CALGARY, April 25, 2019 /CNW/ – Clearview Resources Ltd. (“Clearview” or the “Company”) is pleased to announce its financial and operational results and crude oil and natural gas reserves information for the nine months ended December 31, 2018.
Change in Year End
During the year, the Board of Directors approved changing the Company’s fiscal year end from March 31 to December 31. Consequently, this press release is a review of the financial position and results of operations of the Company for the three months ended December 31, 2018 as compared to the three months ended December 31, 2017 for quarterly comparisons and the nine months ended December 31, 2018 as compared to the twelve months ended March 31, 2018 for yearly comparisons.
HIGHLIGHTS
- The Company drilled and completed its first operated, extended reach, horizontal well at Wilson Creek 15-20-44-4W5M. The well targeted the Cardium formation and was brought on-stream in August 2018. Clearview also drilled and completed the Company’s second operated, extended reach, horizontal well targeting the Bluesky formation at Windfall 1-3-59-15W5M. This well was brought on-stream in November 2018. Results to date have exceeded the Company’s expectations.
- Clearview closed a private placement during the fourth quarter of 2018, issuing 210,390 common shares at a price of $6.25 per share for gross proceeds of $1.3 million and 101,543 flow-through common shares at a price of $7.00 per share for gross proceeds of $0.7 million.
- On April 16, 2018, the Company closed the acquisition of Bashaw Oil Corp. (“Bashaw”) through a share for share exchange. Clearview issued 1,560,046 voting common shares to the shareholders of Bashaw.
- On April 10, 2018, the Company closed the disposition of a non-core, non-operated light oil property located in southern Alberta for $3.4 million and on December 20, 2018 closed the disposition of two minor, non-core production units for proceeds of $0.1 million.
- Oil production increased 54% to 668 barrels per day (“bbl/d”) in the three months ended December 31, 2018, from the comparative period through successful drilling and optimization projects. Total production increased 5% to 2,229 barrels of oil equivalent per day (“boe/d”) in the three months ended December 31, 2018 versus the comparative period.
- Realized sales price was $27.82 per barrel of oil equivalent (“boe”) for the nine months ended December 31, 2018 compared to $26.30 per boe in the prior year, an increase of 6%, while the last quarter of 2018 was down 17% to $22.36 per boe due to lower oil and natural gas liquids prices associated with a significant widening of light oil differentials.
- Operating costs per boe increased modestly to $15.83 per boe for the three months ended December 31, 2018, an increase of 1% over the comparative period. For the nine months ended December 31, 2018, operating costs were $15.69 per boe, up 7% versus the comparative period.
- General and administrative costs per boe were unchanged for the three months ended December 31, 2018versus the comparative period and notably down 13% for the nine months ended December 31, 2018versus the prior year.
- Total proved and total proved plus probable oil reserves increased by 62% and 43%, respectively, from a successful development drilling, well optimization and well workover program, and the acquisition of the remaining 50% working interest in the Windfall property through Bashaw Oil Corp.
- Total proved and total proved plus probable natural gas reserves increased by 32% and 13%, respectively.
- Total proved developed producing reserves increased 8% to approximately 5.4 million boe after producing 585 thousand boe for the nine months ended December 31, 2018.
- Total proved and total proved plus probable reserve before tax value discounted at 10% increased 35% and 27%, respectively.
