Crew Energy Inc. (TSX:CR) of Calgary, Alberta ("Crew" or the "Company") is
pleased to announce the results of its independent reserve evaluation for the
year ended December 31, 2013 as prepared by Sproule Associates Ltd. ("Sproule").
2013 HIGHLIGHTS
-- Achieved finding and development ("F&D") costs of $9.05 per boe on
proved plus probable reserves, including changes in future development
capital, resulting in a recycle ratio of 2.4 times;
-- Achieved all-in finding, development and acquisition ("FD&A") costs of
$9.65 per boe on proved plus probable reserves, including changes in
future development capital, resulting in a recycle ratio of 2.3 times;
-- Proved reserves increased 35% to 115.2 mmboe after production of 10.0
mmboe and net acquisitions of 2.4 mmboe. Proved reserves per share also
increased 35%;
-- Proved plus probable reserves increased 29% to 197.3 mmboe after
production of 10.0 mmboe and net acquisitions of 6.2 mmboe. Proved plus
probable reserves per share increased 28%;
-- Generated a proved plus probable reserve replacement ratio on production
of 543% and a proved reserve replacement ratio on production of 401%;
-- Crew's Septimus Montney program achieved F&D costs of $6.38 per boe on
proved plus probable reserves, including changes in future development
capital resulting in a recycle ratio of 3.1 times;
-- Proved plus probable reserves at Crew's Septimus Montney property
increased 82% year over year. Average proved plus probable undeveloped
Montney natural gas reserves increased to 4.3 bcf per well from 3.2 bcf
per well in 2012 and 2.6 bcf per well in 2011;
-- Proved plus probable reserves at Crew's Lloydminster property increased
18% over 2012 as a result of a successful 2013 drilling and recompletion
program;
-- Crew's net asset value increased 17% over 2012 to $13.99 per share
(reserves net present value discounted at 10%).
-- Crew achieved its targeted exit production range with December 2013
production averaging 29,300 boe per day while fourth quarter production
averaged 28,682 boe per day.
RESERVES
The reserves data set forth below is based upon an independent reserves
assessment and evaluation prepared by Sproule with an effective date of December
31, 2013 (the "Sproule 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 Sproule Report. The
Sproule Report has been prepared in accordance with definitions, standards, and
procedures contained in the COGE Handbook and NI 51-101. The reserves evaluation
was based on Sproule forecast escalated pricing and foreign exchange rates at
December 31, 2013 as outlined in the table herein entitled "Price Forecast".
All evaluations and summaries of future net revenue 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.
Reserves included herein are stated on a company gross basis (working interest
before deduction of royalties without including any royalty interests) unless
noted otherwise. In addition to the detailed information disclosed in this news
release, more detailed information will be included in the Company's Annual
Information Form (the "AIF") which will be filed on the Company's profile at
www.sedar.com in March 2014.
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
In 2013, the Company's total proved plus probable reserves increased to 197.3
mmboe while proved reserves increased to 115.2 mmboe. The year over year growth
in proved plus probable reserves of 29% was achieved after 10.0 mmboe of 2013
production. Of the increase in proved plus probable reserves, pool extensions
and improved recoveries accounted for 25.6 mmboe which was concentrated at
Crew's Septimus Montney property in northeast British Columbia. In the Sproule
Report, approximately 298 undeveloped locations are booked in Crew's four core
areas out of an inventory of over 2,500 potential drilling locations.
Northeast British Columbia Montney
At Crew's Septimus Montney property, proved plus probable reserves increased 82%
to 84.7 mmboe. The majority of this increase occurred in the proved producing
category recognizing better type well performance as a result of improved
completion techniques and infrastructure enhancements. At Septimus, average
proved plus probable undeveloped Montney reserves increased to 4.3 bcf per well
from 3.2 bcf per well in 2012 and 2.6 bcf per well in 2011. Crew currently has
69 undeveloped locations booked at Septimus at an average proved plus probable
reserve booking of 772 mboe per location (15% ngls), with 52 of those locations
booked in the proved undeveloped category. The Company plans on drilling 14 net
wells targeting liquids rich natural gas in northeast British Columbia in 2014.
