Energy Lending Industry Review Investor Conference Call. January 20, 2015

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Energy Lending Industry Review Investor Conference Call. January 20, 2015"

Transcription

1 Investor Conference Call January 20, 2015

2 Factors Impacting Borrowing Base Loan Amount Lower prices / price deck Higher prices / price deck Energy Lending Industry Review Borrowing Base Decrease Borrowing Base Increase Unwinding existing hedges with strike prices above price deck Additional hedges at prices above price deck Reserve divesture (with material PDP component) Reserve acquisition (with material PDP component) Producing existing PDP reserves and not replacing them through drilling or acquisitions Converting PUD or unproven reserves into PDP category through drilling of development or exploratory wells Increased operating costs, G&A expenses, production taxes, drilling / completion CAPEX Converting PDP reserves to PDNP category because of weather and/or (hurricane, freezing temperatures) mechanical/operational problems (requiring well maintenance or repair of pipeline/processing facilities) Negative reserve revisions (performance was less than expected) resulting in fewer reserves being recovered Reducing operating costs, G&A expenses, production taxes, drilling / completion CAPEX Converting PDNP reserves to PDP category, recompletion of additional behind pipe zones Positive reserve revisions (performance was better than expected) resulting in more reserves being recovered Risk associated with the volatility of commodity prices/market values for oil and gas properties is mitigated by the flexibility in a reserved based loan with standard borrowing base provisions. Borrowers can manage risk through commodity hedging, maintaining adequate liquidity, taking prudent exploration risks, and not over leveraging the balance sheet. 2

3 $300, $250, $200, Energy Lending Industry Review Reserve Based Loan Engineering Cases Unrisked FNR at Futures Strip Unrisked FNR at Base Pricing (72.5% of Futures Strip) Base Case Pricing Risked Undiscounted FNR Base Case Pricing Risked FNR Discounted PV9% Sensitivity Case Pricing Risked Discounted 9% FNR Borrowing Base $150, $100, Note FNR, Future Net Revenue, is defined as the net revenue after the deduction of lease operating expenses, production taxes and capex associated with converting nonproducing reserves into the proved developed producing category. $50, $

4 Reserve Based Loan Determining Borrowing Base $90, $80, $70, $60, $50, Day 1 Advance Rate of 62.0% with collateral value of $80.6 million. Six Month Roll Forward Advance Rate of 64.6% with collateral value of $77.4 million. Future Date of Projected Loan Payout Base Case Pricing Risked FNR Discounted PV9% Sensitivity Case Pricing Risked Discounted 9% FNR Borrowing Base Future Net Revenue Future Net Revenue of 48% after payout. $40, $30, $20, $10, Reserve Tail $ Initial Borrowing Base = Lower of 65% Day 1 or 6 Month Roll Forward Base Case & 100% of the Sensitivity Case. 4

5 Energy Lending Industry Review Reserve Based Loan Equity Cushion $90, Base Case Pricing Risked FNR Discounted PV9% Sensitivity Case Pricing Risked Discounted 9% FNR $80, Borrowing Base $70, $60, $50, $40, $30, $20, Equity Cushion $10, $ Focus on Advance Rates and Adequate Reserve Tail results in equity cushion and acceptable collateral over 5 the life of the loan.

6 Glossary of Oil & Gas Reserve Lending Terms All definitions are sourced directly from the Society of Petroleum Engineers Glossary of Terms Used in Petroleum Reserves/Resources Definitions and from the Office of the Comptroller of the Currency s April 2014 report on Oil and Gas Production Lending. Links to these and additional definitions are found at the end of this document. BORROWING BASE - A collateral base agreed to by the borrower and lender that is used to limit the amount of funds the lender advances the borrower. The borrowing base specifies the maximum amount that can be borrowed in terms of collateral type, eligibility, and advance rates. CONTANGO - A circumstance in which the futures price of a commodity has risen above the futures spot price. A contango implies that investors are willing to pay a premium for delivery of a commodity in the future rather than pay the carrying costs of buying the commodity today and holding it. DEVELOPED RESERVES - Developed reserves are expected to be recovered from existing wells including reserves behind pipe. Improved recovery reserves are considered developed only after the necessary equipment has been installed, or when the costs to do so are relatively minor. Developed reserves may be sub-categorized as producing or non-producing. E&P - Exploration and Production. EXPLORATION - Prospecting for undiscovered petroleum. FIELD - An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impermeable rock, laterally by local geologic barriers, or both. It could be defined differently by regulatory authorities. MIDSTREAM SERVICES - Services provided to producers by the midstream firms include transportation, gathering, processing, and storage for natural gas, oil, and refined products. POSSIBLE RESERVES - Possible reserves are those unproved reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved, plus probable, plus possible reserves. PROBABLE RESERVES - Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. 6

