Reserves & Resources Year-end Evaluation
Caracal Energy Inc. - Reserves & Resources Year-end Evaluation
CALGARY, Feb. 26, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company")
(LSE:CRCL) is pleased to announce today the results of its 2013 year-end oil
and gas reserve and contingent resource evaluation.
The independent reserves and resources evaluation was provided by McDaniel &
Associates Consultants Ltd. ("McDaniel") and demonstrates a significant
increase in volumes from our prior year evaluation with an effective date
December 31, 2012.
Highlights include :
· Gross Lease Reserves
· Proven ("1P") of 47.4 million barrels ("MMB"), an increase of 64% *
· Proved plus Probable ("2P") of 179.6 MMB, an increase of 101%
· Proved plus Probable plus Possible ("3P") of 388.6 MMB, an increase of 94%
· Caracal Net Entitlement Reserves
· 1P of 18.8 MMB, an increase of 67%
· 2P of 64.3 MMB, an increase of 102%
· 3P of 118.1 MMB, an increase of 85%
· Caracal's Net Present Value attributable to Reserves (discounted at
10% before tax) - all amounts in U.S. Dollars
· 1P of $688 million, an increase of 24%
· 2P of $1,722 million, an increase of 61%
· 3P of $3,224 million, an increase of 71%
*All comparisons above are relative to the Company's December 31, 2012 reserves
and resources evaluation, provided by GLJ Petroleum Consultant Ltd. ("GLJ") in
a statement of reserves and contingent resources effective December 31, 2012
and included in the Company's United Kingdom prospectus. When compared with
the GLJ report on reserves and contingent resources with effective date
December 31, 2012, prepared in accordance with the Canadian Oil and Gas
Evaluation Handbook ("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
2013 year-end oil and gas reserve and contingent resource evaluation represents
the following percentage increases as compared to the COGE Report: For Gross
Lease Reserves: (i) 64% for 1P, (ii) 119% for 2P, and (iii) 111% for 3P; for
Caracal Net Entitlement Reserves: (i) 67% for 1P, (ii) 127% for 2P, and (iii)
107% for 3P; and for Net Present Value attributable to Reserves: (i) 24% for
1P, (ii) 61% for 2P, and (iii) 75% for 3P.
Gary Guidry, Chief Executive Officer of Caracal, said:
"We are pleased to report another year of significant growth in oil reserve
volumes on our Production Sharing Contracts ("PSC") in Chad. Since 2011 when
the PSCs were awarded, we have grown gross lease 2P Reserves volumes by 439%.
We look forward to delivering further growth as we continue to execute on our
extensive exploration, appraisal and development programs."
The following tables summarize certain information contained in the independent
reserves and resources report prepared by McDaniel & Associates Consultants
Ltd. ("McDaniel" as of December 31, 2013 (collectively, the "McDaniel Report"
or the "Report"). The Report was prepared in accordance with definitions,
standards and procedures contained in the COGE Handbook and NI 51-101.
Additional reserve information as required under NI 51-101 will be included in
the Company's Annual Information Form which will be filed on SEDAR on or before
March 31, 2014.
Unless otherwise specified, all dollar values are in millions of US dollars
($MM).
Summary of Oil Reserves and Resources:
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 DECEMBER 31, 2013
Summary of Reserves (in MMB)(1)
Gross (100%)(2)(5) Company's Net Company's net
Participating entitlement(4)(5)
Interest(3)(5)
PDP 1P 2P 3P PDP 1P 2P 3P PDP 1P 2P 3P
Asset
Mangara - 22.2 69.9 145.5 - 11.1 34.9 72.8 - 9.6 24.9 45.0
Field
Badila 9.1 21.3 44.7 95.3 4.5 10.6 22.4 47.6 3.8 7.5 14.1 25.3
Field
Krim Field - 3.9 19.0 42.7 - 1.9 9.5 21.4 - 1.8 7.7 15.2
Kibea Field - - 45.9 105.0 - - 23.0 52.5 - - 17.6 32.6
Total 9.1 47.4 179.6 388.6 4.5 23.7 89.8 194.3 3.8 18.8 64.3 118.1
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 initially elected to acquire a 25 percent
participating interest in the Badila
and Mangara EXAs before selling 10 percent to Glencore. 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 elect to acquire a 25 percent
participating interest in
each EXA. Accordingly, the Company's and Glencore's participating
interests have been assumed
to be 50 percent and 25 percent, respectively, of the gross lease
interest in future developments.
