTSA to cover the remaining 49% of the
Asaramatoru Field (the “Transaction”). All statements in this news
release, other than statements of historical facts, are
forward-looking statements. Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities. There is no certainty that definitive agreements in
respect of the Transaction will be entered into, or that any
conditions precedent contained therein will be satisfied on terms
satisfactory to the parties or at all.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
The Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
Statements relating to "reserves" and
"resources" are 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 and that the reserves can be profitably
produced in the future. Actual reserve values may be greater than
or less than the estimates provided herein.
There are numerous uncertainties inherent in
estimating quantities of crude oil reserves. The reserve
information set forth herein are estimates only. In general,
estimates of economically recoverable crude oil reserves are based
upon a number of variable factors and assumptions, such as
historical production from the properties, production rates,
ultimate reserve recovery, timing and amount of capital
expenditures, marketability of oil and natural gas, royalty rates,
the assumed effects of regulation by governmental agencies and
future operating costs, all of which may vary materially. For these
reasons, estimates of the economically recoverable crude oil
reserves attributable to any particular group of properties,
classification of such reserves based on risk of recovery and
estimates of future net revenues associated with reserves prepared
by different engineers, or by the same engineers at different
times, may vary. Decklar's actual production, revenues, taxes and
development and operating expenditures with respect to its reserves
will vary from estimates thereof and such variations could be
material. Therefore, Decklar's actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking estimates and if such actual
results, performance or achievements transpire or occur, or if any
of them do so, there can be no certainty as to what benefits
Decklar will derive therefrom.
The Company provides no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated
events, except as may be required under applicable securities
laws.
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