7 Glossary of Oil & Gas Reserve Lending Terms PRODUCTION - The cumulative quantity of petroleum that has been recovered at a given date. While all recoverable resources are estimated and production is measured in terms of the sales product specifications, raw production (sales plus non-sales) quantities are also measured and required to support engineering analyses based on reservoir voidage. PROVED RESERVES - Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. Often referred to as P1, sometimes referred to as proven. PROVED DEVELOPED RESERVES - Proved Developed Reserves are those Proved Reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods. Improved recovery reserves can be considered as Proved Developed Reserves only after an improved recovery project has been installed and favorable response has occurred or is expected with a reasonable degree of certainty. PROVED DEVELOPED PRODUCING (PDP)- Reserves subcategorized as producing are expected to be recovered from completion intervals which are open and producing at the time of the estimate. Improved recovery reserves are considered producing only after the improved recovery project is in operation. PROVED DEVELOPED NON-PRODUCING (PDNP)- Reserves subcategorized as non-producing include shut-in and behind-pipe reserves. Shutin reserves are expected to be recovered from (1) completion intervals which are open at the time of the estimate, but which have not started producing, (2) wells which were shut-in for market conditions or pipeline connections, or (3) wells not capable of production for mechanical reasons. PROVED UNDEVELOPED RESERVES (PUD) - Proved Undeveloped Reserves are those Proved Reserves that are expected to be recovered from future wells and facilities, including future improved recovery projects which are anticipated with a high degree of certainty in reservoirs which have previously shown favorable response to improved recovery projects. REDETERMINATION - Reassessment (repricing) of the borrowing base. RESERVES - Are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by development and production status. Links to Definitions: 7

Energy Lending Presentation To IPAA Private Capital Conference

Energy Lending Presentation To IPAA Private Capital Conference Energy Lending Presentation To IPAA Private Capital Conference January 21, 2013 1 Agenda I. Overview of IBERIABANK &IBERIA Capital Partners II. III. IV. Reserve - Based Lending Overview Borrowing Base

More information

Reserve Definitions Total Petroleum-initially-in-place Discovered Petroleum-initially-in- place

Reserve Definitions Total Petroleum-initially-in-place Discovered Petroleum-initially-in- place Reserve Definitions Reserve Definitions Total Petroleum-initially-in-place is subdivided into Discovered and Undiscovered Petroleum initiallyin-place, reflecting whether or not the quantities are contained

More information

Business Law Bulletin

Business Law Bulletin October 2015 Business Law Bulletin A Crude Wake Up Call: What the Price of Oil Means for Reserve-Based Lending Introduction Since 2014, energy prices have precipitously declined by nearly 60% and are expected

More information

Introduction to Oil & Gas Industry, Accounting & Financial Statement Analysis. Copyright by Wall Street Prep, Inc. All rights reserved 1

Introduction to Oil & Gas Industry, Accounting & Financial Statement Analysis. Copyright by Wall Street Prep, Inc. All rights reserved 1 Introduction to Oil & Gas Industry, Accounting & Financial Statement Analysis Copyright by Wall Street Prep, Inc. All rights reserved 1 A number of distinct yet interconnected sectors There are a number

More information

Oil and Gas Company Valuations

Oil and Gas Company Valuations Business Valuation Review Volume 28 Number 1 Oil and Gas Company Valuations Alex W. Howard, CFA, ASA, and Alan B. Harp, Jr., CFA, ASA This article provides a primer on the analysis and valuation of exploration

More information

Energy Alert. New OCC Oil and Gas Loan Review Guidelines By Buddy Clark, Jeff Nichols and Kim Mai

Energy Alert. New OCC Oil and Gas Loan Review Guidelines By Buddy Clark, Jeff Nichols and Kim Mai March 28, 2016 New OCC Oil and Gas Loan Review Guidelines By Buddy Clark, Jeff Nichols and Kim Mai The Office of Comptroller of the Currency ( OCC ) issued a revised Handbook for examination of Oil and

More information

Petroleum Resources Management System

Petroleum Resources Management System World Petroleum Council Petroleum Resources Management System Sponsored by: Society of Petroleum Engineers (SPE) American Association of Petroleum Geologists (AAPG) World Petroleum Council (WPC) Society

More information

Oil and Gas Production Lending

Oil and Gas Production Lending Comptroller s Handbook A-OG Safety and Soundness Capital Adequacy (C) Asset Quality (A) Management (M) Earnings (E) Liquidity (L) Sensitivity to Market Risk (S) Other Activities (O) Oil and Gas Production

