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Kelt Reports Significant Increases in Oil and Gas Reserves and Provides an Operations Update
Calgary, Alberta--(Newsfile Corp. - February 16, 2023) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt"...
About this update from Kelt Exploration Ltd.
[{"type":"text","content":"Kelt Reports Significant Increases in Oil and Gas Reserves and Provides an Operations UpdateCalgary, Alberta--(Newsfile Corp. - February 16, 2023) - Kelt Exploration Ltd. (TSX: KEL) (\"Kelt\" or the \"Company\") reports on its oil & gas reserves and production for the year ended December 31, 2022. Kelt retained Sproule Associates Limited (\"Sproule\"), an independent qualified reserve evaluator, to prepare a report on its oil and gas reserves. The report is effective as of December 31, 2022. The Company has a Reserves Committee which oversees the selection, qualifications and reporting procedures of the independent qualified reserves evaluator. Reserves effective December 31, 2022 and effective December 31, 2021 were determined using the guidelines and definitions set out under National Instrument 51-101 (\"NI 51-101\"). Additional reserves disclosure as required under NI 51-101 will be included in Kelt's Annual Information Form which is expected to be filed on SEDAR on March 3, 2023.UNAUDITED INFORMATIONAll financial and operating information in this press release for the fourth quarter and year ended December 31, 2022, such as FDA&D costs, recycle ratio, net debt, capital expenditures, production and operating netback is based on unaudited estimated results and have not been reviewed by the Corporation's auditors. These estimates are subject to change upon completion of audited financial statements for the year ended December 31, 2022, and changes could be material. Kelt anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2022 on SEDAR on March 3, 2023.RESERVESKelt continues to remain active operationally in its three main divisions, resulting in increases in all categories of reserves compared to the previous year.Superior well performance led to significant positive technical revisions in the December 31, 2022 report. Refer to the table under the paragraph entitled \"Reserves Reconciliation\" for detailed information relating to reserve changes, by category, during the year.Summary of ReservesDecember 31, 2022December 31, 2021Change% WeightAmount% WeightAmountProved Developed Producing Reserves   Oil & NGLs [Mbbls]32%19,83531%13,44548%   Gas [MMcf]68%247,36269%182,45536%   Combined [MBOE]100%61,062100%43...