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Saturn Oil & Gas Inc. Announces 50.7 Million BOE of Reserves, a 668% Increase Year Over Year
Calgary, Alberta--(Newsfile Corp. - April 12, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces 50.7 Million BOE of Reserves, a 668% Increase Year Over YearCalgary, Alberta--(Newsfile Corp. - April 12, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"Saturn\" or the \"Company\") is pleased to announce the results of the independent reserves evaluation of the Company's crude oil and natural gas assets, dated March 23, 2022 and effective December 31, 2021, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\") and in accordance with the Canadian Oil and Gas Evaluation Handbook (the \"Reserve Report\").Reserves Evaluation HighlightsThe Reserve Report, prepared by Ryder Scott Company-Canada (\"Ryder Scott\"), evaluated the Company's assets in Southeast Saskatchewan (the \"Oxbow Asset\") and in West Central Saskatchewan (the \"Viking Asset\") and is highlighted by:50.7 million BOE of Total Proved + Probable (\"TP+P\") reserves, representing a 668% year over year increase351 booked drilling locations, 85% located in the Oxbow AssetHigh oil weighting, reserves comprise 96% light & medium oil and natural gas liquids (\"NGL\")Long reserve life index (\"RLI\") of 8.7 years Proved Developed Producing (\"PDP\") and 19.2 years TP+P1Net asset value per fully diluted share:Proved Developed Producing of $4.49Total Proved of $6.76Total Proved + Probable of $10.79Summary of Gross Oil and Gas Reserves and Net Present Value of RevenueThe following tables are a summary of the Company's estimated corporate reserves (Company share gross volumes) and net present values (\"NPV\") of future net revenue, before tax, based on forecast price and costs as contained in the Reserve Report2. The Reserve report encompasses 100% of the Company's oil and gas properties at December 31, 2021 and was prepared in accordance with NI 51-101 by Ryder Scott:Reserves CategoryLight and Medium OilNatural Gas LiquidsConventional Natural Gas Barrels of Oil EquivalentLiquids Ratio  (mbbls)(mbbls)(MMcf)(Mboe)(%) Proved    Developed Producing20,9869505,98622,93496    Developed Non-producing----     Undeveloped9,9634062,87810,84996 Total Proved30,9491,3578,86433,78396Probable15,4257104,46616,87996 Total Proved + Probable46,3742,06713,33050,66396  NPVs before taxDiscounted at: Res...