More information

April 17, 2015. The Directors Frontera Resources Corporation 3040 Post Oak Boulevard, Suite 1100 Houston, Texas 77056. Ladies and Gentlemen:

April 17, 2015. The Directors Frontera Resources Corporation 3040 Post Oak Boulevard, Suite 1100 Houston, Texas 77056. Ladies and Gentlemen: April 17, 2015 The Directors Frontera Resources Corporation 3040 Post Oak Boulevard, Suite 1100 Houston, Texas 77056 Ladies and Gentlemen: In accordance with your request, we have estimated the undiscovered

More information

SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS)

SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS) SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS) PRMS Prepared by the SPE Oil & Gas Reserves Committee (OGRC) 1 Who is the OGRC? International representation (USA, Canada, Australia, UK,

More information

Energy Lending Presentation Texas RMA Spring Conference. Tony Ross April 9, 2015

Energy Lending Presentation Texas RMA Spring Conference. Tony Ross April 9, 2015 Energy Lending Presentation Texas RMA Spring Conference Tony Ross April 9, 2015 1 Energy Lending Presentation / Agenda Agenda I. Energy Industry Overview Upstream Shale Video Midstream Downstream Refining

More information

RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE

RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE February 3, 2016 RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE CALGARY, ALBERTA (February 3, 2016) Raging River Exploration Inc. ("Raging River" or the "Company")

More information

Platts 3 rd Annual Midstream Development & Management Conference - Houston, Texas

Platts 3 rd Annual Midstream Development & Management Conference - Houston, Texas Platts 3 rd Annual Midstream Development & Management Conference - Houston, Texas Rodney L. Waller Senior Vice President May 21, 2010 Platts 3 rd Annual Midstream Development & Management Conference l

More information

Range Resources Announces Merger With Memorial Resource Development. Conference Call Slides

Range Resources Announces Merger With Memorial Resource Development. Conference Call Slides Range Resources Announces Merger With Memorial Resource Development Conference Call Slides December May 16, 2016 22, 2011 1 Highlights of Merger Core acreage positions in two of the most prolific highquality

More information

Oil and Gas Exploration and Production Lending

Oil and Gas Exploration and Production Lending Comptroller s Handbook A-OG Safety and Soundness Capital Adequacy (C) Asset Quality (A) Management (M) Earnings (E) Liquidity (L) Sensitivity to Market Risk (S) Other Activities (O) Oil and Gas Exploration

More information

Guidelines for the Evaluation of Petroleum Reserves and Resources

Guidelines for the Evaluation of Petroleum Reserves and Resources Guidelines for the Evaluation of Petroleum Reserves and Resources A Supplement to the SPE/WPC Petroleum Reserves Definitions and the SPE/WPC/AAPG Petroleum Resources Definitions WORLD PETROLEUM CONGRESSES

More information

Who Is ORIX? ORIX USA Corporation. ! ORIX Corporate Capital. ! ORIX Energy Capital. ! ORIX Healthcare. ! ORIX Venture Finance

Who Is ORIX? ORIX USA Corporation. ! ORIX Corporate Capital. ! ORIX Energy Capital. ! ORIX Healthcare. ! ORIX Venture Finance Who Is ORIX? ORIX Corporation NYSE ADR: IX! Established in 1964, ORIX Corporation is a diversified global financial services company with over $110 billion in global assets.! The Company, currently rated

More information

Specialized Financing in the Oil & Gas Industry

Specialized Financing in the Oil & Gas Industry Specialized Financing in the Oil & Gas Industry How to proceed? What are our needs when starting a project? What are our objectives when we approach financings? Why we can rely on banking financings? 1

More information

TOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION

TOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION TOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION Calgary, Alberta November 13, 2015 Touchstone Exploration Inc. ( Touchstone or the Company ) (TSX:

More information

PANHANDLE OIL AND GAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2009 RESULTS. Second Quarter Production Increases 38%

PANHANDLE OIL AND GAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2009 RESULTS. Second Quarter Production Increases 38% FOR IMMEDIATE RELEASE PLEASE CONTACT: Michael C. Coffman 405.948.1560 Website: www.panhandleoilandgas.com May 8, 2009 PANHANDLE OIL AND GAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2009 RESULTS Second

More information

Oil & Gas Exploration & Production Bank Re-determinations: A Primer

Oil & Gas Exploration & Production Bank Re-determinations: A Primer October 13, 2015 Oil & Gas Exploration & Production Bank Re-determinations: A Primer Oil and gas companies will come under financial duress this October, when banks re-determine the borrowing base of oil

More information

NOVEMBER 2015 UPDATE

NOVEMBER 2015 UPDATE NOVEMBER 2015 UPDATE 1 Started Sept 2010, fourth Storm since Nov 1998 history of per share growth in prod n & asset value 119.3 MM shares + 6.0 MM options, TSX-V symbol SRX management, Board ownership

More information

Presentation To: Houston Energy Finance Group. Ryder Scott Company, L.P.

