Border Announces Clarification
CALGARY, ALBERTA, Sep 21, 2012 (Menafn - Marketwire via COMTEX) --Border Petroleum Corp. ("Border" or the "Corporation") announces that it has re-filed its management discussion & analysis ("MD&A") for the year ended March 31, 2012 to provide further details regarding the impairment of its Leduc area and Cardiff area assets, which are considered by the Corporation to be non-core assets. The updated MD&A and annual certificates of the Chief Executive and Chief Financial Officer are available on SEDAR and can be viewed at www.sedar.com.
In relation to the MD&A amendments, Border also announces it has re-filed its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended March 31, 2012 ("Form 51-101F1") to provide further details below regarding the reconciliation of its reserves. The updated Form 51-101F1 and Form 51-101F3 Report of Management and Directors on Oil and Gas Disclosure are available on SEDAR and can be viewed at www.sedar.com.
During the year ended March 31, 2012, Border acquired oil and gas properties pursuant to which Border added:
(i) gross proved reserves of 723 thousand barrels ("Mbbls") and gross probable reserves of 1,619.7 Mbbls of light and medium oil;
(ii) 2,573 thousand cubic feet ("Mcf") of gross proved reserves and 2,335 Mcf of gross probable reserves of associated and non-associated gas; and
(iii) 41.8 Mbbls of gross proved reserves and 18.8 gross probable reserves of natural gas liquids.
These properties were acquired pursuant to Border's acquisition of Canflame Energy Ltd. as well as Border's acquisition of certain properties from a private Alberta company, both of which are described in further detail in Border's material change report dated April 14, 2011 which is available on SEDAR at www.sedar.com. During the year ended March 31, 2012, Border also added 1,117 Mbbls of gross probable reserves of light and medium oil as a result of new discoveries.
Border's reconciliation of its reserves table contained in its Form 51-101F1 indicates that Border recorded negative technical revisions for the year ended March 31, 2012 as follows:
(i) -637.7 Mbbls to its gross proved reserves and -1,798.8 Mbbls to its gross probable reserves for light and medium oil; and
(ii) -679 Mcf to its gross proved reserves and -1,337 Mcf to its gross probable reserves for associated and non-associated gas.
To clarify any potential confusion, Border notes that these negative technical revisions relate to the Leduc area and Cardiff area properties acquired by Border in the two transactions described above, and do not relate to properties which Border held as of March 31, 2011. Please refer to the "Depletion and Depreciation" section in Border's re-filed MD&A for the year ended March 31, 2012, for further details regarding the nature of the revisions.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border. Although Border believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Border can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Border's disclosure documents on the SEDAR website at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Border undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: Border Petroleum Corp.
Border Petroleum Corp.
President & CEO
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