Reserves & Resources Update
Caracal Energy Inc. - Reserves & Resources Update
Gross Lease 2P Reserves increase by 72%
Gross Lease Mean Risked Prospective Resources increase by 171%
Company 2P Net Present Value of US$1.4 billion
CALGARY, July 15, 2013 /CNW/ - Caracal Energy Inc. (LSE:CRCL) ("Caracal" or the
"Company") announced today the results of a reserves and resources evaluation
provided by McDaniel & Associates Consultants Ltd. ("McDaniel") as at June 30,
2013 (collectively, the "McDaniel Report" or the "Report"). A statement of the
Reserves and Resources consistent with an NI 51-101F1 (defined below) can be
found at www.caracalenergy.com or www.sedar.com, under Caracal's profile.
The results of the McDaniel Report demonstrate a significant increase in
reserves and resources as at June 30, 2013 as compared with previous
independent reports on reserves and resources with effective dates of December
31, 2012, which were completed and issued in February 2013.
Highlights:
· Gross Lease Reserves
· Proven ("1P") of 34.7 million barrels ("MMB"), an increase of 20%
· Proved plus Probable ("2P") of 153.3 MMB, an increase of 72%
· Proved plus Probable plus Possible ("3P") of 321.0 MMB, an increase of 60%
· Caracal Net Entitlement Reserves
· 1P of 12.9 MMB, an increase of 14%
· 2P of 50.6 MMB, an increase of 59%
· 3P of 89.8 MMB, an increase of 41%
· Caracal's Net Present Value (discounted at 10% before tax) - all amounts in U.S. Dollars
· 1P of $516 million
· 2P of $1,413 million
· 3P of $2,533 million
· Gross Lease Prospective Resource
· Mean unrisked Prospective Resource covering 80 prospects of 4,070 MMB, an increase of 219%
· Mean risked Prospective Resource covering 80 prospects of 833 MMB, an increase of 171%
Gary Guidry, Chief Executive Officer of Caracal, said:
"We have invested significant capital over the past two years on appraisal,
development and exploration with positive results. During the first 6 months of
2013 we have been able to test new reservoir horizons at Badila, apply modern
3D seismic techniques over both the Mangara and the Badila developments and
surrounding exploration opportunities, and undertake intensive analysis of the
exploration portfolio opportunities.
We expect significant further progress in the second half of 2013 as we are
currently testing new horizons in the lower Cretaceous E sands at Mangara, and
preparing to spud several new exploration and appraisal wells."
Notes: When compared with the independent report on reserves and contingent
resources with effective date December 31, 2012, prepared in accordance with
the COGE Handbook and National Instrument 51-101 - Reserves Data and Other Oil
& Gas Information ("NI 51-101") (the "COGE Report"), issued on June 28, 2013,
and as included in the Company's final long-form prospectus as dated and filed
with the Alberta Securities Commission on July 2, 2013 (the "Canadian
Prospectus"), the McDaniel Report represents the following percentage increases
as compared to the COGE report: For Gross Lease Reserves: (i) 20% for 1P, (ii)
87% for 2P, and (iii) 74% for 3P; and for Caracal Net Entitlement Reserves: (i)
14% for 1P, (ii) 78% for 2P, and (iii) 58% for 3P.
Unless otherwise specified, all dollar values are in millions of US dollars
($MM).
Summary of Oil Reserves and Resources:
The tables below summarize certain information contained in the independent
reserves and resources reports prepared by McDaniel with effective dates of
June 30, 2013. The McDaniel Report was prepared in accordance with the
definitions, standards and procedures contained in the Canadian Oil and Gas
Evaluation Handbook ("COGE") and National Instrument 51-101, Standards of
Disclosure for Oil and Gas Activities ("NI 51-101").
The Net Present Values included in the table below were based on oil price
forecasts, effective July 1, 2013, provided by McDaniel.
SUMMARY OF CRUDE OIL RESERVES
AS AT JUNE 30, 2013
Summary of Undeveloped Reserves (in MMB)(1)
Gross (100%)(2)(5) Company's Net Company's net
Participating entitlement(4)(5)
Interest(3)(5)
1P 2P 3P 1P 2P 3P 1P 2P 3P
Asset
Mangara 18.9 61.9 131.0 9.5 31.0 65.5 8.1 21.7 38.1
Field
Badila 15.8 45.5 85.0 7.9 22.7 42.5 4.7 11.4 19.3
Field
Kibea - 45.9 105.0 - 23.0 52.5 - 17.5 32.5
Field
Total 34.7 153.3 321.0 17.4 76.7 160.5 12.9 50.6 89.8
Reserves
Notes:
(1) All of the Company's proved, probable and possible reserves have been
classified as light and medium crude oil. The Company has no heavy crude
oil. Based on current market conditions in Chad, neither reserves or
values have been attributed to gas or natural gas liquid volumes.