Presentation To: Houston Energy Finance Group. Ryder Scott Company, L.P. Presentation To: Houston Energy Finance Group By Ryder Scott Company, L.P. Ron Harrell - Chairman & CEO May 19, 2004 WWW.RYDERSCOTT.COM DISCLAIMER: The information presented herein represents informed

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

LISTING AND DISCLOSURE REQUIREMENTS FOR OIL AND NATURAL GAS COMPANIES. 1. Introduction... 2

LISTING AND DISCLOSURE REQUIREMENTS FOR OIL AND NATURAL GAS COMPANIES. 1. Introduction... 2 LISTING AND DISCLOSURE REQUIREMENTS FOR OIL AND NATURAL GAS COMPANIES Table of contents: 1. Introduction... 2 1.1 General... 2 1.2 Executive summary... 2 1.3 Application of the Circular... 4 1.4 Key concepts

More information

Reserves Impact on Book Value Calculations

Reserves Impact on Book Value Calculations C a l g a r y H o u s t o n D e n v e r Reserves Impact on Book Value Calculations Dan Olds Ryder Scott Company RSC Reserves Conference September 2011 0 Copyright Notice This presentation is based on SPE

More information

Operational, Reserves and Guidance Update

Operational, Reserves and Guidance Update Operational, Reserves and Guidance Update NASDAQ: MRD Jay C. Graham CEO February 2016 Andrew J. Cozby SVP and CFO Forward-Looking Statements This presentation includes "forward-looking statements" within

More information

FOR IMMEDIATE RELEASE TSXV: SOG OPERATIONS UPDATE. last. $90 million, by. drilled five. the Company. up the casing. well 14 35. resource.

FOR IMMEDIATE RELEASE TSXV: SOG OPERATIONS UPDATE. last. $90 million, by. drilled five. the Company. up the casing. well 14 35. resource. NEWS RELEASE TSXV: SOG February 11, 2016 STRATEGIC OIL & GAS LTD. FOR IMMEDIATE RELEASE PROVIDES OPERATIONS UPDATE, YEAR END RESERVES AND FINANCING ARRANGEMENT Calgary, Alberta Strategic Oil & Gas Ltd.

More information

Upstream Developments Generate Growing Hydrocarbon Gas Liquids Supply! Alan Farquharson, SVP - Reservoir Engineering & Economics!

Upstream Developments Generate Growing Hydrocarbon Gas Liquids Supply! Alan Farquharson, SVP - Reservoir Engineering & Economics! Upstream Developments Generate Growing Hydrocarbon Gas Liquids Supply! Alan Farquharson, SVP - Reservoir Engineering & Economics! June 16, 2015 Forward-Looking Statements Certain statements and information

More information

Gran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources

Gran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources Gran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources CALGARY, Alberta January 21, 2016 Gran Tierra Energy Inc. ( Gran Tierra or the "Company") (NYSE MKT:

More information

Compustat. Data Navigator. White Paper: Oil and Gas Exploration and Production Industry-Specific Data

Compustat. Data Navigator. White Paper: Oil and Gas Exploration and Production Industry-Specific Data Compustat Data Navigator White Paper: Oil and Gas Exploration and Production Industry-Specific Data March 2008 Data Navigator: Oil and Gas Exploration and Production Industry-Specific Data An E&P company

More information

Oil & Gas Property Evaluation: A Geologist s View* R.W. Von Rhee 1. Search and Discovery Article #40640 (2010) Posted November 30, 2010.

Oil & Gas Property Evaluation: A Geologist s View* R.W. Von Rhee 1. Search and Discovery Article #40640 (2010) Posted November 30, 2010. *Adapted from presentation at Tulsa Geological Society, October 26, 2010. 1 KVR Energy, LLC, Tulsa, OK (bvonrhee@kvrenergy.com) Oil & Gas Property Evaluation: A Geologist s View* R.W. Von Rhee 1 Search

More information

SORP. Statement of Recommended Practice. Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities

SORP. Statement of Recommended Practice. Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities SORP Statement of Recommended Practice Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities Updated 7 th June 2001 A SORP issued by the Oil Industry Accounting

More information

Appendix 25. Content of a Competent Person s Report for Petroleum Reserves and Resources

Appendix 25. Content of a Competent Person s Report for Petroleum Reserves and Resources Appendix 25 Content of a Competent Person s Report for Petroleum Reserves and Resources (See rule 18.20) The Competent Person s Report for Petroleum Reserves and Resources must include the following: 1.

