Marquee Energy Ltd. is pleased to announce the results of its 2012 year-end oil and gas reserves evaluation.

Highlights of the 2012 reserve report include:

  • - Net present value of future net revenue for current reserves is $140.5 million calculated before tax and at a 10% discount rate at December 31, 2012. Management estimates a Net Asset Value ("NAV") of $118.7 million or $1.96 per fully diluted share, calculated as set out below.
  • - Achieved finding and development costs, excluding acquisitions and dispositions, and including changes in undiscounted future development capital, of $8.82 per proved plus probable boe, and $17.92 per proved boe.
  • - Proved plus probable reserves increased at Michichi by 330% to 3,301 MBOE and over 18% to 1,965 MBOE at Lloydminster.
  • - Combined proved plus probable oil-weighted reserves at Michichi and Lloydminster now account for more than 44% of Marquee's total proved plus probable reserves.
  • - Increased proved reserves by 28% to 6.5 MMboe (61% oil and NGLs compared to 51% in 2011) and increased proved plus probable reserves by 9% to 11.9 MMboe (59% oil and NGLs compared to 47% in 2011).
  • - Increased the proved developed producing component of total proved reserves from 39% to 58% year over year. Total proved reserves now represent 54% of total proved plus probable reserves compared to 47% in the prior year.
  • - Increased proved developed producing reserves year over year by 87%.
  • - Proved reserve additions replaced 169% of production.
  • - Maintained a long reserve life index of 14.6 years for proved plus probable reserves and 7.9 years for proved reserves, based on fourth quarter 2012 average production of 2,240 BOE/d.

To read the whole release, see the PDF.

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