Welcome!

News Feed Item

Donnybrook Reports Fiscal Year-End Reserves at December 31, 2013

CALGARY, ALBERTA -- (Marketwired) -- 02/03/14 -- Donnybrook Energy Inc. ("Donnybrook" or the "Company") (TSX VENTURE:DEI) reports the results of its December 31, 2013 Reserves Assessment and Evaluation of certain of its Alberta oil and gas properties, as evaluated by GLJ Petroleum Consultants ("GLJ") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

A summary of the Company's reserves volumes according to reserve category as at December 31, 2013 is as provided in the following table. Unless otherwise stated, the reserves information included in this release is stated on a "company interest" basis, which represents Donnybrook's working interest (operated and non-operated) share of remaining reserves before deduction of royalties and including any royalty interests. Numbers presented in table may not add exactly due to rounding.


COMPANY SHARE OF REMAINING RESERVES (GROSS)                                 
                                                Natural Gas        Total Oil
                               Natural Gas          Liquids       Equivalent
Reserves Category                   (MMcf)           (Mbbl)           (Mbbl)
----------------------------------------------------------------------------
Proved                                                                      
  Producing                          2,492               33              448
  Undeveloped                        3,332              144              700
Total Proved                         5,824              177            1,148
Probable                             9,032              570            2,076
Total Proved plus Probable          14,856              747            3,223

A summary of the Company's estimated future net revenues associated with Donnybrook's reserves as at December 31, 2013 based on the GLJ December 31, 2013 price forecast is provided in the following table. It should not be assumed that the net present values estimated by GLJ represent the fair market value of the reserves. Numbers presented in table may not add exactly due to rounding.


Before Income Taxes Discounted at (%/year)                                  
                                      0%       5%      10%      15%      20%
Reserves Category                   (M$)     (M$)     (M$)     (M$)     (M$)
----------------------------------------------------------------------------
Proved                                                                      
  Producing                        7,805    6,196    5,146    4,417    3,886
  Undeveloped                      7,917    4,618    2,651    1,381      511
Total Proved                      15,722   10,813    7,796    5,798    4,397
Probable                          41,069   24,296   15,917   11,110    8,069
Total Proved plus Probable        56,791   35,109   23,713   16,908   12,466

Relevant portions of the GLJ January 1, 2014 price forecast used in the Company's evaluation are as follows:


                                                 Pentanes                   
              Natural Gas      Light Crude Oil       Plus                   
          ------------------ ------------------ ---------                   
                    AECO Gas                              Inflation Exchange
          Henry Hub    Price       WTI Edmonton  Edmonton     Rates     Rate
            ($U.S./   ($CDN/     ($US/   ($CDN/    ($CDN/       (%/    ($US/
Year         MMBtu)   MMBtu)      bbl)     bbl)      bbl)     year)    $CDN)
--------- ------------------ ------------------ ----------------------------
Forecast                                                                    
---------                                                                   
2014           4.25     4.03     97.50    92.76    105.20       2.0   0.9500
2015           4.50     4.26     97.50    97.37    107.11       2.0   0.9500
2016           4.75     4.50     97.50   100.00    107.00       2.0   0.9500
2017           5.00     4.74     97.50   100.00    107.00       2.0   0.9500
2018           5.25     4.97     97.50   100.00    107.00       2.0   0.9500
2019           5.50     5.21     97.50   100.00    107.00       2.0   0.9500
2020           5.63     5.33     98.54   100.77    107.82       2.0   0.9500
2021           5.74     5.44    100.51   102.78    109.97       2.0   0.9500
2022           5.86     5.55    102.52   104.83    112.17       2.0   0.9500
2023           5.97     5.66    104.57   106.93    114.41       2.0   0.9500
2024+      +2.0%/yr +2.0%/yr  +2.0%/yr +2.0%/yr  +2.0%/yr       2.0   0.9500

The Company currently has 195,436,066 common shares issued and outstanding, no debt and an estimated net working capital position of approximately $3.3 million.

Donnybrook holds an interest in 21 gross sections (7.6 net sections) of petroleum and natural gas rights at Bigstone and Fir, Alberta.

Further information relating to Donnybrook is also available on its website at www.donnybrookenergy.ca.

ON BEHALF OF THE BOARD OF DONNYBROOK ENERGY INC.

Malcolm F. W. Todd, Chief Executive Officer

FORWARD-LOOKING STATEMENTS

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the Company's future net revenues. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Donnybrook's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Donnybrook believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Donnybrook does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

All evaluations and reviews of future net revenue are stated prior to any provision 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. There is no assurance that such price and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of the reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel 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 ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane. References to gas in this discussion include natural gas.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contacts:
Donnybrook Energy Inc.
Malcolm Todd
President and Chief Executive Officer
(604) 684-2356
(604) 684-4265 (FAX)
www.donnybrookenergy.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...