At Tower, Crew drilled one well in 2013 and has booked proved plus probable
reserves per well of 155 mboe (60% liquids) from six (4.6 net) locations.
Evolving drilling and completion practices continue to improve the estimated
ultimate recoveries of this play. The Company has over 130 sections of land
that are prospective for Montney oil production.
Deep Basin, Alberta
Proved plus probable reserves are unchanged after accounting for production.
Crew plans to drill one Falher well in 2014 while the well drilled in 2012
continues to produce at over 10 mmcf per day surpassing the previously booked
type curve. The Company has 98 undeveloped Cardium locations booked in this
area.
Princess, Alberta
Proved plus probable reserves decreased 5% to 22.7 mmboe after accounting for
production. The Company's limited 2013 capital spending at Princess was focused
on waterflood optimization in the Pekisko and drilling on Crew's developing
Mannville play. Crew currently has 40 undeveloped locations booked at Princess
with 22 of those locations booked in the Mannville. The average undeveloped
proved plus probable reserve booking in the Mannville oil play is 95 mboe per
well. Crew plans to drill 16 net wells targeting Mannville oil in 2014.
Lloydminster, Alberta/Saskatchewan
Proved plus probable reserves increased 18% to 12,452 mboe, reflecting the
successful 2013 drilling and recompletion program. Crew currently has 62
undeveloped locations booked at Lloydminster with 22 of those locations
horizontal. The average undeveloped proved plus probable horizontal booking is
61 mbbls per location with vertical undeveloped proved plus probable reserve
booking at 42 mbbls per location. Crew plans to drill 14 net horizontal and 11
net vertical wells at Lloydminster in 2014.
The following table provides summary reserve information based upon the Sproule
Report and using the published Sproule (2013-12-31) price forecast.
----------------------------------------------------------------------------
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Natural Gas Natural Barrels of oil
Oil (3) Liquids gas equivalent(2)
----------------------------------------------------------------------------
Gross(1) Gross(1) Gross(1) Gross(1)
(mbbl) (mbbl) (mmcf) (mboe)
----------------------------------------------------------------------------
Proved
Producing 10,015 6,185 165,775 43,829
Non-producing 2,410 181 4,733 3,379
Undeveloped 7,566 11,790 291,966 68,017
----------------------------------------------------------------------------
Total proved 19,990 18,155 462,474 115,224
Probable 14,430 13,195 326,722 82,078
----------------------------------------------------------------------------
Total proved plus probable 34,420 31,350 789,198 197,302
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) "Gross" reserves means Crew's working interest (operating and non-
operating) share before deduction of royalties and without including any
royalty interest of the Company.
(2) Oil equivalent amounts have been calculated using a conversion rate of
six thousand cubic feet of natural gas to one barrel of oil.
(3) Includes light, medium, and heavy oil. See the Company's AIF for
detailed product type categorization.
(4) May not add due to rounding.
Reserves Values
The estimated before tax future net revenues associated with Crew's reserves
effective December 31, 2013 and based on the Sproule Report and the published
Sproule (2013-12-31) future price forecast are summarized in the following
table:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(MM$) 0% 5% 10% 15% 20%
----------------------------------------------------------------------------
Proved
Producing 932,722 749,116 633,020 553,488 495,649
Non-producing 102,317 80,409 65,937 55,769 48,281
Undeveloped 1,095,908 647,576 406,710 264,723 174,885
-------------------------------------------------------
Total proved 2,130,947 1,477,102 1,105,668 873,980 718,816
Probable 2,064,605 1,116,771 712,425 500,738 373,551
-------------------------------------------------------
Total proved plus
probable 4,195,552 2,593,873 1,818,094 1,374,718 1,092,367
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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) See the Company's AIF for the after-tax present values of future net
revenue attributed to Crew's reserves.
(3) May not add due to rounding.
Price Forecast
The Sproule (2013-12-31) price forecast is summarized as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$US/$Cdn Edmonton Western Natural gas
Year Exchange WTI @ light Canada AECO/NIT Westcoast
Rate Cushing crude oil Select spot Station 2
----------------------------------------------------------------------------
(US$/bbl) (C$/bbl) (C$/bbl) (C$/mmbtu) (C$/mmbtu)
2014 0.940 94.65 92.64 77.81 4.00 3.95
2015 0.940 88.37 89.31 75.02 3.99 3.94
2016 0.940 84.25 89.63 75.29 4.00 3.95
2017 0.940 95.52 101.62 85.36 4.93 4.88
2018 0.940 96.96 103.14 86.64 5.01 4.96
2019 0.940 98.41 104.69 87.94 5.09 5.04
2020 0.940 99.89 106.26 89.26 5.18 5.13
2021 0.940 101.38 107.86 90.60 5.26 5.21
2022 0.940 102.91 109.47 91.96 5.35 5.30
2023 0.940 104.45 111.12 93.34 5.43 5.38
2024 0.940 106.02 112.78 94.74 5.52 5.47
2025 + 0.940 1.5%/yr 1.5%/yr 1.5%/yr 1.5%/yr 1.5%/yr
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) Inflation is accounted for at 1.5% per year.
Reserves Reconciliation
The following summary reconciliation of Crew's gross reserves compares changes
in the Company's reserves as at December 31, 2013 to the reserves as at December
31, 2012 based on the Sproule (2013-12-31) future price forecast.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Oil
Oil NGL's Natural Gas Equivalent
TOTAL PROVED (mbbls) (1) (mbbls) (mmcf) (mboe)
----------------------------------------------------------------------------
Opening Balance 20,617 14,483 299,922 85,087
Extensions & Improved
Recovery 2,601 841 47,372 11,337
Infill Drilling 1,008 1,388 84,175 16,425
Technical Revisions (441) 2,074 52,366 10,361
Acquisitions 0 556 14,785 3,020
Dispositions (68) (102) (2,625) (608)
Economic Factors 78 (1) (2,790) (387)
Production (3,805) (1,084) (30,731) (10,011)
----------------------------------------------------------------------------
Closing Balance 19,990 18,155 462,474 115,224
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Oil
Oil NGL's Natural Gas Equivalent
PROVED PLUS PROBABLE (mbbls) (1) (mbbls) (mmcf) (mboe)
----------------------------------------------------------------------------
Opening Balance 34,691 25,794 554,945 152,976
Extensions & Improved
Recovery 4,519 2,462 111,933 25,636
Infill Drilling 1,849 2,027 123,148 24,401
Technical Revisions (2,800) 939 (1,631) (2,132)
Acquisitions 0 1,393 37,003 7,560
Dispositions (166) (202) (5,872) (1,347)
Economic Factors 132 20 403 219
Production (3,805) (1,084) (30,731) (10,011)
----------------------------------------------------------------------------
Closing Balance 34,420 31,349 789,198 197,302
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) Includes light, medium, and heavy oil. See the Company's AIF for
detailed product type categorization.
(2) May not add due to rounding
Capital Program Efficiency
During 2013, Crew's capital expenditures (unaudited), net of acquisitions and
dispositions, resulted in proved plus probable reserve additions of 54.3 mmboe
at a net FD&A cost of $9.65 per boe including changes in future development
capital ("FDC"). Proved reserve additions in 2013 were 40.1 mmboe which were
added at a net FD&A cost of $12.28 per boe including changes in FDC.