Financial and Operating Highlights
Financial |
Three months ended Dec. 31 |
Nine |
Twelve |
|||
($ 000’s except per share amounts) |
2018 |
2017 |
% Change |
2018 |
2018 |
% Change |
Oil and natural gas sales |
4,585 |
5,254 |
(13) |
16,273 |
20,286 |
(20) |
Adjusted funds flow (1) |
511 |
1,189 |
(57) |
1,852 |
3,679 |
(50) |
Per share-basic and diluted |
0.05 |
0.14 |
(64) |
0.18 |
0.44 |
(59) |
Cash flow from operations |
1,312 |
525 |
150 |
1,088 |
4,337 |
(75) |
Per share-basic and diluted |
0.13 |
0.06 |
117 |
0.11 |
0.51 |
(78) |
Net earnings (loss) |
(2,083) |
(2,435) |
(14) |
(4,832) |
(8,460) |
(43) |
Per share–basic and diluted |
(0.20) |
(0.29) |
(31) |
(0.48) |
(1.00) |
(52) |
Net debt (1) |
18,186 |
14,154 |
28 |
|||
Capital expenditures – net (2) |
3,364 |
800 |
321 |
6,172 |
6,375 |
(3) |
Weighted average shares |
||||||
Basic and diluted (000’s) |
10,291 |
8,438 |
22 |
10,022 |
8,438 |
19 |
(1) |
See non-GAAP measures |
(2) |
Cash additions and acquisitions net of proceeds of dispositions |
Production |
Three months ended Dec. 31 |
Nine |
Twelve |
|||
2018 |
2017 |
% Change |
2018 |
2018 |
% Change |
|
Oil – bbl/d |
668 |
434 |
54 |
568 |
437 |
30 |
Natural gas liquids – bbl/d |
437 |
514 |
(15) |
445 |
475 |
(6) |
Total liquids – bbl/d |
1,105 |
948 |
17 |
1,013 |
912 |
11 |
Natural gas – mcf/d |
6,745 |
7,085 |
(5) |
6,682 |
7,211 |
(7) |
Total – boe/d |
2,229 |
2,129 |
5 |
2,127 |
2,113 |
1 |
Realized sales prices |
Three months ended Dec. 31 |
Nine |
Twelve |
|||
2018 |
2017 |
% Change |
2018 |
2018 |
% Change |
|
Oil – $/bbl |
36.20 |
62.78 |
(42) |
58.87 |
58.63 |
– |
NGLs – $/bbl |
31.17 |
35.16 |
(11) |
36.26 |
33.13 |
9 |
Natural gas – $/mcf |
1.79 |
1.64 |
9 |
1.44 |
1.98 |
(27) |
Total – $/boe |
22.36 |
26.83 |
(17) |
27.82 |
26.30 |
6 |
Netback analysis (1) |
Three months ended Dec. 31 |
Nine |
Twelve |
||||
Barrel of oil equivalent ($/boe) |
2018 |
2017 |
% Positive |
2018 |
2018 |
% Positive |
|
Realized sales price |
22.36 |
26.83 |
(17) |
27.82 |
26.30 |
6 |
|
Royalties |
(1.72) |
(2.91) |
41 |
(3.39) |
(2.97) |
(14) |
|
Processing income |
0.50 |
1.03 |
(52) |
0.80 |
1.05 |
(24) |
|
Transportation |
(1.42) |
(1.29) |
(10) |
(1.32) |
(1.39) |
5 |
|
Operating |
(15.83) |
(15.72) |
(1) |
(15.69) |
(14.69) |
(7) |
|
Operating netback (2) |
3.89 |
7.94 |
(51) |
8.22 |
8.30 |
(1) |
|
Realized gain (loss) on |
2.16 |
1.43 |
51 |
(1.29) |
0.74 |
(274) |
|
General & administrative |
(2.18) |
(2.18) |
– |
(2.51) |
(2.87) |
13 |
|
Transaction costs |
– |
– |
– |
(0.03) |
(0.12) |
75 |
|
Cash finance costs |
(1.37) |
(1.13) |
(21) |
(1.22) |
(1.27) |
4 |
|
Corporate netback (2) |
2.50 |
6.06 |
(59) |
3.17 |
4.78 |
(34) |
(1) |
% Positive (Negative) is expressed as being positive (better performance in the category) or negative (reduced |
(2) |
See non-GAAP measures. |
SUMMARY OF OIL AND NATURAL GAS RESERVES
AND NET PRESENT VALUES OF FUTURE NET REVENUE
AS OF DECEMBER 31, 2018
FORECAST PRICES AND COSTS
McDaniel & Associates Consultants Ltd. (“McDaniel”), the Company’s independent petroleum engineering firm, has evaluated Clearview’s crude oil, natural gas and natural gas liquids reserves as at December 31, 2018 and prepared a reserves report (the “McDaniel Report”) in accordance with National Instrument 51-101 “Standards of Disclosure for Oil and Gas Activities” and the “Canadian Oil and Gas Evaluation Handbook”. A three-consultant average (McDaniel, GLJ and Sproule) price forecast dated January 1, 2019 (“Price Forecast”) was used in the evaluation. Company gross reserves in the total proved and total proved plus probable categories increased 40% and increased 20%, respectively, compared to March 31, 2018. The increase in total proved and total proved plus probable reserve categories was driven primarily by the acquisition of 50% of the Windfall property and the two new wells drilled at Windfall and Wilson Creek.
