REG - Southern Energy Corp - FIRST QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Southern EnergyAnnouncement

30/05/2023 07:15

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RNS Number : 8935A  Southern Energy Corp.  30 May 2023

SOUTHERN ENERGY CORP. ANNOUNCES FIRST QUARTER 2023 FINANCIAL AND OPERATING
RESULTS

 

Calgary, Alberta - May 30, 2023 - Southern Energy Corp. ("Southern" or the
"Company") (TSXV:SOU) (AIM:SOUC)(OTCQX:SOUTF), an established producer with
natural gas and light oil assets in Mississippi,  announces its first quarter
financial and operating results for the three months ended March 31, 2023.
Selected financial and operational information is outlined below and should be
read in conjunction with the Company's unaudited consolidated financial
statements (the "Financial Statements") and related management's discussion
and analysis (the "MD&A") for the three months ended March 31, 2023, which
are available on the Company's website at www.southernenergycorp.com and have
been filed on SEDAR.

All figures referred to in this news release are denominated in U.S. dollars,
unless otherwise noted.

FIRST QUARTER 2023 HIGHLIGHTS

·    Generated $1.7 million of adjusted funds flow from operations 1  in
Q1 2023 ($0.01 per share basic and diluted)

·    Net loss of $1.1 million in Q1 2023 ($0.01 loss per share basic and
diluted), compared to a net loss of $1.9 million in Q1 2022

·    Petroleum and natural gas sales were $5.2 million in Q1 2023

·    Maintained balance sheet strength with net debt(1) to adjusted funds
flow from operations ratio of 1.2x on a trailing twelve month basis down from
2.6x in the first quarter of 2022

·    Average production of 15,643 Mcfe/d 2  (2,607 boe/d) (95% natural
gas) during Q1 2023, an increase of 36% from the same period in 2022

·    Average realized natural gas and oil prices for Q1 2023 of $3.25/Mcf
and $75.73/bbl, respectively, reflecting the benefit of strategic access to
premium-priced U.S. sales hubs in a geographic region with strong industrial
and power generation natural gas demand

·    Drilled six net wells at Gwinville in Q1 2023 from three padsites,
with each subsequent pad drilling operation resulting in fewer drilling days
per well depth adjusted

·    2022 Year End Reserves Upgrade:

o  Highlights of the Company's year end independent oil and gas reserves
evaluation as at December 31, 2022 (the "NSAI Report") prepared by independent
qualified reserves evaluator Netherland, Sewell & Associates, Inc.
("NSAI") include:

§ an increase in proved developed producing ("PDP") reserves of 25% to 6.2
MMboe

§ an increase in total proved ("1P") reserves of 44% to 14.1 MMboe

§ an increase in total proved plus probable ("2P") reserves by 31% to 25.5
MMboe in 2022

§ before-tax net present value ("NPV") of 2P reserves, discounted at 10%
("NPV10"), of $142.5 million (an increase of 61% on year end 2021)

·    Top performing energy stock in the 2023 TSX Venture 50™ based on
equal weighting of performance during 2022 across three key indictors: market
capitalization growth, share price appreciation, and trading volume

SUBSEQUENT EVENTS

·    As announced on May 23, 2023, Southern entered into a strategic and
highly synergistic purchase and sale agreement to acquire ~400 boe/d (99%
natural gas) for cash consideration of $3.2 million in Gwinville with an
expected close date of June 1, 2023 (the "Acquisition")

Ian Atkinson, President and CEO of Southern, commented:

