Pine Cliff Energy Ltd. declares its 2012 year- end reserves, the 2012 year-end reserves of Skope Energy Inc. (Skope) and Pine Cliff's pro forma reserves subsequent to Pine Cliff becoming the sole shareholder of Skope on February 19, 2013. Both Pine Cliff and Skope's independent reserve reports were prepared by McDaniel & Associates Limited ("McDaniel") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with effective dates of December 31, 2012.
As a result of redirecting Pine Cliff's corporate strategy in 2012 into a growth-oriented, Canadian based junior exploration and production company, Pine Cliff is pleased to report significant increases in its reserve base in 2012. The increases are mainly a result of the acquisition of its Carrot Creek assets in the first quarter of 2012 and the business combination with Geomark Exploration Ltd. in the fourth quarter of 2012. Highlights of Pine Cliff's reserves for the 2012 year include:
• Proved reserves increased to 2,492.5 MBOE at December 31, 2012 from 193.8 MBOE at December 31, 2011;
• Proved plus probable reserves increased to 3,839.5 MBOE at December 31, 2012 from 250.1 MBOE at December 31, 2011;
• Approximately 65% of total reserves are classified as proved reserves with 35% classified as probable reserves; and
• Net present value for proved plus probable reserves of $41.0 million, discounted at 10%; an increase of $38.4 million from December 31, 2011.
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Pine Cliff Energy Ltd.
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