Reserves
Bonterra's year-end 2022 reserves were prepared by Sproule Associates Limited in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, with an effective date of December 31, 2022.
Summary of Oil and Gas Reserves as of December 31, 2022
|
Light & Medium Crude Oil (MBbl) |
Conventional Natural Gas(4) (MMcf) |
Natural Gas Liquids (MBbl) |
Oil Equivalent(5) (MBoe) |
Future Development Capital ($000s) |
|
|---|---|---|---|---|---|
| Proved |
|
|
|
|
|
| - Developed Producing | 18,072 | 77,590 | 2,699 | 33,702 | - |
| - Developed Non-Producing | 2,403 | 6,971 | 234 | 3,799 | 3,984 |
| - Undeveloped | 22,699 | 99,792 | 3,869 | 43,201 | 656,112 |
| Total Proved | 43,174 | 184,353 | 6,802 | 80,702 | 660,096 |
| - Probable | 10,400 | 46,168 | 1,694 | 19,788 | - |
| Total P+P(1)(2)(3) | 53,574 | 230,521 | 8,496 | 100,490 | 660,096 |
(1) Reserves have been presented on gross basis which are the Company’s total working interest share before the deduction of any royalties and without including any royalty interests of the Company.
(2) Totals may not add due to rounding.
(3) Based on Sproule’s December 31, 2022 escalt price deck.
(4) Conventional natural gas amounts shown include solution gas.
(5) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.
Summary of Net Present Values of Future Net Revenue as of December 31, 2022
| ($ M) | Net present value before income taxes discounted at (% per year) |
|||
|---|---|---|---|---|
| Reserve Category | 0% | 5% | 10% | 15% |
| Proved | |
|
|
|
| - Producing | 921,555 | 768,088 | 632,115 | 537,751 |
| - Non-producing | 133,157 | 79,415 | 55,799 | 42,666 |
| - Undeveloped | 1,094,449 | 692,709 | 468,029 | 331,955 |
| Total Proved | 2,149,161 | 1,540,212 | 1,155,943 | 912,371 |
| - Probable | 782,693 | 469,041 | 325,745 | 247,388 |
| Total Proved plus Probable(1,2,3) |
2,931,854 | 2,009,253 | 1,481,688 | 1,159,759 |
(1) Evaluated by Sproule as at December 31, 2022. Net present value of future net revenue does not represent fair value of the reserves.
(2) Net present values equal net present value before income taxes based on Sproule’s forecast prices and costs as of December 31, 2022. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material.
(3) Includes abandonment and reclamation costs as defined in NI 51-101.