The following is a summary of the Company’s reserves information detailed in the McDaniel Report at December 31, 2018:
RESERVES |
|||||||||||||||||
LIGHT AND |
CONVENTIONAL |
NATURAL GAS |
OIL EQUIVALENT(2) BOE |
||||||||||||||
RESERVES CATEGORY |
Gross(3) |
Net(4) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
|||||||||
PROVED: |
|||||||||||||||||
Developed Producing |
1,532.1 |
1,280.8 |
16,831.8 |
15,362.1 |
1,029.1 |
765.6 |
5,366.5 |
4,606.8 |
|||||||||
Developed Non-Producing |
211.8 |
179.2 |
1,974.4 |
1,844.0 |
53.4 |
41.4 |
594.2 |
527.9 |
|||||||||
Undeveloped |
2,585.5 |
2,231.9 |
11,821.9 |
10,764.6 |
414.2 |
332.8 |
4,970.1 |
4,358.9 |
|||||||||
TOTAL PROVED |
4,329.4 |
3,691.9 |
30,628.1 |
27,970.7 |
1,496.7 |
1,139.9 |
10,930.8 |
9,493.6 |
|||||||||
PROBABLE |
1,426.2 |
1,142.4 |
27,060.7 |
24,813.9 |
1,702.9 |
1,442.6 |
7,639.3 |
6,720.6 |
|||||||||
TOTAL PROVED PLUS |
5,755.6 |
4,834.3 |
57,688.8 |
52,784.5 |
3,199.6 |
2,582.4 |
18,570.1 |
16,214.2 |
|||||||||
Notes: |
|
(1) |
Includes solution gas. |
(2) |
Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil (6:1). |
(3) |
Gross Reserves are the Company’s working interest share of the remaining reserves before the deduction of any royalties. |
(4) |
Net Reserves are working interest reserves after royalty deductions plus royalty interest reserves. |
Tables may not add due to rounding. |
Net Present Value of Future Net Revenue
The estimated future net revenues associated with Clearview’s reserves at December 31, 2018, based on the Price Forecast, are summarized in the following table. The net present value of future net revenues, discounted at ten percent, from total proved and total proved plus probable reserves increased by 35% and 27%, respectively, compared to March 31, 2018. The increase in net present value was driven mostly by the oil weighted Windfall property acquisition (50% working interest) and the Wilson Creek Cardium development program being modified to optimize the drilling of two-mile horizontal wells.
NET PRESENT VALUES OF FUTURE NET REVENUE BEFORE INCOME TAXES DISCOUNTED AT (%/year) |
||||||||||||
RESERVES CATEGORY |
0% ($000s) |
5% ($000s) |
10% ($000s) |
15% ($000s) |
20% ($000s) |
Unit Value $/boe (1) |
||||||
PROVED: |
||||||||||||
Developed Producing |
70,484.4 |
58,358.3 |
49,504.1 |
42,881.4 |
37,816.1 |
10.75 |
||||||
Developed Non-Producing |
11,054.2 |
8,658.0 |
6,890.5 |
5,604.7 |
4,654.0 |
13.05 |
||||||
Undeveloped |
80,942.5 |
57,960.3 |
41,987.8 |
30,695.7 |
22,487.8 |
9.63 |
||||||
TOTAL PROVED |
162,481.1 |
124,976.6 |
98,382.4 |
79,181.9 |
64,957.9 |
10.36 |
||||||
PROBABLE |
116,208.8 |
76,881.3 |
53,611.2 |
38,989.8 |
29,243.9 |
7.98 |
||||||
TOTAL PROVED PLUS |
278,689.9 |
201,857.9 |
151,993.6 |
118,171.7 |
94,201.8 |
9.37 |
Notes: |
|
(1) |
Unit values are before income tax discounted at 10% and based on net reserves. |