More information

LAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS

LAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS 15 West 6 th Street, Suite 900 Tulsa, Oklahoma 74119 (918) 513-4570 Fax: (918) 513-4571 www.laredopetro.com LAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS RAISES ESTIMATED

More information

Much of the data contained herein can be accessed through our website: www.albrechtai.com.

Much of the data contained herein can be accessed through our website: www.albrechtai.com. EXECUTIVE SUMMARY, LP and their partners ( ExL ) are offering the Properties described in this brochure for sale. This will be a negotiated sale. The Data Room will be open from July 20, 2009 through August

More information

Trilogy completed the sale of its Dunvegan oil assets in the Kaybob area for net proceeds of $45 million.

Trilogy completed the sale of its Dunvegan oil assets in the Kaybob area for net proceeds of $45 million. Calgary, Alberta November 5, 2015 News Release: Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Nine Months-Ended September 30, 2015 and Provides Revised Guidance Trilogy

More information

EPSILON REPORTS THIRD QUARTER 2015 RESULTS

EPSILON REPORTS THIRD QUARTER 2015 RESULTS News Release EPSILON REPORTS THIRD QUARTER 2015 RESULTS Houston, Texas October 28, 2015 Epsilon Energy Ltd. ( Epsilon or the Company ) (TSX:EPS) today reported third quarter 2015 financial and operating

More information

SPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK LINE REDETERMINATION

SPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK LINE REDETERMINATION Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK

More information

WORKBOOK ON OIL AND GAS ACCOUNTING Part 1. Prepared by Professor Gary Schugart University of Houston

WORKBOOK ON OIL AND GAS ACCOUNTING Part 1. Prepared by Professor Gary Schugart University of Houston WORKBOOK ON OIL AND GAS ACCOUNTING Part 1 Prepared by Professor Gary Schugart University of Houston 2002 by Institute for Energy, Law & Enterprise, University of Houston Law Center. All rights reserved.

More information

BANKERS GUIDE TO SECURE LENDING

BANKERS GUIDE TO SECURE LENDING BANKERS GUIDE TO SECURE LENDING WAREHOUSE RECEIPTS, ORDER OR STRAIGHT BILLS OF LADING, OTHER NEGOTIABLE AND NON-NEGOTIABLE DOCUMENTS OF TITLE, INCLUDING WAREHOUSE AND BAILEE OR DOCK RECEIPTS Lending Rationale

More information

I N T E R I M R E P O R T 2 0 0 9

I N T E R I M R E P O R T 2 0 0 9 I N T E R I M R E P O R T 2 0 0 9 LETTER FROM THE CEO Leigh A. Hooper, CEO Dear Investor, Thank you for your interest and continued support of Activa Resources AG. The first half of 2009 was very challenging

More information

Revenue from Contracts with Customers IAS 16 & IAS 38

Revenue from Contracts with Customers IAS 16 & IAS 38 ACCOUNTING POLICIES (a) General information Tullow Oil plc is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006. The address of the registered office is given on page

More information

December 2015. Investor Presentation

December 2015. Investor Presentation December 2015 Investor Presentation COS Overview Pure-play exposure to a scarce, irreplaceable oil sands mining asset in a low-risk, geopolitically stable country High quality leases border every oil sands

More information

Guide to the General Electric 2003 Annual Report understanding annual reports

Guide to the General Electric 2003 Annual Report understanding annual reports Guide to the General Electric 2003 Annual Report understanding annual reports introduction This guide will walk you through the basics of how to read an annual report. Knowing how to read the information

More information

Society of Petroleum Engineers

Society of Petroleum Engineers Society of Petroleum Engineers Oil and Gas Reserves Committee (OGRC) Mapping Subcommittee Final Report December 2005 Comparison of Selected Reserves and Resource Classifications and Associated Definitions

More information

Memorial Production Partners LP Announces Second Quarter 2015 Results, Cash Distribution Update, Updated Hedges and Updated 2015 Guidance

Memorial Production Partners LP Announces Second Quarter 2015 Results, Cash Distribution Update, Updated Hedges and Updated 2015 Guidance August 5, 2015 Memorial Production Partners LP Announces Second Quarter 2015 Results, Cash Distribution Update, Updated Hedges and Updated 2015 Guidance HOUSTON, Aug. 5, 2015 (GLOBE NEWSWIRE) -- Memorial