(4) Net reserves are the Company's share of Cost Oil recovery and Profit
Oil. A portion of the reported
reserves will increase as oil prices decrease (and vice versa) as the
barrels necessary to achieve
cost recovery change with prevailing oil prices. 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 DECEMBER 31, 2013
Summary of Contingent Resource (in MMB)(1)
Gross (100%)(2)(4) Company's Net 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 Field 0.1 0.7 2.0 0.0 0.4 1.0
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 initially elected to acquire a 25 percent
participating interest in the Badila and Mangara EXAs before selling
10 percent to Glencore. 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 elect to acquire a 25 percent participating interest in each EXA.
Accordingly, the Company's and Glencore's participating interests
have been assumed to be 50 percent and 25 percent, respectively,
of the gross lease interest in future developments.
(4) Columns may not add due to rounding.
Oil Reserves Evaluation Summary:
SUMMARY OF CRUDE OIL RESERVES
AS AT DECEMBER 30, 2013
FORECAST PRICES AND COSTS
Light & Medium Crude Oil(1)
Reserves Category Gross Lease(2) Participating Company's Net
(5) Interest(3)(5) Entitlement(4)
(5)
(MB)(6) (MB)(6) (MB)(6)
Proved Developed Producing
Mangara - - -
Badila 9,076
4,538 3,750
Krim - - -
Kibea - - -
Total Proved Developed
Producing 9,076 4,538 3,750
Proved Undeveloped
Mangara
22,217 11,109 9,559
Badila
12,204 6,102 3,749
Krim
3,886 1,943 1,783
Kibea - - -
Total Proved Undeveloped
38,307 19,154 15,091
Total Proved
47,384 23,692 18,840
Probable
Mangara
47,678 23,839 15,321
Badila
23,450 11,725 6,591
Krim
15,143 7,571 5,907
Kibea
45,916 22,958 17,640
Total Probable
132,187 66,093 45,459
Total Proved plus Probable
179,570 89,785 64,299
Possible
Mangara
75,627 37,813 20,083
Badila
50,540 25,270 11,255
Krim
23,699 11,849 7,539
Kibea
59,127 29,564 14,927
Total Possible 208,993
104,497 53,805
Total Proved plus Probable 388,563
plus Possible 194,282 118,104
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 initially elected to acquire a 25 percent
participating interest in the Badila and
Mangara EXAs before selling 10 percent to Glencore. 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 elect to acquire a 25 percent
participating interest in each EXA.
Accordingly, the Company's and Glencore's participating interests have
been assumed to be 50 percent
and 25 percent, respectively, of the gross lease interest in future
developments.
(4) Net reserves are the Company's share of 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$)
AS AT DECEMBER 31, 2013
FORECAST PRICES AND COSTS
Before and After Taxes Before and After Income Tax(1)(2) Unit Value
(3) Discounted at Before
(millions of dollars) Deducting
Income Taxes
Reserves Category Discounted
at
10%/year
0% 5% 10% 15% 20% ($/boe)
Proved Developed Producing
Mangara - - - - - -
Badila 222 208 196 185 176 52.30
Krim - - - - - -
Kibea - - - - - -
Total Proved Developed 222 208 196 185 176 52.30
Producing
Proved Undeveloped
Mangara 411 337 281 237 202 29.42
Badila 224 203 185 170 157 49.36
Krim 44 33 25 20 15 14.29
Kibea - - - - - -
Total Proved Undeveloped 679 573 492 427 375 32.59
Total Proved 901 782 688 612 551 36.51
Probable
Mangara 805 616 484 389 319 31.62
Badila 346 296 258 227 203 39.13
Krim 195 142 104 78 59 17.65
Kibea 490 306 188 109 56 10.66
Total Probable 1,837 1,361 1,035 804 637 22.76
Total Proved plus Probable 2,738 2,143 1,723 1,416 1,188 26.79
Possible
Mangara 1128 786 577 442 350 28.75
Badila 738 540 414 330 270 36.81
Krim 366 248 173 123 90 22.88
Kibea 836 518 337 228 158 22.60
Total Possible(3) 3,068 2,092 1,501 1,123 868 27.91
Total Proved plus Probable
plus Possible(3) 5,806 4,235 3,224 2,539 2,056 27.30
Notes:
(1) The Government of Chad initially elected to acquire a 25 percent
participating interest in the Badila and Mangara EXAs
before selling 10 percent to Glencore. 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 elect to acquire a 25
percent participating interest in each EXA. Accordingly, the Company's
and Glencore's participating interests have been
assumed to be 50 percent and 25 percent, respectively, of the gross
lease interest in future developments.
