WHITECAP RESOURCES INC. ANNOUNCES 182% CHANGE IN 2011 YEAR-END RESERVES
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce its 2011 year-end oil and gas reserves evaluation. The increases reflect our accretive oil acquisitions in 2011 and our ability to efficiently execute our capital program on both our existing and acquired oil assets.
The following highlights and reserves information DO NOT INCLUDE the recent Viking Dodsland acquisition of Compass Petroleum Ltd. (“Compass”).
- Increased proved plus probable reserves by 182% to 38.6 mmboe (72% oil, 3% NGLs) and proved reserves by 210% to 25.6 mmboe (72% oil, 4% NGLs).
- On a per share basis (fully diluted) increased proved plus probable reserves by 65% and proved reserves by 81%.
- The proven reserves component of proved plus probable reserves has increased from 60% to 66% year over year.
- Proved plus probable reserve additions replaced 1,307% of production in the year and proved reserve additions replaced 942% of production in the year.
- Achieved finding and development (“F&D”) costs of $9.79 per proved plus probable boe and $11.66 per proven boe, excluding changes in future development costs.
- Achieved finding, development and acquisition (“FD&A”) costs of $14.95 per proved plus probable boe and $20.74 per proven boe, excluding changes in future development costs.
- Generated a FD&A recycle ratio of 3.1 times on proved plus probable reserves based on our estimated 2011 operating netback of $46.00/boe.
- Maintained a long reserve life index of 12.7 years on a total proved plus probable basis based on our December 2011 exit production rate of 8,300 boe/d.
The recently closed acquisition of Compass on February 10, 2012 added the Dodsland Viking assets to our portfolio of low risk, high netback oil properties. Our oil development inventory is now 679 (426 net) locations which will allow us to continue to provide per share growth in cash flow, production and reserves for our shareholders.
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