(2) |
Future net revenues are estimated using forecast prices, costs arising from the anticipated development and production of reserves, |
TOTAL FUTURE NET REVENUE |
||||||||||||
FUTURE NET ($M) |
||||||||||||
RESERVES |
REVENUE (1) ($M) |
ROYALTIES (2) ($M) |
OPERATING ($M) |
FUTURE DEVELOPMENT ($M) |
ABANDONMENT ($M) |
|||||||
Total Proved |
518,742 |
67,684 |
189,970 |
84,675 |
13,752 |
162,481 |
||||||
Total Proved plus |
827,092 |
105,035 |
299,840 |
126,517 |
17,010 |
278,690 |
Notes: |
|
(1) |
Includes all product revenues and other revenues as forecast. |
(2) |
Royalties include Crown, freehold, overriding royalties, and freehold mineral taxes |
SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS |
||||||||||||||||||
WTI |
Edmonton Light |
Bow River |
Ethane |
Butane |
Pentane |
AECO Spot |
||||||||||||
Year |
Inflation % |
USD/CAD |
USD/bbl |
CAD/bbl |
CAD/bbl |
CAD/bbl |
CAD/bbl |
CAD/bbl |
CAD/MMBtu |
|||||||||
2019 |
0.0 |
0.757 |
58.58 |
67.30 |
52.61 |
6.82 |
27.32 |
70.10 |
1.88 |
|||||||||
2020 |
2.0 |
0.782 |
64.60 |
75.84 |
60.50 |
8.40 |
41.10 |
79.21 |
2.31 |
|||||||||
2021 |
2.0 |
0.797 |
68.20 |
80.17 |
66.60 |
9.98 |
49.28 |
83.33 |
2.74 |
|||||||||
2022 |
2.0 |
0.803 |
71.00 |
83.22 |
69.32 |
11.22 |
55.65 |
86.20 |
3.05 |
|||||||||
2023 |
2.0 |
0.807 |
72.81 |
85.34 |
71.25 |
11.89 |
57.92 |
88.16 |
3.21 |
|||||||||
2024 |
2.0 |
0.808 |
74.59 |
87.33 |
73.07 |
12.22 |
59.27 |
90.20 |
3.31 |
|||||||||
2025 |
2.0 |
0.808 |
76.42 |
89.50 |
75.08 |
12.45 |
60.77 |
92.43 |
3.39 |
|||||||||
2026 |
2.0 |
0.808 |
78.40 |
91.89 |
77.22 |
12.71 |
62.37 |
94.87 |
3.46 |
|||||||||
2027 |
2.0 |
0.808 |
79.98 |
93.76 |
78.89 |
12.96 |
63.65 |
96.80 |
3.54 |
|||||||||
2028 |
2.0 |
0.808 |
81.59 |
95.68 |
80.60 |
13.28 |
64.97 |
98.79 |
3.62 |
|||||||||
2029 |
2.0 |
0.808 |
83.22 |
97.60 |
82.21 |
13.54 |
66.27 |
100.76 |
3.69 |
|||||||||
2030 |
2.0 |
0.808 |
84.89 |
99.55 |
83.86 |
13.81 |
67.60 |
102.78 |
3.77 |
|||||||||
2031 |
2.0 |
0.808 |
86.58 |
101.54 |
85.54 |
14.09 |
68.95 |
104.83 |
3.84 |
|||||||||
2032 |
2.0 |
0.808 |
88.31 |
103.57 |
87.25 |
14.37 |
70.33 |
106.93 |
3.92 |
|||||||||
2033 |
2.0 |
0.808 |
90.08 |
105.64 |
88.99 |
14.66 |
71.74 |
109.07 |
4.00 |
|||||||||
Thereafter |
2.0 |
0.808 |
+2.0%/yr. |
+2.0%/yr. |
+2.0%/yr. |
+2.0%/yr. |
+2.0%/yr. |
+2/0%/yr. |
+2.0%/yr. |
Notes: |
|
(1) |
Three-consultant average (McDaniel, GLJ and Sproule) escalated price forecast dated January 1, 2019 |
(2) |
Inflation rate for costs. |
(3) |
Exchange rate used to generate the benchmark reference prices in this table. |
Reserves Reconciliation
The following reconciliation of Clearview’s reserves compares changes in the Company’s working interest reserves plus royalty interest reserves at March 31, 2018 to the reserves at December 31, 2018, each evaluated in accordance with National Instrument 51-101 definitions.
