This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Penn West Exploration Announces Its Financial Results For The Fourth Quarter Ended December 31, 2012 And 2012 Year-end Reserve Results

LAND

                                                 As at December 31
                                      Producing      Non-producing
                                              %                  %
                              2012  2011 change  2012  2011 change

    Gross acres (000s)       5,733 6,144    (7) 2,680 2,980   (10)
    Net acres (000s)         3,841 4,093    (6) 1,896 2,105   (10)
    Average working interest   67%   67%      -   71%   71%      -

COMMON SHARES DATA

                                                                             Year ended
                                      Three months ended December 31        December 31
                                                                   %                  %
    (millions of shares)                  2012       2011     change  2012  2011 change
    Weighted average
                    Basic                478.9      471.1          2 475.6 467.2      2
                    Diluted              478.9      471.2          2 475.8 467.4      2
    Outstanding as at December 31                                    479.3 471.4      2

RESERVES DATA

Our proved reserves continue to reflect a high percentage of developed reserves. Of total proved reserves, 78 percent were developed at December 31, 2012 (2011 - 80 percent). At December 31, 2012, total proved reserves as a percentage of proved plus probable reserves were 66 percent (2011 - 69 percent). In 2012, all of our reserves were evaluated or audited by independent, qualified engineering firms GLJ Petroleum Consultants Ltd. ("GLJ") and Sproule Associates Limited ("SAL"). Approximately 18 percent of total proved plus probable reserves were internally evaluated and then audited by our independent qualified reserve evaluators.

The reserves estimates have been calculated in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Under NI 51-101, proved reserves estimates are defined as having a high degree of certainty with a targeted 90 percent probability in aggregate that actual reserves recovered over time will equal or exceed proved reserve estimates. For proved plus probable reserves under NI 51-101, the targeted probability is an equal (50 percent) likelihood that the actual reserves to be recovered will be equal to or greater than the proved plus probable reserves estimate. The reserves estimates set forth below are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

3 of 26

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs