Razor Energy Corp. Announces 2016 Year-End Reserves
Razor Energy Corp. ("Razor" or the "Company") (TSX VENTURE:RZE) is pleased to provide a summary of its 2016 year-end reserves evaluation.
The highlights and reserves summary below sets forth Razor's gross reserves as at December 31, 2016, as evaluated by Sproule Associates Limited ("Sproule") in an independent report (the "Sproule Report"). The figures in the following tables have been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and the reserve definitions contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserve information as required under NI 51-101 will be included in the Company's annual information form which will be filed on SEDAR on or before April 30, 2017.
2016 INDEPENDENT RESERVES EVALUATION
Sproule conducted an independent reserves evaluation effective December 31, 2016, which was prepared in accordance with definitions, standards and procedures contained in the COGE Handbook and in NI 51-101. Sproule evaluated 100% of Razor's reserves and is familiar with the properties as it has evaluated wells within these areas previously for other clients prior to Razor's acquisition of the properties. The reserves evaluation was based on Sproule forecast pricing and foreign exchange rates at December 31, 2016 as outlined herein.
Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without the inclusion of any royalty interest) unless otherwise noted.
The future development costs are estimates of capital expenditures required in the future for Razor to convert proved developed non-producing reserves and probable reserves to proved developed producing reserves. The undiscounted future development costs are $3.96 million for proved reserves and $3.96 million for proved plus probable reserves (in each case based on forecast prices and costs).
Razor Energy Corp. is a light oil focused company operating predominantly in Alberta. Razor's full-cycle business plan provides an opportunity to reposition the Company as a disciplined and high-growth junior E&P company. With an experienced management team and a strong, committed board of directors, growth is anticipated to occur through timely strategic acquisitions and operations. Razor currently trades on TSX Venture Exchange under the ticker "RZE".
SOURCE: Razor Energy Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.