"Q1 2023 was a great operational quarter for Southern as we wrapped up our
seven horizontal well drilling program at Gwinville, with improved drilling
time and cost efficiencies, which will lead to future cost savings when we
re-ignite our organic growth at more supportive commodity prices. We are
encouraged by the outlook of supply and demand dynamics for U.S. natural gas
and are well set to immediately capitalize on gas prices with production
behind pipe which can be brought on stream in a very short time scale.
Additionally, we are extremely excited to consolidate the Gwinville field with
the recently announced asset Acquisition. This Acquisition, which will be
seamlessly incorporated with our current operations and staff, provides
significant cost synergies, stable, low-decline production and additional high
quality drilling locations to compliment our current drilling inventory. These
are precisely the type of accretive transactions that we are looking for to
expedite reaching our goal to reach 25,000 boe/d. As a low-cost producer
attracting premium pricing, we feel that we have the right assets in the right
locations that will provide long term value to shareholders and continue to
look for further comparable opportunities."

Financial Highlights

                                                      Three months ended March 31,
 (000s, except $ per share)                           2023                     2022
 Petroleum and natural gas sales                      $         5,189          $         5,925
 Net loss                                             (1,120)                  (1,855)
 Net loss per share
     Basic                                            (0.01)                   (0.02)
     Fully diluted                                    (0.01)                   (0.02)
 Adjusted funds flow from operations ((1))            1,745                    2,234
 Adjusted funds flow from operations per share ((1))
     Basic                                            0.01                     0.03
     Fully diluted                                    0.01                     0.03
 Capital expenditures                                 34,892                   6,872
 Weighted average shares outstanding
     Basic                                            138,591                  78,153
     Fully diluted                                    138,591                  78,153
 As at period end
 Basic common shares outstanding                      139,010                  78,200
 Total assets                                         108,609                  48,534
 Non-current liabilities                              14,543                   11,777
 Net debt ((1))                                       $     (19,731)           $     (10,745)

Note:

((1)         ) See "Reader Advisories - Specified Financial
Measures".

 

 

Operational Update

 

On March 29, 2023, the Company concluded operations on the current drilling
campaign which included seven new horizontal wells into three separate
productive horizons from three distinct padsites in the Gwinville Field.  The
program added three Upper Selma Chalk wells, two Lower Selma Chalk wells and
two City Bank wells. The drilling campaign was initially planned for 13
horizontal wells, but the Company paused the capital program in response to
the weaker natural gas pricing in the first quarter of the year to maintain
balance sheet discipline.

Southern is extremely happy with the field execution performance from this
program, highlighted by drilling efficiencies which saw the average time from
spud to total depth of the Selma Chalk wells reduced from approximately 20
days in Southern's three well appraisal program in 2022 to below 10 days by
the final padsite in Q1 2023. The majority of the wells in the program came in
at or below the initial drilling and completion cost estimates, despite more
than 80% of the cost structure being fixed due to long term contracts for
materials and major services locked in during the highly inflationary second
half of 2022. With the learnings and efficiencies achieved in this campaign,
Southern is planning for all future horizontal drilling in Gwinville to
utilize an optimized wellbore design change that will remove the intermediate
casing string and all associated costs which the Company expects will reduce
the per-well drilling costs by 20-25%. This will allow the Company to
reinitiate its organic growth plans at lower future gas prices than what was
previously contemplated.

Comparing key performance indicators from the drilling and completion
operations in this program to the appraisal program from 2022, Southern
achieved a 6% reduction in drilling costs per lateral foot (down to $644/ft)
and a greater than 22% reduction in completion costs per lateral foot (down to
$615/ft). Further, compared to the early generation horizontal activity
between 2005 and 2009 on the asset by the previous operator, one of the
largest independent upstream oil and natural gas companies in the U.S., on an
inflation adjusted basis, Southern achieved a greater than 30% reduction in
both drilling and completion costs per lateral foot.

The Company continues to flow back its first City Bank Hz well at Gwinville
18-10 #1, with load fluid recovery of approximately 13%. Based on historical
vertical and early generation horizontal well completions in the City Bank
reservoir in Gwinville, peak gas rates are not expected until the load fluid
recovery is closer to 20+%, which is expected to be towards the end of Q2
2023. Gas rates are encouraging and continue to improve and Southern is
excited to provide further operational updates in Q2 2023 as the modern
generation City Bank type curve results are established.

