CALGARY, Feb. 29, 2016 /CNW/ - Vermilion Energy Inc.
("Vermilion", the "Company", "We" or "Our") (TSX, NYSE: VET) is
pleased to announce summary 2015 year-end reserves and resource
information. The estimates of reserves and resources and
other oil and gas information contained in this news release has
been estimated by GLJ Petroleum Consultants Ltd. ("GLJ") and
prepared in accordance with National Instrument 51-101 "Standards
of Disclosure for Oil and Gas Activities" of the Canadian
Securities Administrators ("NI 51-101") and the Canadian Oil and
Gas Evaluation Handbook ("COGEH"). For additional information about
Vermilion, including Vermilion's statement of reserves data and
other information in Form 51-101F1, report on reserves data by
independent qualified reserves evaluator or auditor in Form
51-101F2 and report of management and directors on oil and gas
disclosure in Form 51-101F3, please review the Company's Annual
Information Form for the year ended December
31, 2015, to be filed on March 4,
2016 and available on SEDAR at www.sedar.com and on the
SEC's EDGAR system at www.sec.gov.
HIGHLIGHTS
- Total proved ("1P") reserves increased 6% to 160.7
mmboe(1), while total proved plus probable ("2P")
reserves also increased 6% to 260.9 mmboe(1). This
represents year-over-year 1P and 2P per share reserves growth of 2%
and 1%, respectively.
- Finding and Development ("F&D")(2) and Finding,
Development and Acquisition ("FD&A")(2) costs,
including Future Development Capital ("FDC") for 2015 on a 2P basis
decreased 48% to $8.98/boe and 55% to
$10.03/boe, respectively.
Similarly, our three-year F&D and FD&A, including FDC, on a
2P basis were $14.82/boe and
$17.81/boe, respectively.
- Achieved a $212.6 million (12%)
reduction in FDC costs attributable our existing assets through
reductions in drilling, completions and facility capital
costs. This was partially offset by the addition of
$38.4 million of FDC related to
properties acquired during the year resulting in a net reduction in
FDC of 11% to $1.6 billion in
2015.
- Recycle ratio (including FDC) was 3.6x during 2015, an increase
over 3.2x achieved during 2014, indicating that Vermilion has been
able to maintain our high level of investment efficiency despite
the decline in commodity prices.
- In 2015, we added 34.0 mmboe of 2P reserves with 30.5 mmboe
(90%) of additions coming from exploration and development
("E&D") activities and 3.5 mmboe (10%) of additions through
acquisitions.
- Replaced 152% of production at the 2P level through E&D
related activities and 170% including acquisitions. At a 1P
level, we replaced 142% and 146% of 2015 production,
respectively.
- Increased Proved Developed Producing ("PDP") reserves by 25% to
110.4 mmboe at an average F&D cost (including FDC) of
$10.67/boe resulting in a recycle
ratio (including FDC) of 3.0x. PDP reserves represent 69% of
1P reserves in 2015 as compared to 58% in 2014.
- Positive technical revisions of 2.0 mmboe on a 2P basis
resulting from strong well performance were more than offset by
10.3 mmboe of revisions due to the decrease in commodity prices
since year-end 2014. Only 4% of the economic revisions
occurred outside of Canada,
reflecting the continued high quality of our reserves attributable
to our international operations.
- Our independent GLJ 2015 Resource Assessment(3)
indicates low, best, and high estimates for contingent resources in
the Development Pending category are 95.1(3) mmboe,
160.7(3) mmboe, and 254.7(3) mmboe,
respectively. Approximately 80% of our best estimate
contingent resources evaluated reside in the Development Pending
category, reflecting the high quality nature of our contingent
resource base.
- At year-end 2015, 2P reserves were comprised of 30% Brent-based
light crude, 17% North American-based light crude, 11% natural gas
liquids, 20% European natural gas and 22% North American natural
gas.
- Achieved a reserve life index for 2P reserves of 11.7 years for
year-end 2015 reserves based on annualized Q4 2015 production,
compared to 13.6 years at year-end 2014. Year-end 2015 reserve life
index for 1P reserves was 7.2 years, as compared to 8.4 years at
year-end 2014.
- Based on the continued success of our Mannville liquids-rich gas play in
Alberta, our 2015 activities
resulted in an additional 35 (23.2 net) undeveloped wells booked at
the 2P level, with average net reserves of approximately 620
mboe/well. Additionally, we added a further 14 (9 net)
undeveloped wells that were attributed to lands acquired in
2015.
- In the Paris Basin, we added
7.3 mmboe of 2P reserves, related to 18 development opportunities,
including 15 new additions and strong upward revisions related to
well performance and expanded waterflood response. Well
additions and successful workover and optimization campaigns in the
Aquitaine Basin in France added a
further 2.8 mmboe of 2P reserves.
- We added an additional 1.9 mmboe of 2P reserves to our
Slootdorp-06 well (92.8 working interest) related to the discovery
in the Rotliegend formation and an additional 1.5 mmboe of 2P
reserves to our Slootdorp-07 well (92.8% working interest) related
to the discovery in the Zechstein formation).