However, the Company has rights to monetise gas volumes and is currently
discussing and assessing this market potential for the future.
(2) Gross is the total marketable reserves assigned to the Company's
concessions.
(3) The Government of Chad has elected to acquire a 25 percent participating
interest in the Badila and Mangara EXAs and McDaniel has assumed, for
the purposes of estimating the Company's participating interest in any
future EXAs which may be granted under each PSC, that the Government of
Chad will continue to elect to acquire a 25 percent participating
interest in each EXA. Accordingly, the Company's participating interests
have been assumed to be 50 percent of the gross lease interests.
(4) Net reserves are the Company's share Cost Oil recovery and Profit Oil.
Under the COGE Handbook, using the economic interest method, "Net" as
depicted above is equivalent to "company net" and, in the particular
case of the Company's PSCs, "company gross".
(5) Columns may not add due to rounding.
SUMMARY OF CRUDE OIL CONTINGENT RESOURCES
AS AT JUNE 30, 2013
Summary of Contingent Resource (in MMB)(1)
Gross (100%)(2) Company's Net
(4) Participating
Interest(3)(4)
1C 2C 3C 1C 2C 3C
Asset
Maku Field 0.3 2.2 4.7 0.2 1.1 2.3
Sako North 0.1 0.7 2.0 0.0 0.4 1.0
Field
Tega Field 0.2 1.3 3.6 0.1 0.6 1.8
Total 0.6 4.2 10.3 0.3 2.1 5.2
Notes:
(1) All of the Company's contingent resources have been classified as light
and medium crude oil. The Company has no heavy crude oil. Based on
current market conditions in Chad, neither contingent resources or
values have been attributed to gas or natural gas liquid volumes.
However, the Company has rights to monetise gas volumes and is currently
discussing and assessing this market potential for the future.
(2) Gross is the total marketable contingent resources assigned to the
Company's concessions.
(3) The Government of Chad has elected to acquire a 25 percent participating
interest in the Badila and Mangara EXAs and McDaniel has assumed, for
the purposes of estimating the Company's participating interest in any
future EXAs which may be granted under each PSC, that the Government of
Chad will continue to elect to acquire a 25 percent participating
interest in each EXA. Accordingly, the Company's participating interests
have been assumed to be 50 percent of the gross lease interests.
(4) Columns may not add due to rounding.
SUMMARY OF GROSS LEASE PROSPECTIVE RESOURCES
AS AT JUNE 30, 2013
Prospective Resources - Crude Oil (5)
Property Gross Prospective Resources(3)
# of Prospects/ Risked
Leads (4) Unrisked Resources(1)(2) Resources
Low Median Mean High Mean
(MMB) (MMB) (MMB) (MMB) (MMB)
Sub-Total DOB Block 18 32.1 143.3 286.1 666.0 84.3
Sub-Total DOI Block 15 76.7 293.7 550.3 1,267.9 90.4
Sub-Total DOH Block 8 34.9 149.4 318.3 738.7 66.3
Sub-Total Borogop Block 4 34.7 118.6 200.9 447.4 32.3
Sub-Total Doseo Block 35 548.1 1,747.0 2,714.8 5,839.4 559.7
Total (3) 80 726.6 2,452.0 4,070.4 8,959.5 833.0
Note:
(1) There is no certainty that any portion of the prospective resources will
be discovered. If discovered, there is no certainty that it will be
economically viable or technically feasible to produce any portion of the
resources.
(2) These are partially risked prospective resources that have been risked
for chance of discovery, but have not been risked for chance of
development.
(3) Total and Sub-Total based on the probabilistic aggregation of zones
within a prospect and arithmetic aggregation of the individual prospects
to the Total and Sub-Total level.
(4) There are Prospective Resources recognized within entities that Caracal
have declared as either EXAs or as Discoveries in zones that do not have
Reserve nor Contingent Resource assignments.
(5) Columns may not add due to rounding.