Remediation plans for the 18-10 #3 Upper Selma Chalk well that experienced a
mechanical integrity issue with the production casing during completion
operations continue to be finalized, with field execution expected in late Q2
2023. The 18-10 #3 well was drilled to a total lateral length of 5,091 ft,
achieved 80% of the lateral placed in the targeted porosity zone and was
successfully completed in 44 stages prior to the mechanical issue.

The four wells that are awaiting completion include the first two Lower Selma
Chalk laterals, along with the second City Bank lateral and one Upper Selma
Chalk lateral. These four wells are some of Southern's longest laterals
to-date. They were drilled with an average lateral length of approximately
5,400 ft and were steered within the high-graded intervals for an average of
95% of the wellbore length. The two padsites can be brought on production
within a matter of weeks once completion operations are resumed. At current
strip pricing, Southern could commence completion operations in Q4
2023.

Outlook

With a moderated capital program due to low commodity prices, Southern has
left four drilled, uncompleted wells ("DUCs") that can be quickly completed
and brought online through Southern's 100% owned equipment at higher natural
gas prices. After closing the above-mentioned Acquisition anticipated on June
1, 2023, Southern expects to have approximately $14.5 million of unused
capacity on its senior secured term loan (the "Credit Facility"), which can be
utilized to complete the DUCs at supportive natural gas prices.

 

As part of its risk management and sustainability strategy, Southern has
entered into both a fixed basis and a fixed price swap in order to mitigate
some of the volatility of the natural gas prices going forward. In Q1 2023,
Southern entered into a basis swap transaction to secure a premium to NYMEX of
$0.32 per MMBtu on 1,000 MMBtu/d from April 1, 2023 to October 31, 2023.
Subsequent to March 31, 2023, Southern entered into a fixed price hedge on
1,000 MMBtu/d of production at a price of $3.88/MMBtu from January 1, 2024 to
December 31, 2025. To further protect against the volatility, the Company
continues to monitor the basis differential prices and is prepared to hedge
additional basis exposure at elevated basis premiums.

 

Southern thanks all of its stakeholders for their ongoing support and looks
forward to providing future updates on operational activities and continuing
to create shareholder value.

 

Qualified Person's Statement

 

Gary McMurren, COO, who has over 22 years of relevant experience in the oil
industry, has approved the technical information contained in this
announcement. Mr. McMurren is registered as a Professional Engineer with the
Association of Professional Engineers and Geoscientists of Alberta and
received a Bachelor of Science degree in Chemical Engineering (with
distinction) from the University of Alberta.

 

For further information about Southern, please visit our website at
www.southernenergycorp.com
(https://url.avanan.click/v2/___http:/www.southernenergycorp.com___.YXAzOnNvdXRoZXJuZW5lcmd5Y29ycDphOm86MzA2NjE2OWIxMDBjM2FjM2I3ZjZhZDA1OGM0NTUwODU6NjpkYzc5OmExY2U1YzQxYTI4YWQ0NjQ0MWZhZThlYTdkZDdlNzlkNDI1NDQ5MjllNjk0M2QyOGFmNWQzZWIxZTRkMTJkNTQ6cDpU)
or contact:

 Southern Energy Corp.