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. ECON 4110: Sample Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economists define risk as A) the difference between the return on common

More information

Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results

Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results News Release Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results San Francisco, The Federal Home Loan Bank of San Francisco today announced that its net income for the second

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

MEMP 2016 Guidance. Supplemental Materials. January 27, 2016 www.memorialpp.com

MEMP 2016 Guidance. Supplemental Materials. January 27, 2016 www.memorialpp.com MEMP 2016 Guidance Supplemental Materials January 27, 2016 www.memorialpp.com Forward-Looking & Other Cautionary Statements This presentation and the oral statements made in connection therewith contain

More information

ASX Release. Romania Exploration Update. 2 October 2014

ASX Release. Romania Exploration Update. 2 October 2014 ASX Release 2 October 2014 Romania Exploration Update ADX Energy Ltd (ASX: ADX) is pleased to provide this update on seismic operations and the geotechnical assessment of the Parta permit in Western Romania.

More information

EPAC: Oil and Gas Investor Showcase. June 10, 2015

EPAC: Oil and Gas Investor Showcase. June 10, 2015 EPAC: Oil and Gas Investor Showcase June 10, 2015 Forward Looking Statement Advisories Certain information contained in this presentation constitutes forward-looking information within the meaning of applicable

More information

Frequently Asked Questions on Residential Tract Development Lending (September 8, 2005)

Frequently Asked Questions on Residential Tract Development Lending (September 8, 2005) Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Office of Thrift Supervision Frequently

More information

Financial strategy supports business plan

Financial strategy supports business plan Financial strategy supports business plan Ivor Ruste Executive Vice-President & Chief Financial Officer Investor Day Calgary December 7, 2011 Financial strategy supports business plan Support long-term

More information

FOREIGN CURRENCY TRANSACTIONS 8-16. Initial Recognition 8-10. Reporting at Subsequent Balance Sheet Dates 11-12

FOREIGN CURRENCY TRANSACTIONS 8-16. Initial Recognition 8-10. Reporting at Subsequent Balance Sheet Dates 11-12 108 Accounting Standard (AS) 11 The Effects of Changes in Foreign Exchange Rates Contents OBJECTIVE SCOPE Paragraphs 1-6 DEFINITIONS 7 FOREIGN CURRENCY TRANSACTIONS 8-16 Initial Recognition 8-10 Reporting

More information

Spectra Energy Reports First Quarter 2009 Results

Spectra Energy Reports First Quarter 2009 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling

More information

CANADIAN OIL SANDS BOARD RECOMMENDS SHAREHOLDERS REJECT SUNCOR OFFER Conference Call and Webcast

CANADIAN OIL SANDS BOARD RECOMMENDS SHAREHOLDERS REJECT SUNCOR OFFER Conference Call and Webcast CANADIAN OIL SANDS BOARD RECOMMENDS SHAREHOLDERS REJECT SUNCOR OFFER Conference Call and Webcast Company participants: Donald J. Lowry, Chairman of the Board Ryan M. Kubik, President and Chief Executive

More information

Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement

Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Indian Accounting Standard (Ind AS) 39 Financial Instruments: Recognition and Measurement Contents Paragraphs Objective 1 Scope 2 7 Definitions 8 9 Embedded derivatives 10 13 Recognition and derecognition

More information

Oil and Gas Minerals: How They and Their Holding Entities Are Valued

Oil and Gas Minerals: How They and Their Holding Entities Are Valued Oil and Gas Minerals: How They and Their Holding Entities Are Valued Alan B. Harp, Jr., CFA, ASA aharp@srr.com Oil and natural gas valuation in an estate-planning context is becoming more important, as

More information

Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information Approved by SPE Board in June 2001

Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information Approved by SPE Board in June 2001 Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information Approved by SPE Board in June 2001 Revision as of February 19, 2007 Foreword: The principles and concepts established

More information

State Farm Bank, F.S.B.