Oil Reserves Evaluation Summary:
SUMMARY OF CRUDE OIL RESERVES
AS AT JUNE 30, 2013
FORECAST PRICES AND COSTS
Light & Medium Crude Oil(1)
Gross Lease Participating Company's Net
(2)(5) Interest(3) Entitlement(4)(5)(MB)(6)
Reserves Category (MB)(6) (5) (MB)(6)
Proved Undeveloped
Mangara 18,941 9,470 8,149
Badila 15,784 7,892 4,710
Kibea - - -
Total Proved 34,725 17,362 12,859
Probable Undeveloped
Mangara 43,001 21,501 13,579
Badila 29,672 14,836 6,668
Kibea 45,916 22,958 17,464
Total Probable 118,589 59,295 37,711
Total Proved plus Probable 153,314 76,657 50,569
Possible Undeveloped
Mangara 69,089 34,544 16,332
Badila 39,497 19,748 7,932
Kibea 59,127 29,564 14,998
Total Possible 167,713 83,856 39,262
Total Proved plus Probable 321,027 160,513 89,831
plus Possible
Notes:
(1) All of the Company's proved, probable and possible reserves have been
classified as light and medium crude oil. The Company has no heavy crude
oil. Based on current market conditions in Chad, neither reserves or
values have been attributed to gas or natural gas liquid volumes.
However, the Company has rights to monetize gas volumes and is currently
discussing and assessing this market potential for the future.
(2) Gross lease are the total marketable reserves assigned to the Company's
concessions.
(3) The Government of Chad has elected to acquire a 25 percent participating
interest in the Badila and Mangara EXAs and McDaniel has assumed, for
the purposes of estimating the Company's participating interest in any
future EXAs which may be granted under each PSC, that the Government of
Chad will continue to elect to acquire a 25 percent participating
interest in each EXA. Accordingly, the Company's participating interests
have been assumed to be 50 percent of the gross lease interests.
(4) Net reserves are the Company's share Cost Oil recovery and Profit Oil.
Under the COGE Handbook, using the economic interest method, "Net" as
depicted above is equivalent to "company net" and, in the particular
case of the Company's PSCs, "company gross".
(5) Columns may not add due to rounding.
(6) "MB" refers to thousands of barrels.
SUMMARY OF NET PRESENT VALUE OF FUTURE NET REVENUE (US$)
AS AT JUNE 30, 2013
FORECAST PRICES AND COSTS
Before and After
Taxes
Unit Value
Before
Deducting
Income
Taxes
Before and After Income Tax(1)(2)(3) Discounted
Reserves Category Discounted at ($MM) at 10%/year
0% 5% 10% 15% 20% ($/boe)
Proved Undeveloped
Mangara 396 322 267 226 194 32.76
Badila 285 265 248 234 221 52.65
Kibea - - - - - -
Total Proved 681 587 516 460 415 40.09
Probable Undeveloped
Mangara 623 500 414 351 303 30.49
Badila 378 316 269 232 204 40.34
Kibea 513 334 215 133 75 12.31
Total Probable 1,513 1,150 898 716 582 23.80
Total Proved plus 2,195 1,737 1,413 1,176 997
Probable 27.94
Possible Undeveloped
Mangara 971 657 469 348 268 28.72
Badila 578 400 289 216 165 36.43
Kibea 852 543 363 251 178 24.20
Total Possible 2,402 1,601 1,120 815 611 28.52
Total Proved plus
Probable
plus Possible 4,596 3,338 2,533 1,990 1,608 28.20
Notes:
(1) For the purposes of estimating the Company's net present value of
future net revenue, McDaniel assumed that the Government of Chad will
continue to elect to acquire a 25 percent participating interest in each
EXA. Accordingly, the Company's participating interests have been
assumed to be 50 percent of the gross lease interests.
(2) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the
Government of Chad's Profit Oil allocation is inclusive of income tax.
(3) Columns may not add due to rounding.
TOTAL COMPANY FUTURE NET REVENUE (UNDISCOUNTED) (US$)
AS AT JUNE 30, 2013
FORECAST PRICES AND COSTS
Future Future
Net Net Future Net
Capital and Revenue Revenue Revenue
Operating Abandonment Before Tax After Discounted
Revenue Costs Costs Tax (1) Tax @ 10%
Category ($MM) ($MM) ($MM) ($MM) ($MM) ($MM) ($MM)
Proved
Reserves 1,095.2 286.1 127.9 681.2 - 681.2 515.6
Proved Plus
Probable
Reserves 4,281.4 1,366.4 720.5 2,194.5 - 2,194.5 1,413.0
Proved Plus
Probable
Plus Possible
Reserves 8,122.1 2,573.2 952.3 4,596.5 - 4,596.5 2,532.9
Note:
(1) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the
Government of Chad's Profit Oil allocation is inclusive of income tax.