(1) |
As evaluated by GLJ Petroleum Consultants Ltd. ("GLJ") in a
report dated February 8, 2016 with an effective date of December
31, 2015. |
(2) |
F&D (finding and development) and FD&A (finding,
development and acquisition) costs are used as a measure of capital
efficiency and are calculated by dividing the applicable capital
costs for the period, including the change in undiscounted future
development capital ("FDC"), by the change in the reserves,
incorporating revisions and production, for the same period. |
(3) |
Vermilion retained GLJ to conduct an independent resource
evaluation dated February 8, 2016 to assess contingent resources
across all of the Company's key operating regions with an effective
date of December 31, 2015 (the "GLJ 2015 Resource
Assessment"). The associated chance of development for each
of the low, best and high estimate for contingent resources in the
Development Pending category are 83%, 82% and 81%,
respectively. There is uncertainty that it will be
commercially viable to produce any portion of the resources. |
DISCLAIMER
Certain statements included or incorporated by
reference in this news release may constitute forward looking
statements or financial outlooks under applicable securities
legislation. Such forward looking statements or information
typically contain statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", or
similar words suggesting future outcomes or statements regarding an
outlook. Forward looking statements or information in this
news release may include, but are not limited to:
- capital expenditures;
- business strategies and objectives;
- estimated reserve quantities and the discounted present value
of future net cash flows from such reserves;
- petroleum and natural gas sales;
- future production levels (including the timing thereof) and
rates of average annual production growth, estimated contingent
resources and prospective resources;
- exploration and development plans;
- acquisition and disposition plans and the timing thereof;
- operating and other expenses, including the payment of future
dividends;
- royalty and income tax rates;
- the timing of regulatory proceedings and approvals; and
- the estimate of Vermilion's share of the expected natural gas
production from the Corrib field.
Such forward-looking statements or information
are based on a number of assumptions all or any of which may prove
to be incorrect. In addition to any other assumptions
identified in this document, assumptions have been made regarding,
among other things:
- the ability of the Company to obtain equipment, services and
supplies in a timely manner to carry out its activities in
Canada and internationally;
- the ability of the Company to market crude oil, natural gas
liquids and natural gas successfully to current and new
customers;
- the timing and costs of pipeline and storage facility
construction and expansion and the ability to secure adequate
product transportation;
- the timely receipt of required regulatory approvals;
- the ability of the Company to obtain financing on acceptable
terms;
- foreign currency exchange rates and interest rates;
- future crude oil, natural gas liquids and natural gas prices;
and
- Management's expectations relating to the timing and results of
development activities.
Although the Company believes that the
expectations reflected in such forward looking statements or
information are reasonable, undue reliance should not be placed on
forward looking statements because the Company can give no
assurance that such expectations will prove to be correct.
Financial outlooks are provided for the purpose of understanding
the Company's financial strength and business objectives and the
information may not be appropriate for other purposes.
Forward looking statements or information are based on current
expectations, estimates and projections that involve a number of
risks and uncertainties which could cause actual results to differ
materially from those anticipated by the Company and described in
the forward looking statements or information. These risks
and uncertainties include but are not limited to:
- the ability of management to execute its business plan;
- the risks of the oil and gas industry, both domestically and
internationally, such as operational risks in exploring for,
developing and producing crude oil, natural gas liquids and natural
gas;
- risks and uncertainties involving geology of crude oil, natural
gas liquids and natural gas deposits;
- risks inherent in the Company's marketing operations, including
credit risk;
- the uncertainty of reserves estimates and reserves life and
estimates of resources and associated expenditures;
- the uncertainty of estimates and projections relating to
production, costs and expenses;
- potential delays or changes in plans with respect to
exploration or development projects or capital expenditures;
- the Company's ability to enter into or renew leases on
acceptable terms;
- fluctuations in crude oil, natural gas liquids and natural gas
prices, foreign currency exchange rates and interest rates;
- health, safety and environmental risks;
- uncertainties as to the availability and cost of
financing;
- the ability of the Company to add production and reserves
through exploration and development activities;
- general economic and business conditions;
- the possibility that government policies or laws may change or
governmental approvals may be delayed or withheld;
- uncertainty in amounts and timing of royalty payments;
- risks associated with existing and potential future law suits
and regulatory actions against the Company; and
- other risks and uncertainties described elsewhere in the annual
information form of the Company for the year ended December 31, 2014 or in the Company's other
filings with Canadian securities authorities.
The forward-looking statements or information
contained in this news release are made as of the date hereof and
the Company 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 required by
applicable securities laws.
RESERVES, FUTURE NET REVENUE AND OTHER OIL
AND GAS INFORMATION
The following is a summary of the oil and
natural gas reserves and the value of future net revenue of
Vermilion as evaluated by GLJ, independent petroleum engineering
consultants in Calgary in a report
dated February 8, 2016 with an
effective date of December 31, 2015
(the "GLJ 2015 Reserves Evaluation"). The GLJ 2015 Reserves
Evaluation was prepared in accordance with National Instrument
51-101 and COGEH.