Oil (Mbbls) |
Proved |
Total Proved |
Total Proved |
|||
Mar. 31, 2018 |
Opening Balance |
1,224 |
2,689 |
4,059 |
||
Acquisitions |
158 |
479 |
1,072 |
|||
Dispositions |
(164) |
(164) |
(223) |
|||
Technical Revisions |
349 |
1,131 |
427 |
|||
Extensions |
123 |
353 |
580 |
|||
Production |
(156) |
(156) |
(156) |
|||
Dec. 31, 2018 |
Closing Balance |
1,534 |
4,332 |
5,759 |
||
Gas (MMcf) |
Proved |
Total Proved |
Total Proved |
|||
Mar. 31, 2018 |
Opening Balance |
16,862 |
23,244 |
51,226 |
||
Acquisitions |
775 |
2,690 |
6,227 |
|||
Dispositions |
(6) |
(6) |
(7) |
|||
Technical Revisions |
385 |
5,483 |
(41) |
|||
Extensions |
769 |
1,197 |
2,417 |
|||
Production |
(1,838) |
(1,838) |
(1,838) |
|||
Dec. 31, 2018 |
Closing Balance |
16,947 |
30,770 |
57,984 |
||
NGL’s (Mbbls) |
Proved |
Total Proved |
Total Proved |
|||
Mar. 31, 2018 |
Opening Balance |
1,026 |
1,334 |
2,996 |
||
Acquisitions |
5 |
16 |
36 |
|||
Dispositions |
– |
– |
– |
|||
Technical Revisions |
125 |
248 |
270 |
|||
Extensions |
3 |
29 |
39 |
|||
Production |
(122) |
(122) |
(122) |
|||
Dec. 31, 2018 |
Closing Balance |
1,037 |
1,505 |
3,219 |
||
BOE’s (Mbbls) |
Proved |
Total Proved |
Total Proved |
|||
Mar. 31, 2018 |
Opening Balance |
5,061 |
7,897 |
15,593 |
||
Acquisitions |
292 |
943 |
2,146 |
|||
Dispositions |
(165) |
(165) |
(224) |
|||
Technical Revisions |
539 |
2,293 |
690 |
|||
Extensions |
254 |
582 |
1,022 |
|||
Production |
(585) |
(585) |
(585) |
|||
Dec. 31, 2018 |
Closing Balance |
5,396 |
10,965 |
18,642 |
||
Finding and Development Costs
For the year ended December 31, 2018, Clearview drilled and completed two horizontal development wells and conducted various optimization and well workover projects on its properties. The Company also closed the purchase of the remaining 50% working interest in the Windfall property through the acquisition of Bashaw Oil Corp. Finding and development costs for proved developed producing, total proved and total proved plus probable reserves for 2018 are presented below.
Capital ($ thousands) |
Proved Developed |
Total Proved |
Total Proved plus |
||
Exploration and Development (“E&D”) costs |
9,638 |
9,638 |
9,638 |
||
Change in FDC related to E&D |
(106) |
28,794 |
21,334 |
||
Total E&D Costs |
9,532 |
38,432 |
30,972 |
||
Acquisition and Disposition (“A&D”) costs |
3,032 |
3,032 |
3,032 |
||
Change in FDC related to A&D |
– |
5,505 |
12,295 |
||
Total A&D Costs |
3,032 |
8,537 |
15,327 |
||
Total Costs |
12,564 |
46,969 |
46,299 |
||
Reserves (mboe) |
|||||
Total Reserve Discoveries, Extensions & |
811.7 |
2,925.7 |
1,772.7 |
||
Total Acquisitions and Dispositions |
124.2 |
760.2 |
1,895.2 |
||
Total Reserve Additions |
935.9 |
3,685.9 |
3,667.9 |
||
E&D, including change in FDC related to |
$11.74/boe |
$13.14/boe |
17.47/boe |
||
E&D and A&D, including change in FDC |
$13.43/boe |
$12.74/boe |
$12.62/boe |
Notes: |
|
(1) |
Tables may not add due to rounding |
(2) |
Includes extensions and improved recovery, technical revisions, discoveries and economic factors |
(3) |
F&D and F,D&A are oil and gas metrics, please see the advisory section of this press release. |
Reserve Life Index
The Company’s proved producing reserve life index (“RLI”) is 6.0 years and the total proved RLI is 10.8 years. The total proved plus probable RLI is 17.4 years.
OPERATIONS UPDATE
Over the past nine months ended December 31, 2018, the Company focused its efforts on defining and de-risking the undeveloped light oil potential on its operated core assets. Clearview operated, drilled and completed two extended reach, horizontal, development, oil wells. The Company also continued to optimize its existing production through well workovers, marketing arrangements and facility upgrades.
Wilson Creek
Clearview’s previously announced operated, horizontal well located on the Wilson Creek core property at 15-20-44-4W5M (“15-20”) (85% working interest) has completed its first 180 days of continuous production (“IP180”). During the IP180, the well produced a gross average of 246 barrels of light, sweet oil per day (“bbl/d”) or 270 boe/d. This production exceeds the Company’s type curve IP180 estimate of 185 bbls/d. As at April 13, 2019 this well has recovered over 51 thousand barrels of oil.