The efficiency of the Company's capital program for the year ended December 31,
2013 and historical comparatives are summarized below.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Year
2013 2012 2013-2011
----------------------------------------------------------------------------
Proved Proved Proved
plus plus plus
Proved Probable Proved Probable Proved Probable
----------------------------------------------------------------------------
Exploration and
Development
expenditures(2)
($ thousands) 220,034 220,034 258,791 258,791 854,699 854,699
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Acquisitions/
(Dispositions) (1)
($ thousands) 40,218 40,218 (96,557) (96,557) 485,988 485,988
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Change in future
development capital
(2) ($ thousands)
- Exploration and
Development 211,741 215,403 167,932 168,815 421,667 561,083
- Acquisitions/
Dispositions 21,101 48,815 (34,940)(119,180) 94,177 136,760
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reserves additions with
revisions and economic
factors (Mboe)
- Exploration and
Development 37,736 48,124 22,777 36,504 77,902 115,534
- Acquisitions/
Dispositions 2,412 6,213 (3,090) (10,579) 20,272 35,624
----------------------------------------------------------------------------
40,148 54,337 19,687 25,925 98,174 151,158
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Finding & Development
Costs(2 & 3)($/boe)
- with revisions and
economic factors 11.44 9.05 18.73 11.71 16.27 12.25
Finding, Development &
Acquisition Costs (3 &
4) ($/boe)
- with revisions and
economic factors 12.28 9.65 15.00 8.17 18.82 13.49
Recycle Ratio(5)
(F,D,&A) 1.8 2.3 1.5 2.7
Reserves Replacement 401% 543% 193% 254%
Reserve Life Index
based on annualized
2013 fourth quarter
production (years) 11.0 18.9 8.6 15.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Acquisition costs related to the 2011 corporate acquisition of Caltex
reflects 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
International Financial Reporting Standards ("IFRS"). Acquisition costs
in 2013 related to the announced Montney acreage acquisition referenced
in the July 9, 2013 press release.
(2) 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.
(3) Calculation includes changes in future development costs.
(4) Crew calculates FD&A costs which incorporate both the costs and
associated reserve additions related to acquisitions net of any
dispositions during the year. Since acquisitions and divestitures have
had a significant impact on Crew's annual reserve replacement costs, the
Company believes that FD&A costs provide a meaningful portrayal of
Crew's cost structure.
(5) The 2013 recycle ratio is calculated using the Company's Q4 2013
operating net back of $22.12 per boe (unaudited) which includes
commodity related hedging gains and losses for the quarter.
Future Development Capital
The following table provides a summary of future development capital based upon
the Sproule Report.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Total Proved
Future Development Capital ($thousands) Proved + Probable
----------------------------------------------------------------------------
2014 141,312 183,702
2015 118,176 233,412
2016 155,716 228,795
2017 136,566 178,547
2018 33,910 33,979
Remainder 100,926 136,865
----------------------------------------------------------------------------
Total undiscounted 686,606 995,300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Asset Value
The following table provides a calculation of Crew's estimated net asset value
at December 31, 2013 based on the estimated future net revenues associated with
Crew's proved plus probable reserves before income tax as presented in the
Sproule Report and including Crew's internal assessment of undeveloped land
values.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
5% 10%
Discount Discount
----------------------------------------------------------------------------
($ thousands)
Proved plus probable reserves 2,593,873 1,818,094
Undeveloped Land (1) 297,330 297,330
Long-term debt as at December 31, 2013 (2) (343,311) (343,311)
Estimated working capital deficiency as at December 31,
2013 (2&3) (40,103) (40,103)
Proceeds from dilutive stock options 15,035 15,035
----------------------------------------------------------------------------
Net asset value 2,522,824 1,747,045
Diluted Common shares outstanding (thousands) 124,891 124,891
----------------------------------------------------------------------------
Net asset value per share $20.20 $13.99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) Based upon an internal evaluation of the fair market value of the
Company's undeveloped land holdings as at December 31, 2013, which
evaluation was completed principally using industry activity levels,
third party transactions and land acquisitions that occurred in
proximity to the Company's undeveloped lands during the past year.
(2) Figures include estimated 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, 2013.