 Ian Atkinson (President and CEO)                           +1 587 287 5401

 Calvin Yau (CFO)                                           +1 587 287 5402

 Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494

 James Spinney / James Bellman

 Canaccord Genuity - Joint Broker                           +44 (0) 20 7523 8000

 Henry Fitzgerald-O'Connor / James Asensio
 Stifel Nicolaus Europe Limited - Joint Broker              +44 (0) 20 7710 7600

 Callum Stewart / Ashton Clanfield

 Tennyson Securities - Joint Broker                         +44 (0) 20 7186 9033

 Peter Krens / Pav Sanghera

 Camarco                                                    +44 (0) 20 3757 4980

 Owen Roberts / Billy Clegg / Hugo Liddy

 

 

 

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company
characterized by a stable, low-decline production base, a significant low-risk
drilling inventory and strategic access to premium commodity pricing in North
America. Southern has a primary focus on acquiring and developing conventional
natural gas and light oil resources in the southeast Gulf States of
Mississippi, Louisiana, and East Texas. Our management team has a long and
successful history working together and have created significant shareholder
value through accretive acquisitions, optimization of existing oil and natural
gas fields and the utilization of re-development strategies utilizing
horizontal drilling and multi-staged fracture completion techniques.

READER ADVISORY

MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil
(bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a
ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural
gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of
oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1)
barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of
1 bbl:6 Mcf is based in an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. In addition, given that the value ratio based on the current price
of oil as compared with natural gas is significantly different from the energy
equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a
Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of
value.

Throughout this press release, "crude oil" or "oil" refers to light and medium
crude oil product types as defined by National Instrument 51-101 - Standards
of Disclosure for Oil and Gas Activities ("NI 51-101"). References to "NGLs"
throughout this press release comprise pentane, butane, propane, and ethane,
being all NGLs as defined by NI 51-101. References to "natural gas" throughout
this press release refers to conventional natural gas as defined by NI 51-101.

Unit Cost Calculation. For the purpose of calculating unit costs, natural gas
volumes have been converted to a boe using six thousand cubic feet equal to
one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based
upon an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. This
conversion conforms with National Instrument 51 101 - Standards of Disclosure
for Oil and Gas Activities. Boe may be misleading, particularly if used in
isolation.

Reserves and Future Net Revenue Disclosure. All reserves values, future net
revenue and ancillary information contained in this press release are derived
from the NSAI Report unless otherwise noted. The NSAI Report was prepared in
accordance with definitions, standards and procedures contained in NI 51-101
and the most recent publication of the Canadian Oil and Gas Evaluation
Handbook (the "COGEH"). Additional reserves information as required under NI
51-101 is included in the Company's Annual Information Form for the year ended
December 31, 2022 (the "AIF"), which is available on the Company's SEDAR
profile at www.sedar.com.

All reserve references in this press release are "Company gross reserves".
Company gross reserves are the Company's total working interest reserves
before the deduction of any royalties payable by the Company. There is no
assurance that the forecast price and cost assumptions applied by NSAI in
evaluating Southern's reserves will be attained, and variances could be
material. All reserves assigned in the NSAI Report are located in the State of
Mississippi and presented on a consolidated basis.

All evaluations and summaries of future net revenue are stated prior to the
provision for interest, debt service charges or general and administrative
expenses and after deduction of royalties, operating costs, estimated well
abandonment and reclamation costs and estimated future capital expenditures.
It should not be assumed that the estimates of future net revenues represent
the fair market value of the reserves. The recovery and reserve estimates of
Southern's crude oil, natural gas liquids and natural gas reserves provided
herein are estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and natural gas
liquids reserves may be greater than or less than the estimates provided
herein. There are numerous uncertainties inherent in estimating quantities of
crude oil, reserves and the future cash flows attributed to such reserves. The
reserve and associated cash flow information set forth herein are estimates
only.

Proved reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves. Probable reserves are
those additional reserves that are less certain to be recovered than proved
reserves. It is equally likely that the actual remaining quantities recovered
will be greater or less than the sum of the estimated proved plus probable
reserves. Proved developed producing reserves are those reserves that are
expected to be recovered from completion intervals open at the time of the
estimate. These reserves may be currently producing or, if shut-in, they must
have previously been on production, and the date of resumption of production
must be known with reasonable certainty. Undeveloped reserves are those
reserves expected to be recovered from known accumulations where a significant
expenditure (e.g., when compared to the cost of drilling a well) is required
to render them capable of production. They must fully meet the requirements of
the reserves category (proved, probable, possible) to which they are assigned.
Certain terms used in this press release but not defined are defined in NI
51-101, CSA Staff Notice 51-324 - Revised Glossary to NI 51-101, Standards of
Disclosure for Oil and Gas Activities ("CSA Staff Notice 51-324") and/or the
COGEH and, unless the context otherwise requires, shall have the same meanings
herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may
be.