FUTURE NET REVENUE BY PRODUCTION GROUP (US$)
AS AT JUNE 30, 2013
FORECAST PRICES AND COSTS
Future Net
Revenue
Before
Income Taxes
(discounted Unit
at 10% year) Value(1)
Category Production Group(2) ($mm) ($/boe)
Light and Medium Crude Oil (including
Proved Reserves solution gas and other by-products) 515.6 40.09
Proved Plus Light and Medium Crude Oil (including
Probable Reserves solution gas and other by-products) 1,413.0 27.94
Proved Plus Light and Medium Crude Oil (including
Probable Reserves solution gas and other by-products)
Plus
Possible Reserves 2,532.9 28.20
Notes:
(1) The unit values are based on the Company's net reserve volumes.
(2) All of the Company's proved, probable and possible reserves have been
classified as light and medium crude oil. The Company has no heavy crude
oil. Based on current market conditions in Chad neither reserves or
values have been attributed to gas or natural gas liquid volumes.
However, the Company has rights to monetize gas volumes and is currently
discussing and addressing this market potential for the future.
PRICING ASSUMPTIONS
The forecast cost and price assumptions assume changes in wellhead selling
prices and take into account inflation with respect to future operating and
capital costs. McDaniel has employed the following price and inflation rate
assumptions as of July 1, 2013 where evaluating the Company's reserves data:
Brent Reference Realized Price(1) Inflation Rates(2)
Year Price(1) (US$/bbl) %/Year
2012 (historical) 111.60 N/A N/A
2013 102.50 87.82 2
2014 101.00 86.21 2
2015 101.40 86.39 2
2016 100.80 83.26 2
2017 100.10 80.49 2
2018 102.20 81.56 2
2019 104.20 82.99 2
2020 106.30 84.54 2
Thereafter +2%/year
Notes:
(1) McDaniel has assumed a reference price of Brent (in US$) and utilized
the McDaniel July 1, 2013 Price Forecast. The realized price is forecast
to be 95 percent of Brent minus the estimated pipeline transportation
tariff of US$8/bbl and the variable ITA Badila/Mangara and ITA East
Doseo tariffs. The realized price given is the average for all the
properties in McDaniel's 2P case. There is no production history for any
of the PSCs and therefore no realized price is quoted for 2012.
(2) Inflation rates for forecasting expenditure prices and costs.
Reserves & Resources - Definitions & Classifications:
Reserves Classification
The oil reserves estimates presented in this report have been based on the
Canadian reserves definitions and guidelines prepared by the Standing Committee
on Reserves Definitions of the CIM (Petroleum Society) as presented in the COGE
Handbook. A summary of those definitions is presented below.
Reserves Categories
Reserves are estimated remaining quantities of oil and natural gas and related
substances anticipated to be recoverable from known accumulations, from a given
date forward, based on
· analysis of drilling, geological, geophysical and engineering data;
· the use of established technology; and
· specified economic conditions, which are generally accepted as being
reasonable, and shall be disclosed.
Reserves are classified according to the degree of certainty associated with
the estimates.
· 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.
· Possible reserves are those additional reserves that are less certain
to be recovered than probable reserves. It is unlikely that the actual
remaining quantities recovered will exceed the sum of the estimated proved plus
probable plus possible reserves. Other criteria that must also be met for the
categorization of reserves are provided in the COGE Handbook.
Development and Production Status
Each of the reserves categories (proved, probable and possible) may be divided
into developed and undeveloped categories:
· Developed reserves are those reserves that are expected to be
recovered from existing wells and installed facilities or, if facilities have
not been installed, that would involve a low expenditure (for example, when
compared to the cost of drilling a well) to put the reserves on production. The
developed category may be subdivided into producing and non-producing.
· 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.
· Developed non-producing reserves are those reserves that either have
not been on production, or have previously been on production, but are shut-in,
and the date of resumption of production is unknown.