State Farm Bank, F.S.B. State Farm Bank, F.S.B. 2015 Annual Stress Test Disclosure Dodd-Frank Act Company Run Stress Test Results Supervisory Severely Adverse Scenario June 25, 2015 1 Regulatory Requirement The 2015 Annual Stress

More information

PRESS RELEASE. November 12, 2013

PRESS RELEASE. November 12, 2013 PRESS RELEASE November 12, 2013 TORC OIL & GAS LTD. ANNOUNCES THIRD QUARTER 2013 FINANCIAL & OPERATIONAL RESULTS, SUCCESSFUL TRANSITION TO SUSTAINABLE DIVIDEND PLUS GROWTH COMPANY AND INCREASE TO 2013

More information

CENTURY ENERGY LTD. (the "Company") FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION

CENTURY ENERGY LTD. (the Company) FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION CENTURY ENERGY LTD. (the "Company") FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION 2 ABBREVIATIONS AND CONVERSIONS In this document, the abbreviations set forth below have the

More information

Refinancing Presentation October 2013. Sonic Tasmania, Australia

Refinancing Presentation October 2013. Sonic Tasmania, Australia Refinancing Presentation October 2013 Sonic Tasmania, Australia Important Notice and Disclaimer This presentation has been prepared by Boart Longyear Limited, ABN 49 123 052 728 (Boart Longyear or the

More information

Investment Community Presentation. May 2016

Investment Community Presentation. May 2016 Investment Community Presentation May 2016 Forward Looking Statements This presentation includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe,

More information

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment

Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing

More information

Range Resources Corporation Company Presentation April 2013

Range Resources Corporation Company Presentation April 2013 Range Resources Corporation Company Presentation April 2013 Ten Years of Double-Digit Production Growth Mmcfe/d 1000 900 800 700 600 500 400 300 200 100 20%-25% Growth Projected for 2013 0 2003 2004 2005

More information

The Role of Reserves Tracking and Certification For National Oil Companies, Large Integrated Companies and Independents

The Role of Reserves Tracking and Certification For National Oil Companies, Large Integrated Companies and Independents The Role of Reserves Tracking and Certification For National Oil Companies, Large Integrated Companies and Independents MEOS 2005 March 13, 2005 Herman G. Acuna International Vice President, L.P. Outline

More information

June 2016. Investor Presentation

June 2016. Investor Presentation June 2016 Investor Presentation Forward-Looking / Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities

More information

Debt Policy. I. Purpose of the Debt Policy

Debt Policy. I. Purpose of the Debt Policy Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic

More information

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working

More information

OIL AND GAS RESERVES AND NET PRESENT VALUE OF FUTURE NET REVENUE

OIL AND GAS RESERVES AND NET PRESENT VALUE OF FUTURE NET REVENUE OIL AND GAS RESERVES AND NET PRESENT VALUE OF FUTURE NET REVENUE In accordance with National Instrument 51-101 Standard of Disclosure for Oil and Gas Activities, McDaniel & Associates Consultants Ltd.

More information

Below are some of the options that may help producers stretch their borrowing base and/or help conserve existing credit lines:

Below are some of the options that may help producers stretch their borrowing base and/or help conserve existing credit lines: January 5, 2015 A Dozen Ways to Stretch Your Borrowing Base Seasoned residents along the Gulf Coast know how to handle the summer hurricanes that blow in from the other side of the Atlantic. Get to high

More information

RMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions

RMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions NEWS RELEASE December 17, 2015 RMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX: RMP) is pleased

More information

15, April 15, July 15 and October 15 of each year, commencing on April 15, 2015 and ending on, and including, January 15, 2018.

15, April 15, July 15 and October 15 of each year, commencing on April 15, 2015 and ending on, and including, January 15, 2018. NEWS RELEASE SOUTHWESTERN ENERGY PRICES UPSIZED OFFERINGS OF 26,086,957 SHARES OF COMMON STOCK AND 30,000,000 DEPOSITARY SHARES REPRESENTING INTERESTS IN MANDATORY CONVERTIBLE PREFERRED STOCK Spring, Texas

More information

Assessment of Undiscovered Technically Recoverable Oil and Gas Resources of the Nation s Outer Continental Shelf, 2011(Includes 2014 Atlantic Update)

Assessment of Undiscovered Technically Recoverable Oil and Gas Resources of the Nation s Outer Continental Shelf, 2011(Includes 2014 Atlantic Update) Assessment of Undiscovered Technically Recoverable Oil and Gas Resources of the Nation s Outer Continental Shelf, 211(Includes 214 Update) Using a play based assessment methodology, the Bureau of Ocean

More information

Notes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements

Notes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.

More information

(Formerly CVTech Group Inc.)

