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Kelt Reports Significant Increases in Oil & Gas Reserves and Net Asset Value per Share as at December 31, 2019
Calgary, Alberta--(Newsfile Corp. - February 20, 2020) - Kelt Exploration Ltd. (TSX: KEL) ("...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"\nKelt Reports Significant Increases in Oil & Gas Reserves and Net Asset Value per Share as at December 31, 2019Calgary, Alberta--(Newsfile Corp. - February 20, 2020) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") is pleased to report on its oil & gas reserves and production for the year ended December 31, 2019.The audit of Kelt's 2019 annual consolidated financial statements has not been completed and accordingly all financial amounts relating to 2019 referred to in this press release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject to audit and may be subject to change.HIGHLIGHTS$M unless otherwise statedDecember 31, 2019December 31, 2018Change% WeightAmount% WeightAmountProved plus Probable Reserves   Oil & NGLs [Mbbls]47%216,32443%128,847+ 68%   Gas [MMcf]53%1,467,94157%1,042,987+ 41%   Combined [MBOE]100%460,981100%302,678+ 52%  Oil & NGLs Mix [P+P Reserves, Mbbls]    Light Oil, Condensate and Pentane62%133,15064%83,040+ 60%    Butane11%24,28211%14,389+ 69%    Propane22%46,74620%26,322+ 78%    Ethane5%12,1465%5,096+ 138%    Total Oil & NGLs100%216,324100%128,847+ 68%  Net Present Value of Reserves [10% BT]   Proved Developed Producing514,261481,113+ 7%   Proved1,899,6651,499,241+ 27%   Proved plus Probable3,988,4823,128,636+ 27%  Annual Average Production   Oil & NGLs [bbls/d]46%13,85143%11,589+ 20%   Gas [Mcf/d]54%96,65857%92,502+ 4%   Combined [BOE/d]100%29,961100%27,006+ 11%  Net Asset Value [1]4,040,1643,209,319+ 26%Net Asset Value per share - diluted [$]18.7815.51+ 21%Note:[1] Net present value of proved plus probable reserves used in the calculation of net asset value is based on a 10% discount rate, before tax. More detailed information is available in the \"Net Asset Value per Share\" table provided in this press release. Refer to advisories regarding Non-GAAP Financial Measures and Other Key Performance Indicators. Also refer to Measurements and Abbreviations. OPERATIONS UPDATEKelt achieved a record high calendar year average production in 2019. Average production for 2019 was 29,961 BOE per day, up 11% from average production of 27,006 BOE per day in...