· Undeveloped reserves are those reserves expected to be recovered from
known accumulations where a significant expenditure (for example, 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
classification (proved, probable, possible) to which they are assigned.
· In multi-well pools it may be appropriate to allocate total pool
reserves between the developed and undeveloped categories or to subdivide the
developed reserves for the pool between developed producing and developed
non-producing. This allocation should be based on the estimator's assessment as
to the reserves that will be recovered from specific wells, facilities and
completion intervals in the pool and their respective development and
production status.
Levels of Certainty for Reported Reserves
The qualitative certainty levels referred to in the definitions above are
applicable to individual reserves entities (which refers to the lowest level at
which reserves calculations are performed) and to reported reserves (which
refers to the highest-level sum of individual entity estimates for which
reserves estimates are presented). Reported reserves should target the
following levels of certainty under a specific set of economic conditions:
· at least a 90 percent probability that the quantities actually
recovered will equal or exceed the estimated proved reserves. This category of
reserves can also be denoted as 1P;
· at least a 50 percent probability that the quantities actually
recovered will equal or exceed the sum of the estimated proved plus probable
reserves. This category of reserves can also be denoted as 2P; and
· at least a 10 percent probability that the quantities actually
recovered will equal or exceed the sum of the estimated proved plus probable
plus possible reserves. This category of reserves can also be denoted as 3P.
Additional clarification of certainty levels associated with reserves estimates
and the effect of aggregation is provided in the COGE Handbook.
Contingent Resources Classification
The assessment of the contingent resources in this report were based on the
resource definitions presented in the COGE Handbook Section 5 and are restated
below.
Contingent resources are defined as those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal,
environmental, political and regulatory matters, or a lack of markets. It is
also appropriate to classify as contingent resources the estimated discovered
recoverable quantities associated with a project in the early evaluation stage.
Contingent resources are further classified in accordance with the level of
certainty associated with the estimates and may be sub-classified based on
project maturity and/or characterized by their economic status.
Uncertainty Categories
Estimates of resources always involve uncertainty, and the degree of
uncertainty can vary widely between accumulations/projects and over the life of
a project. Consequently, estimates of resources should generally be quoted as a
range according to the level of confidence associated with the estimates. An
understanding of statistical concepts and terminology is essential to
understanding the confidence associated with resources definitions and
categories. The range of uncertainty of estimated recoverable volumes may be
represented by either deterministic scenarios or a probability distribution.
Resources should be provided as low, best and high estimates, as follows:
· Low Estimate - This is considered to be a conservative estimate of
the quantity that will actually be recovered. It is likely that the actual
remaining quantities recovered will exceed the low estimate. If probabilistic
methods are used, there should be at least a 90 percent probability (P90) that
the quantities actually recovered will equal or exceed the low estimate.
· Best Estimate - This is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual
remaining quantities recovered will be greater or less than the best estimate.
If probabilistic methods are used, there should be at least a 50 percent
probability (P50) that the quantities actually recovered will equal or exceed
the best estimate.
· High Estimate - This is considered to be an optimistic estimate of
the quantity that will actually be recovered. It is unlikely that the actual
remaining quantities recovered will exceed the high estimate. If probabilistic
methods are used, there should be at least a 10 percent probability (P10) that
the quantities actually recovered will equal or exceed the high estimate.
Contingent Resource Categories
For Contingent Resources, the general cumulative terms low/best/high estimates
are denoted as 1C/2C/3C respectively. No specific terms are defined for
incremental quantities within Contingent Resources.
Prospective Resources Classification
The assessment of the prospective resources in this report were based on the
resource definitions presented in the COGE Handbook Section 5 and are re-stated
below:
Prospective resources are defined as those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects. Prospective
resources have both an associated chance of discovery and a chance of
development. Prospective resources are further subdivided in accordance with
the level of certainty associated with recoverable estimates assuming their
discovery and development and may be sub-classified based on project maturity.
Uncertainty Categories
Estimates of resources always involve uncertainty, and the degree of
uncertainty can vary widely between accumulations/projects and over the life
of a project. Consequently, estimates of resources should generally be quoted
as a range according to the level of confidence associated with the estimates.
An understanding of statistical concepts and terminology is essential to
understanding the confidence associated with resources definitions and
categories.
