Razor Energy Corp. (ticker: RZE) released a new reserves report today.
Total reserve values, on a proved developed producing basis discounted at 10% before tax, were $178.3 million, which represents an increase of 112% over year-end 2016. Total PDP reserve volumes were 11,910 MBOE (90% oil and liquids), which represents an increase of 55% over year-end 2016.
Total proved (1P) reserves were 15,072 MBOE and total proved plus probable (2P) reserves were 20,326 MBOE, which represent increases of 49% and 62%, respectively, over year-end 2016.
The company’s reserve life index is 6.8 years for PDP, 8.6 years for 1P and 11.6 years for 2P reserves, based-on December 2017 average field-estimated production of 4,782 BOEPD.
Razor’s reserve replacement was 360% of PDP, 420% of 1P and 660% of 2P.
Net asset value
Net asset value, including estimated January 31, 2018 cash and working capital was:
- $9.60/share on a PDP basis discounted at 10%, before tax
- $15.10/share on a 2P basis discounted at 10%, before tax
| NPV10 (M$) | $/share(2) | |||
| Proved | ||||
| Developed Producing | 178,344 | 11.31 | ||
| Developed Non-Producing | 29,412 | 1.87 | ||
| Undeveloped | 9,160 | 0.58 | ||
| Total Proved | 216,916 | 13.76 | ||
| Probable | 48,133 | 3.05 | ||
| Total Proved plus Probable | 265,049 | 16.81 | ||
| Net Debt(1,3) | (26,953 | ) | (1.71 | ) |
| Net Asset Value | 238,096 | 15.10 | ||
Reserves summary
Razor provided a summary of gross oil and gas reserves as of December 31, 2017:
| Light and Medium Crude Oil |
Conventional Natural Gas |
Natural Gas Liquids | Barrels of Oil Equivalent |
|
| Gross | Gross | Gross | Gross | |
| (Mbbl) | (MMcf) | (Mbbl) | (Mboe) | |
| Proved | ||||
| Developed Producing | 8,141 | 7,412 | 2,533 | 11,910 |
| Developed Non-Producing | 1,628 | 1,555 | 728 | 2,615 |
| Undeveloped | 419 | 376 | 66 | 547 |
| Total Proved | 10,188 | 9,343 | 3,327 | 15,072 |
| Probable | 3,836 | 2,656 | 976 | 5,255 |
| Total Proved plus Probable | 14,024 | 12,000 | 4,303 | 20,326 |
Razor Energy presents at EnerCom Dallas Feb. 21, 2018
Razor Energy will be presenting at the EnerCom Dallas investment conference, Feb. 21-22 at the Tower Club in downtown Dallas. Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy space should register now.