(Formerly CVTech Group Inc.) (Formerly CVTech Group Inc.) Condensed Interim Consolidated Financial Statements For the three months ended, 2014 Consolidated Statement of Financial Position (in thousands of Canadian dollars) December

More information

Chapter 12 Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies

Chapter 12 Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies Chapter 12 Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies TO THE NET 1. a. Item 1 Business Market Area Competition The bank contends with considerable

More information

SPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS

SPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS CALGARY, ALBERTA (November

More information

TRIANGLE PETROLEUM CORP

TRIANGLE PETROLEUM CORP TRIANGLE PETROLEUM CORP FORM 10QSB/A (Amended Quarterly Report of Financial Condition) Filed 03/07/08 for the Period Ending 07/31/06 Telephone (403) 262-4471 CIK 0001281922 Symbol TPLM SIC Code 1311 -

More information

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent

More information

Understanding A Firm s Financial Statements

Understanding A Firm s Financial Statements CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,

More information

Chapter 16: Financial Risk Management

Chapter 16: Financial Risk Management Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits

More information

International Accounting Standard 39 Financial Instruments: Recognition and Measurement

International Accounting Standard 39 Financial Instruments: Recognition and Measurement EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this

More information

Baron Energy, Inc. Corporate Overview. October 1, 2012. www.baronenergy.com

Baron Energy, Inc. Corporate Overview. October 1, 2012. www.baronenergy.com Baron Energy, Inc. Corporate Overview October 1, 2012 www.baronenergy.com Safe Harbor Statement This presentation includes forward-looking statements. All statements, other than statements of historical

More information

Financial reporting in the oil and gas industry. International Financial Reporting Standards

Financial reporting in the oil and gas industry. International Financial Reporting Standards www.pwc.com/energy Financial reporting in the oil and gas industry International Financial Reporting Standards 2 nd edition Foreword International Financial Reporting Standards (IFRS) provide the basis

More information

Financial Instruments: Recognition and Measurement

Financial Instruments: Recognition and Measurement STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 39 Financial Instruments: Recognition and Measurement This version of the Statutory Board Financial Reporting Standard does not include amendments that

More information

SWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS

SWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS 17001 NORTHCHASE DR., SUITE 100, HOUSTON, TEXAS 77060 SWIFT ENERGY COMPANY COMPANY CONTACT: Doug Atkinson Manager Investor Relations (281) 874-2700, (800) 777-2412 FOR IMMEDIATE RELEASE SWIFT ENERGY ANNOUNCES

More information

SOUTHWESTERN ENERGY HIGHLIGHTS STRATEGIC INITIATIVES AND PLANS FOR 2016

SOUTHWESTERN ENERGY HIGHLIGHTS STRATEGIC INITIATIVES AND PLANS FOR 2016 NEWS RELEASE SOUTHWESTERN ENERGY HIGHLIGHTS STRATEGIC INITIATIVES AND PLANS FOR 2016 Houston, Texas February 25, 2016... Southwestern Energy Company (NYSE: SWN) today provided an update on its strategic

More information

Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com

Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com Contacts: Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 InvestorRelations@santanderconsumerusa.com Media Relations Laurie Kight 214.801.6455 LKight@santanderconsumerusa.com Santander

More information

February 2, 2016. Operational Update:

February 2, 2016. Operational Update: February 2, 2016 Memorial Resource Development Corp. Announces Operational Update, Year-End 2015 Reserves, 2016 Financial and Operational Guidance, Updated Horizontal Drilling Locations and Hedge Restructure

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX

The Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,

More information

Canadian Oil Sands Valuable. For the Long Term. Investor Presentation January 2016

Canadian Oil Sands Valuable. For the Long Term. Investor Presentation January 2016 Canadian Oil Sands Valuable. For the Long Term. Investor Presentation January 2016 Reasons to Reject Suncor s Hostile Bid Significantly Undervalued: - Fails to recognize a new era of lower cost production

More information

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Combined Financial Statements and Additional Information for the Year Ended June 30, 2000, and Independent Auditors Report

More information

SANTOS LTD (INCORPORATED IN SOUTH AUSTRALIA ON 18 MARCH 1954) AND CONTROLLED ENTITIES FINANCIAL REPORT

SANTOS LTD (INCORPORATED IN SOUTH AUSTRALIA ON 18 MARCH 1954) AND CONTROLLED ENTITIES FINANCIAL REPORT Santos Ltd ABN 80 007 550 923 SANTOS LTD (INCORPORATED IN SOUTH AUSTRALIA ON 18 MARCH 1954) AND CONTROLLED ENTITIES FINANCIAL REPORT 1 STATEMENTS OF FINANCIAL PERFORMANCE Note CONSOLIDATED SANTOS LTD Product

More information

VAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS

VAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS VAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS HOUSTON MAY 7, 2015 VAALCO Energy, Inc. (NYSE: EGY) today reported results for the first quarter of 2015. First Quarter 2015 highlights: Successfully

More information

NEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE

NEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE NEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE CALGARY, ALBERTA February 8, 2016 Chinook Energy Inc. ("Chinook" or the "Company") (TSX: CKE) today

More information