The range of uncertainty of estimated recoverable volumes may be represented by
either deterministic scenarios or a probability distribution. Resources should
be provided as low, best and high estimates, as follows:
· Low Estimate - This is considered to be a conservative estimate of
the quantity that will actually be recovered. It is likely that the actual
remaining quantities recovered will exceed the low estimate. If probabilistic
methods are used, there should be at least a 90 percent probability (P90) that
the quantities actually recovered will equal or exceed the low estimate.
· Best Estimate - This is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual
remaining quantities recovered will be greater or less than the best estimate.
If probabilistic methods are used, there should be at least a 50 percent
probability (P50) that the quantities actually recovered will equal or exceed
the best estimate.
· High Estimate - This is considered to be an optimistic estimate of
the quantity that will actually be recovered. It is unlikely that the actual
remaining quantities recovered will exceed the high estimate. If probabilistic
methods are used, there should be at least a 10 percent probability (P10) that
the quantities actually recovered will equal or exceed the high estimate.
Cautionary Statements
Certain information contained in this press release constitutes forward-looking
information or statements including, without limitation, information and
statements respecting: drilling operations, anticipated cash flow, future
investment objectives, anticipated oil and gas pricing, expected inflation and
future foreign exchange rates. Statements relating to "reserves" and
"resources" are forward-looking information as they involve the implied
assessment, based on certain estimates and assumptions that, among others, the
reserves and resources described exist in the quantities predicted or
estimated. Forward-looking information and statements are often, but not
always, identified by the use of words such as "anticipate", "seek", "believe",
"expect", "hope", "plan", "intend", "forecast", "target", "project",
"guidance", "may", " might", "will", "should", "could", "estimate", "predict"
or similar words or expressions suggesting future outcomes or language
suggesting an outlook. By their very nature, forward-looking information and
statements involve inherent risks and uncertainties, both general and specific,
and risks that predictions, forecasts, projections and other forward-looking
information and statements will not be achieved. We caution readers not to
place undue reliance on these statements as a number of important factors could
cause the actual results to vary materially from the forward-looking
information or statements. These factors include, but are not limited to: the
volatility of oil and gas prices; production and development costs; capital
expenditures; the imprecision of reserve and resource estimates and estimates
of recoverable quantities of oil, natural gas and liquids; the Company's
ability to replace and expand oil and gas reserves; environmental claims and
liabilities; incorrect assessments of value when making acquisitions or
dispositions; increases in debt service charges; the loss of key personnel;
the marketability of production; defaults by third party operators; unforeseen
title defects; fluctuations in foreign currency and exchange rates; inadequate
insurance coverage; compliance with environmental laws and regulations; changes
in tax and royalty laws; the Company's ability to access external sources of
debt and equity capital; and the Company's ability to obtain equipment in a
timely manner to carry out development activities. Further information
regarding these factors may be found under the headings "General Advisory",
"Reserves and Resources Advisory" and "Risk Factors" in the Company's final
Canadian prospectus dated July 2, 2013 available under the Company's profile on
SEDAR (www.sedar.com) and the final UK prospectus dated June 28, 2013 available
on the Company's website (to non-Canadian viewers). Readers are cautioned that
the foregoing list of factors that may affect future results is not exhaustive.
When relying on these forward-looking statements to make decisions with respect
to the Company, investors and others should also carefully consider information
set forth in the section "Forward-Looking Statements" of the Company's
prospectuses respecting the assumptions upon which the Company bases certain
forward-looking information and the uncertainties inherent in such assumptions.
The Company does not assume responsibility for the accuracy and completeness of
the forward-looking information or statements and such information and
statements should not be taken as guarantees of future outcomes. Subject to
applicable securities laws, the Company does not undertake any obligation to
revise this forward-looking information or these forward-looking statements to
reflect subsequent events or circumstances. This cautionary statement expressly
qualifies the forward-looking information and statements contained in this
press release. The estimates of reserves and future net revenue for individual
properties may not reflect the same level of confidence as estimates of
reserves and future net revenue for all properties, due to the effects of
aggregation.
SOURCE: Caracal Energy Inc.
For further information:
Enquiries:
Caracal Energy
Gary Guidry, Chief Executive Officer
Trevor Peters, Chief Financial Officer
+1 (403) 724 7200
FTI Consulting (UK media)
Ben Brewerton
Edward Westropp
+44 (0) 20 7831 3113
CaracalEnergy.sc@fticonsulting.com
Longview (Canadian media)
Alan Bayless +1-604-694-6035
Joel Shaffer +1-416-649-8006
(CRCL)
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