Abbreviations. Please see below for a list of abbreviations used in this press
release.

bbl                          barrels

bbl/d                      barrels per day

boe                         barrels of oil

boe/d                     barrels of oil per day

Mcf                         thousand cubic feet

Mcf/d                     thousand cubic feet per day

MMcf                     million cubic feet

MMcf/d                 million cubic feet per day

Mcfe                       thousand cubic feet
equivalent

Mcfe/d                   thousand cubic feet equivalent per
day

MMBtu                  million British thermal units

MMBtu/d              million British thermal units per day

Forward Looking Statements. Certain information included in this press release
constitutes forward-looking information under applicable securities
legislation. Forward-looking information typically contains statements with
words such as "anticipate", "believe", "expect", "plan", "intend", "estimate",
"propose", "project" or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking information in this press release may
include, but is not limited to, statements concerning the Company's asset base
including the development of the Company's assets, oil and natural gas
production levels, including the objective of achieving production of 25,000
boe/d, the Company's capital budget, expectations regarding material reserves,
anticipated operational results in 2023 including, but not limited to, capital
expenditures and drilling plans, expectations regarding commodity prices, the
performance characteristics of the Company's oil and natural gas properties,
the Company's hedging strategy, the ability of the Company to achieve drilling
success consistent with management's expectations, the sources of funding for
the Company's activities, the effect of market conditions and the COVID-19
pandemic on the Company's performance, Southern's planned ESG initiatives,
expectations regarding the use of proceeds from all sources, including the
Company's credit facilities, the availability and renewal of the Credit
Facility and future amendments thereto, future organic and inorganic growth
and acquisition opportunities within the resource market, and costs/debt
reducing activities. Statements relating to "reserves" and "recovery" are also
deemed to be forward- looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves
described exist in the quantities predicted or estimated and that the reserves
can be profitably produced in the future.

The forward-looking statements contained in this press release are based on
certain key expectations and assumptions made by Southern, including the
timing of and success of future drilling, development and completion
activities, the performance of existing wells, the performance of new wells,
the availability and performance of drilling rigs, facilities and pipelines,
the geological characteristics of Southern's properties, the characteristics
of the Company's assets, the successful application of drilling, completion
and seismic technology, the benefits of current commodity pricing hedging
arrangements, Southern's ability to enter into future derivative contracts on
acceptable terms,  Southern's ability to secure financing on acceptable
terms, prevailing weather conditions, prevailing legislation, as well as
regulatory and licensing requirements, affecting the oil and gas industry, the
Company's ability to obtain all requisite permits and licences, prevailing
commodity prices, price volatility, price differentials and the actual prices
received for the Company's products, royalty regimes and exchange rates, the
impact of inflation on costs, the application of regulatory and licensing
requirements, the Company's ability to obtain all requisite permits and
licences, the availability of capital, labour and services, the
creditworthiness of industry partners, and the Company's ability to source and
complete asset acquisitions.

Although Southern believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Southern can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to production, costs and expenses, regulatory risks,
and health, safety and environmental risks), constraint in the availability of
labour, supplies, or services, the impact of COVID-19 and variant strains of
the virus, commodity price and exchange rate fluctuations, geo-political
risks, political and economic instability abroad, wars (including the
Russo-Ukrainian War), hostilities, civil insurrections, inflationary risks
including potential increases to operating and capital costs, changes in
legislation impacting the oil and gas industry, adverse weather or break-up
conditions, and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. The Russo-Ukrainian War is particularly noteworthy, as this
conflict has the potential to disrupt the global supply of oil and gas, and
its full impact remains uncertain. These and other risks are set out in more
detail in Southern's MD&A and AIF.