2014 Guidance
In December, Crew provided details of the Company's 2014 budget including
forecast average production of 29,500 to 30,500 boe per day and exit production
of 31,500 to 32,500 boe per day based upon planned exploration and development
capital expenditures of $246 million to facilitate the initial phases of the
Company's five year Montney development plan. Crew achieved its exit guidance
with December 2013 average production of 29,300 boe per day and average fourth
quarter 2013 production of 28,682 boe per day. Exploration and development
capital expenditures of $220 million were on budget in 2013. For detailed
information regarding our 2014 capital program, please see our press release
dated December 16, 2013.
CAUTIONARY STATEMENTS
Unaudited financial information
Certain financial and operating information included in this press release for
the quarter and year ended December 31, 2013, including finding and development
costs 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, 2013 and changes could be material.
Information Regarding Disclosure on Oil and Gas Reserves and Operational Information
Our oil and gas reserves statement for the year ended December 31, 2013, 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. The recovery and reserve estimates contained herein are estimates
only and there is no guarantee that the estimated reserves will be recovered. In
relation to the disclosure of estimates for individual properties, such
estimates may not reflect the same confidence level as estimates of reserves and
future net revenue for all properties, due to the effects of aggregation. The
Company's belief that it will establish additional reserves over time with
conversion of probable undeveloped reserves into proved reserves is a
forward-looking statement and is based on certain assumptions and is subject to
certain risks, as discussed below under the heading "Forward-Looking Information
and Statements".
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 price forecasts and foreign exchange rates that vary over
time. It should not be assumed that the future net revenues estimated by Sproule
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.
Resource Estimates
This news release contains references to estimates of oil and gas classified as
Total Petroleum Initially In Place ("TPIIP") in the Septimus area of Crew's
operations in northeastern British Columbia which are not, and should not be
confused with, oil and gas reserves. Such estimates are based upon independent
resource evaluations effective as at April 30, 2013 and May 31, 2013,
respectively, prepared in accordance with the Canadian Oil and Gas Evaluation
Handbook. Such estimates are subject to a number of cautionary statements,
assumptions, risks, positive and negative factors relevant to the estimates and
contingencies, the details of which were set forth in Crew's previously
disseminated press release dated July 9, 2013. Accordingly, readers are referred
to and encouraged to review the sections entitled "Montney Resource Evaluation",
"Definitions of Oil and Gas Resources and Reserves" and "Information Regarding
Disclosure on Oil and Gas Reserves, Resources and Operational Information" in
the July 9, 2013 press release for applicable definitions, cautionary language,
explanations and discussion of resources estimated herein, all of which is
incorporated herein by reference.
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 foregoing, this news release contains forward-looking information
and statements pertaining to the following: the recognition of significant
additional reserves under the heading "Reserves", 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 program; future results from
operations and operating metrics, future development, exploration, acquisition
and development activities (including drilling plans) and related production
including 2014 average and exit production forecasts and reserves expectations.
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: that Crew will
continue to conduct its operations in a manner consistent with past operations;
results from drilling and development activities consistent with past
operations; the quality of the reservoirs in which Crew operates and continued
performance from existing wells; the continued and timely development of
infrastructure in areas of new production; the accuracy of the estimates of
Crew's reserve volumes; 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 general continuance of current industry
conditions; 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, the
early stage of development of some of the evaluated areas; the potential for
variation in the quality of the Montney formation; 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. Given that the value ration
based on the current price of crude oil as compared to natural gas is
significantly different than the energy equivalency of the 6:1 conversion ratio,
utilizing the 6:1 ratio may be misleading as an indication of value.
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".
FOR FURTHER INFORMATION PLEASE CONTACT:
Crew Energy Inc.
Dale Shwed
President and C.E.O.
(403) 231-8850
Crew Energy Inc.
John Leach
Senior Vice President and C.F.O.
(403) 231-8859
Crew Energy Inc.
Rob Morgan
Senior Vice President and C.O.O.
(403) 513-9628
www.crewenergy.com
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