The same surface pad location for 15-20 could be used to drill two additional wells of this type. The McDaniel report includes an additional 16 gross, proved undeveloped, Cardium horizontal drilling locations on this property.
Windfall
Clearview’s previously announced horizontal development well (100% working interest) on the Windfall core property targeting light, sweet oil in the Bluesky Formation at 1-3-59-15W5M (“1-3”) has completed its first 120 days of continuous production its (“IP120”). During the IP120, the well produced a gross average of 161 barrels of light, sweet oil per day or 258 boe/d. This production exceeds the Company’s type curve IP120 estimate of 141 bbl/d. As at April 13, 2019 this well has recovered over 22 thousand barrels of oil.
The 1-3 surface pad location is an existing well lease that is already tied-in to the Company’s 100% owned and operated oil handling facility. The McDaniel report includes an additional eight gross proved undeveloped and two probable Bluesky horizontal drilling locations on this property.
Corporate
On April 10, 2018, the Company closed the disposition of a light oil property located in southern Alberta for $3,369,000. The Company sold the property for approximately $53,500 per flowing boe/d. The proceeds from the disposition were immediately applied against the Company’s bank debt to further improve its financial flexibility towards funding the Company’s upcoming summer drilling program.
On April 16, 2018, the Company closed the acquisition of Bashaw Oil Corp. (“Bashaw”) through a share for share exchange based on 25.379 common shares of Bashaw for one voting common share of the Company. Clearview issued 1,560,046 voting common shares to the shareholders of Bashaw. The Company acquired the remaining 50% working interest of the Windfall core property and increased its financial flexibility resulting from the cash and working capital surplus position of Bashaw.
As part of the Bashaw merger, the Board of Directors of Clearview effected a change in management with an emphasis on current operational excellence and expertise in horizontal drilling and completions using multi-stage fracing technology.
Consistent with the Company’s strategy of transformation into an operated, growth-oriented producer, Clearview has sold two of its minor, non-core assets, Warburg and Crossfield for nominal proceeds. These assets were non-operated, low working interest units that produced at a combined rate of 4.8 bbl/d net to Clearview. The divestment closed on December 20, 2018.
Outlook
Clearview continues to pursue its growth strategy within its focus area of west central Alberta, including asset or corporate acquisitions, development drilling and production optimization. This activity will be funded through existing funds from operations, non-core dispositions, debt and possibly additional equity financing to maintain financial flexibility.
On February 22, 2019, Clearview closed the purchase of the Niton light oil and gas property located within its core area of west central Alberta for total consideration of $9.5 million. The purchase price is comprised of $0.58 million in cash and the issuance of 1.357 million common shares of Clearview, at a deemed price of $6.516 per share, to the vendor. The acquisition was funded from Clearview’s existing credit facility and common shares issued from treasury.
Clearview’s management believes the development potential on the lands acquired, will deliver significant, light oil weighted, growth and drive value creation for Clearview shareholders over the medium and long term.
The Niton property is located between Clearview’s existing core properties of Wilson Creek and Windfall along the light oil prone, deep basin trend of the Cardium and Bluesky formations. This asset is situated on 40,420 acres of land including 23,200 acres of undeveloped land. The property is characterized by high (86%) working interests and operated production. The acquisition represents a 50% increase to Clearview’s existing undeveloped land base. January 2019 average production of the acquired asset was approximately 300 boe/d with 53% of such production being light oil and natural gas liquids.
In the remainder of 2019, Clearview will continue to enhance operational efficiencies and evaluate strategic acquisitions. Field capital will be limited to the Company’s existing inventory of workovers and optimization projects. Spending is anticipated to be less than cash flow with the balance being applied to debt repayment to enhance the Company’s financial flexibility.
Clearview’s annual December 31, 2018 financial statements and management’s discussion and analysis are available on the Company’s website at www.clearviewres.com and SEDAR at www.SEDAR.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
CLEARVIEW RESOURCES LTD. |
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2400 – 635 – 8th Avenue S.W. Calgary, Alberta T2P 3M3 |
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Telephone: (403) 265-3503 |
Facsimile: (403) 265-3506 |
Email: info@clearviewres.com |
Website: www.clearviewres.com |
TONY ANGELIDIS |
BRIAN KOHLHAMMER |
President & CEO |
V.P. Finance & CFO |
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