The forward-looking information contained in this press release is made as of
the date hereof and Southern undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.

Future Oriented Financial Information. This press release contains
future-oriented financial information and financial outlook information
(collectively, "FOFI") about Southern's prospective results of operations,
cash flow, increased capacity under the credit facility, capital expenditures
and payout of wells, all of which are subject to the same assumptions, risk
factors, limitations, and qualifications as set forth in the above paragraphs.
FOFI contained in this document was approved by management as of the date of
this document and was provided for the purpose of providing further
information about Southern's future business operations. Southern and its
management believe that FOFI has been prepared on a reasonable basis,
reflecting management's best estimates and judgments, and represent, to the
best of management's knowledge and opinion, the Company's expected course of
action. However, because this information is highly subjective, it should not
be relied on as necessarily indicative of future results. Southern disclaims
any intention or obligation to update or revise any FOFI contained in this
document, whether as a result of new information, future events or otherwise,
unless required pursuant to applicable law. Readers are cautioned that the
FOFI contained in this document should not be used for purposes other than for
which it is disclosed herein. Changes in forecast commodity prices,
differences in the timing of capital expenditures, and variances in average
production estimates can have a significant impact on the key performance
measures included in Southern's guidance. The Company's actual results may
differ materially from these estimates.

Specified Financial Measures. This press release provides various financial
measures that do not have a standardized meaning prescribed by IFRS, including
non-IFRS financial measures, non-IFRS financial ratios and capital management
measures. These specified financial measures may not be comparable to similar
measures presented by other issuers. Southern's method of calculating these
measures may differ from other companies and accordingly, they may not be
comparable to measures used by other companies. Adjusted funds flow from
operations, operating netback, adjusted working capital and net debt are not
recognized measures under IFRS. Readers are cautioned that these specified
financial measures should not be construed as alternatives to other measures
of financial performance calculated in accordance with IFRS. These specified
financial measures provide additional information that management believes is
meaningful in describing the Company's operational performance, liquidity and
capacity to fund capital expenditures and other activities. Please see below
for a brief overview of all specified financial measures used in this release
and refer to the Company's MD&A for additional information relating to
specified financial measures, which is available on the Company's website at
www.southernenergycorp.com and filed on SEDAR.

"Adjusted Funds Flow from Operations" (non-IFRS financial measure) is
calculated based on cash flow from operative activities before changes in
non-cash working capital and cash decommissioning expenditures. Management
uses adjusted funds flow from operations as a key measure to assess the
ability of the Company to finance operating activities, capital expenditures
and debt repayments.

"Adjusted Funds Flow from Operations per Share" (non-IFRS financial measure)
is calculated by dividing Adjusted Funds Flow from Operations by the number of
Southern shares issued and outstanding.

"Operating Netback" (non-IFRS financial measure) equals total oil and natural
gas sales less royalties, production taxes, operating expenses, transportation
costs and realized gain / (loss) on derivatives. Management considers
operating netback an important measure to evaluate its operational
performance, as it demonstrates field level profitability relative to current
commodity prices.

"Positive Net Cash (Net Debt)" (capital management measure) is monitored by
Management, along with adjusted working capital, as part of its capital
structure in order to fund current operations and future growth of the
Company. Net debt is defined as long-term debt plus adjusted working capital
surplus or deficit. Adjusted working capital is calculated as current assets
less current liabilities, removing current derivative assets/liabilities, the
current portion of bank debt, and the current portion of lease liabilities.

 Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

 1  See "Reader Advisory - Specified Financial Measures"

 2  Comprised of 114 bbl/d light and medium crude oil, 13 bbl/d NGLs and
14,881 Mcf/d conventional natural gas

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