CLEARVIEW RESOURCES LTD. REPORTS DECEMBER 31, 2024 CORPORATE RESERVES INFORMATION AND ANNOUNCES UPDATES
CALGARY, AB, March 20, 2025 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its 2024 year end reserves information.
"In 2024, we increased Clearview's proved developed producing net asset value per basic share by 51%, compared to the prior year, to $3.88 per share, the highest for the Company in the last decade", commented Rod Hume, President & CEO. "Despite enduring the lowest natural gas price in over 20 years, the Company grew its proved developed producing reserve value, primarily from an 8% increase in PDP oil reserves through the acquisition of a low decline, light oil weighted producing asset. Additionally, Clearview substantially improved its financial position through two significant dispositions. The dispositions consisted of a portion of under-utilized infrastructure in Northville and the sale of certain undeveloped, expiring acreage in North Pembina. As a result of these transactions, Clearview's net debt position improved by over $9 million from the prior year, exiting 2024 with a net surplus of $5.2 million, including $6.4 million of cash."
2024 HIGHLIGHTS
Increased proved developed producing net asset value per basic share by 51% compared to 2023;
Increased proved developed producing crude oil reserves by 8% compared to 2023;
Achieved a proved developed producing acquisition cost of $12.38/barrel of oil equivalent ("boe") for the 74% light oil weighted, low decline, North Pembina asset;
Achieved a proved developed producing finding and development cost of $9.03/boe; and
Increased reserve life index of proved developed producing reserves to 7.2 years.
YEAR END 2024 RESERVE INFORMATION
McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent petroleum engineering firm, has evaluated 100% of Clearview's crude oil, natural gas and natural gas liquids reserves (all located in Canada) as at December 31, 2024 and prepared a reserves report dated March 19, 2025 (the "McDaniel Report") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Consistent with the prior year's reserve report, the Company used a three consultant (McDaniel, GLJ Petroleum Consultants Ltd. and Sproule) average commodity price forecast dated January 1, 2025 ("Price Forecast") in the evaluation. Full reserves data disclosure as required under NI 51-101 will be included in Clearview's Annual Information Form to be filed on SEDAR+ by April 30, 2025. The 2024 financial information in this press release is currently unaudited.
RESERVES
The following table is a breakdown of the Company's reserves information, estimated using the Price Forecast and forecast costs, as detailed in the McDaniel Report at December 31, 2024.
Reserves
Light & Medium Crude Oil
Conventional Natural Gas(3)
Natural Gas Liquids(4)
Total Oil Equivalent(5)
Reserves Category
Gross(1) (Mbbl)
Net(2)(Mbbl)
Gross(1) (MMcf)
Net(2)(MMcf)
Gross(1) (Mbbl)
Net(2)(Mbbl)
Gross(1) (Mboe)
Net(2)(Mboe)
Proved
Developed Producing
1,085
951
11,825
10,956
977
842
4,033
3,619
Non-Producing
41
37
816
753
56
50
233
212
Undeveloped
2,164
1,838
12,332
11,209
580
488
4,799
4,194
Total Proved
3,290
2,826
24,974
22,919
1,612
1,379
9,065
8,025
Probable
1,629
1,267
23,671
21,253
2,010
1,680
7,585
6,488
Total Proved + Probable
4,920
4,093
48,645
44,171
3,622
3,059
16,649
14,514
(1)
Gross reserves are defined as the working interest share of reserves prior to the deduction of interests owned by others (burdens). Royalty interest reserves are not included in Gross reserves.
(2)
Net reserves are defined as the working, net carried, and royalty interest reserves after deduction of all applicable burdens/royalties.
(3)
Includes solution gas.
(4)
Includes ethane, propane, butane, pentane, and condensate.
(5)
boe amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil (6:1).
NET PRESENT VALUE OF FUTURE NET REVENUE
The estimated future net revenues associated with Clearview's reserves at December 31, 2024, based on the Price Forecast, are summarized in the following table.
Net Present Values of Future Net Revenue
Before Income Taxes Discounted at %/year (MM$)
After Income Taxes Discounted at %/year (MM$)
Before Tax10.0%(1) ($/boe)
Reserves Category
0 %
5 %
10 %
15 %
20 %
0 %
5 %
10 %
15 %
20 %
Proved
Developed Producing
29.8
35.3
33.6
30.4
27.3
29.8
35.3
33.6
30.4
27.3
9.29
Non-Producing
2.8
2.3
1.9
1.6
1.4
2.8
2.3
1.9
1.6
1.4
8.83
Undeveloped
62.2
33.9
17.6
7.9
1.9
62.2
33.9
17.6
7.9
1.9
4.20
Total Proved
94.8
71.5
53.1
39.9
30.6
94.8
71.5
53.1
39.9
30.6
6.62
Total Probable
107.5
65.4
40.9
26.3
17.3
84.6
52.0
32.6
20.9
13.6
6.31
Total Proved + Probable
202.3
136.9
94.0
66.2
47.8
179.4
123.5
85.7
60.8
44.2
6.48
(1)
Unit Values using Net reserves, using a discount rate of 10% and calculated before deducting future income tax expenses.
(2)
Future net revenues are estimated using forecast prices, costs arising from the anticipated development and production of reserves, associated royalties, operating costs, development costs, and abandonment and reclamation costs. The net present values of future net revenues disclosed are not a measure of fair market value.
RESERVES RECONCILIATION
Changes between the Company's Gross reserve estimates made as at December 31, 2024 and the prior-year estimates, made as at December 31, 2023, based on the three consultant average forecast prices and costs as at the respective dates are summarized in the table below.
Proved
Total
Developed
Total
Total
Proved +
Producing
Proved
Probable
Probable
Light and Medium Crude Oil (Mbbl)
December 31, 2023
1,005
3,221
1,606
4,827
Technical Revisions
28
27
(27)
0
Acquisitions
186
186
41
227
Economic Factors
3
(6)
10
3
Production
(137)
(137)
-
(137)
December 31, 2024
1,085
3,290
1,629
4,920
Conventional Natural Gas(1) (MMcf)
December 31, 2023
13,434
27,367
22,749
50,116
Technical Revisions
710
57
806
863
Acquisitions
302
302
64
366
Economic Factors
(919)
(1,051)
53
(998)
Production
(1,703)
(1,703)
-
(1,703)
December 31, 2024
11,825
24,974
23,671
48,645
Natural Gas Liquids (Mbbl)
December 31, 2023
984
1,749
1,705
3,454
Technical Revisions
192
69
300
370
Acquisitions
15
15
3
18
Economic Factors
(75)
(81)
2
(80)
Production
(139)
(139)
-
(139)
December 31, 2024
977
1612
2010
3622
Total (Mboe)(2)
