This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this news release to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon.
ESTIMATES OF DRILLING LOCATIONS
Unbooked drilling locations are the internal estimates of Tourmaline based on Tourmaline's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources (including contingent and prospective). Unbooked locations have been identified by Tourmaline's management as an estimation of Tourmaline's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Tourmaline will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and natural gas reserves, resources or production. The drilling locations on which Tourmaline will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While a certain number of the unbooked drilling locations have been de-risked by Tourmaline drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where management of Tourmaline has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.
INFORMATION REGARDING PUBLIC ISSUER COUNTERPARTIES
Certain information contained in this news release relating to the Company's public issuer counterparties which include Tourmaline and others, and the nature of their respective businesses is taken from and based solely upon information published by such issuers. The Company has not independently verified the accuracy or completeness of any such information.
CREDIT RATINGS
This news release makes reference to Tourmaline's credit rating. Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.
SUPPLEMENTAL INFORMATION REGARDING PRODUCT TYPES
This news release includes references to actual and estimated average royalty production. The following tables are intended to provide supplemental information about the product type composition for the respective production figures provided in this news release:
For the six months ended June 30, 2024
Average daily production
Light and Medium crude oil (bbl/d) 1,826
Heavy crude oil (bbl/d) 2,985
Conventional Natural Gas (Mcf/d) 42,233
Shale Gas (Mcf/d) 35,668
Natural Gas Liquids (bbl/d) 1,159
Total (boe/d) 18,955
For the year ended 2024 (Revised 2024 (Original
Estimate)(1)(2) Estimate)(1)(2)
Average daily production
Light and Medium crude oil (bbl/d) 1,588 1,580
Heavy crude oil (bbl/d) 3,030 3,030
Conventional Natural Gas (Mcf/d) 43,293 42,096
Shale Gas (Mcf/d) 38,093 37,500
Natural Gas Liquids (bbl/d) 1,368 1,324
Total (boe/d) 19,550 19,200
(1) Represents the midpoint of the respective estimated
range of 2024 average annual royalty production.
(2) Topaz's estimated royalty production is based on the
estimated commodity mix; drilling location and corresponding
royalty rate; and capital development activity on
Topaz's royalty acreage by the working interest owners,
all of which are outside of Topaz's control.
ABBREVIATIONS
bbl barrel bbl/d barrels per day boe/d barrel of oil equivalent per day CAD Canadian dollar GJ gigajoule GJ/d gigajoules per day Mboe thousand barrels of oil equivalent Mcf thousand cubic feet Mcf/d thousand cubic feet per day MMbtu million British thermal units MMbtu/d millions British thermal units per day Mmcf million cubic feet Mmcf/d million cubic feet per day USD United States dollar WTI West Texas Intermediate WCSB Western Canadian Sedimentary Basin
SOURCE Topaz Energy Corp
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/CONTACT:
For further information: please contact: Topaz Energy Corp., Marty Staples, President and Chief Executive Officer, (587) 747-4830; Cheree Stephenson, VP Finance and CFO, (587) 747-4830
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October 01, 2024 16:30 ET (20:30 GMT)