(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 DECEMBER 31, 2013
FORECAST PRICES AND COSTS
Capital and Future Future Future
Net Net Net
Operating Abandonment Revenue Income Revenue Revenue
Revenue Costs Costs Before Tax After Discounted
Tax Tax @
($000's) ($000's) ($000's) ($000's) ($000's) 10%
Category ($000's) ($000's)
Proved 1,619,300 405,200 313,400 900,900 - 900,900 687,800
Reserves
Proved
Plus 5,416,100 1,516,200 1,162,300 2,737,600 - 2,737,600 1,722,400
Probable
Reserves
Proved
Plus
Probable 10,484,200 3,044,200 1,634,300 5,805,700 - 5,805,700 3,223,900
Plus
Possible
Reserves
Note:
(1) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the
Government of Chad's Profit Oil allocation is inclusive of income tax.
FUTURE NET REVENUE BY PRODUCTION GROUP (US$)
AS AT DECEMBER 31, 2013
FORECAST PRICES AND COSTS
Future Net
Revenue
Before Income
Taxes
(discounted Unit Value
at 10% year) (1)
Category Production Group(2) ($000's) ($/boe)
Light and Medium Crude
Oil
(including solution gas
and other
Proved Reserves by-products) 687.8 36.51
Light and Medium Crude
Oil
(including solution gas
Proved Plus Probable and other
Reserves by-products) 1,722.4 26.79
Light and Medium Crude
Proved Plus Probable Oil
Reserves (including solution gas
Plus Possible and other
Reserves by-products) 3,223.9 27.30
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:
Inflation
Brent Reference Realized Rates(2)
Year Price(1) (US$/bbl) Price(1) %/Year
2014 105.00 90.87 2
2015 102.50 88.91 2
2016 100.20 86.55 2
2017 97.70 82.00 2
2018 98.00 80.24 2
2019 96.60 81.11 2
2020 98.50 82.77 2
2021 100.50 83.82 2
Thereafter +2%/year
Notes:
(1) McDaniel has assumed a reference price of Brent
(in US$) and utilized the McDaniel January 1, 2014
Price Forecast. The realized price is forecast to be
95 percent of Brent minus the estimated pipeline
transportation tariff of US$7.09/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.
(2) Inflation rates for forecasting expenditure prices and costs.
Reserves & Resources - Additional Information:
Reserves Classification
The oil reserves estimates presented in this press release 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 press release 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.
Risks and Uncertainties
The recovery of resources is subject to significant risk and uncertainty. There
is no certainty that it will be commercially viable to produce any portion of
the contingent resources reported herein. The contingent resource estimates in
this press release are not currently classified as reserves primarily due to
economic considerations. In order to develop Kibea, Maku, Tega, and Sako North
construction of a pipeline of approximately 500 kilometres at an estimated cost
of US$381 million is required.
BOE
This press release includes references to BOEs. References to "BOE" may be
misleading, particularly if used in isolation. A BOE conversion ratio of six
thousand cubic feet of gas to one barrel of oil is based on an approximation of
energy equivalence conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the well head.
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.
For more information about the Company including further risk factors, please
consult Caracal's public filings at www.sedar.com and for certain foreign
investors at Caracal's website www.caracalenergy.com
SOURCE: Caracal Energy Inc.
For further information:
Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
+1 403-724-7200
Longview Communications - Canadian Media Enquiries
Alan Bayless
Joel Shaffer
+1 604-694-6035
+1 416-649-8006
FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113
caracalenergy.sc@fticonsulting.com
(CRCL)
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