Reserves and other oil and gas information in
this news release is effective December 31,
2015 unless otherwise stated.
All evaluations of future net production revenue
set forth in the tables below are stated after overriding and
lessor royalties, Crown royalties, freehold royalties, mineral
taxes, direct lifting costs, normal allocated overhead and future
capital investments, including abandonment and reclamation
obligations. Future net production revenues estimated by
the GLJ 2015 Reserves Evaluation do not represent the fair market
value of the reserves. Other assumptions relating to the
costs, prices for future production and other matters are included
in the GLJ 2015 Reserve Evaluation. There is no assurance
that the future price and cost assumptions used in the GLJ 2015
Reserves Evaluation will prove accurate and variances could be
material.
Reserves for Australia, Canada, France, Germany, Ireland, the
Netherlands and the United
States are established using deterministic
methodology. Total proved reserves are established at the 90
percent probability (P90) level. There is a 90 percent
probability that the actual reserves recovered will be equal to or
greater than the P90 reserves. Total proved plus probable
reserves are established at the 50 percent probability (P50)
level. There is a 50 percent probability that the actual
reserves recovered will be equal to or greater than the P50
reserves.
Estimates of reserves have been made assuming
that development of each property, in respect of which estimates
have been made, will occur without regard to the availability of
funding required for that development.
With respect to finding and development costs,
the aggregate of the exploration and development costs incurred in
the most recent financial year and the change during that year in
estimated future development costs generally will not reflect total
finding and development costs related to reserve additions for that
year.
Pricing used in the forecast price estimates is
set forth in the table below and referenced in the notes to
subsequent tables.
Table 1: Forecast Prices used in
Estimates (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil and |
|
|
|
Natural Gas |
|
Natural Gas |
|
Natural Gas |
|
Inflation |
|
Exchange |
|
Exchange |
|
|
|
& Medium Crude Oil |
|
Crude Oil |
|
Canada |
|
Europe |
|
Liquids |
|
Rate |
|
Rate |
|
Rate |
|
WTI |
|
Edmonton |
|
|
Cromer |
|
Brent Blend |
|
|
|
National Balancing |
|
|
|
|
|
|
|
|
|
Cushing |
|
Par Price |
|
|
Medium |
|
FOB |
|
AECO |
|
Point |
|
FOB |
|
|
|
|
|
|
|
Oklahoma |
|
40˚ API |
|
|
29.3˚ API |
|
North Sea |
|
Gas Price |
|
(UK) |
|
Field Gate |
|
Percent |
|
|
|
|
Year |
($US/bbl) |
|
($Cdn/bbl) |
|
|
($Cdn/bbl) |
|
($US/bbl) |
|
($Cdn/MMBtu) |
|
($US/MMBtu) |
|
($Cdn/bbl) |
|
Per Year |
|
($US/$Cdn) |
|
($CdnEUR) |
2015 |
48.82 |
|
57.23 |
|
|
51.91 |
|
53.75 |
|
2.70 |
|
6.55 |
|
34.59 |
|
1.1 |
|
0.783 |
|
1.419 |
Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
44.00 |
|
55.86 |
|
|
50.80 |
|
45.00 |
|
2.76 |
|
5.55 |
|
30.27 |
|
2.0 |
|
0.725 |
|
1.517 |
2017 |
52.00 |
|
64.00 |
|
|
59.52 |
|
54.00 |
|
3.27 |
|
5.68 |
|
35.76 |
|
2.0 |
|
0.750 |
|
1.467 |
2018 |
58.00 |
|
68.39 |
|
|
63.60 |
|
61.00 |
|
3.45 |
|
6.10 |
|
39.04 |
|
2.0 |
|
0.775 |
|
1.419 |
2019 |
64.00 |
|
73.75 |
|
|
68.59 |
|
67.00 |
|
3.63 |
|
6.70 |
|
42.96 |
|
2.0 |
|
0.800 |
|
1.375 |
2020 |
70.00 |
|
78.79 |
|
|
73.27 |
|
73.00 |
|
3.81 |
|
7.30 |
|
45.85 |
|
2.0 |
|
0.825 |
|
1.333 |
2021 |
75.00 |
|
82.35 |
|
|
76.59 |
|
78.00 |
|
3.90 |
|
7.80 |
|
47.86 |
|
2.0 |
|
0.850 |
|
1.294 |
2022 |
80.00 |
|
88.24 |
|
|
82.06 |
|
83.00 |
|
4.10 |
|
8.30 |
|
51.23 |
|
2.0 |
|
0.850 |
|
1.294 |
2023 |
85.00 |
|
94.12 |
|
|
87.53 |
|
88.00 |
|
4.30 |
|
8.80 |
|
54.59 |
|
2.0 |
|
0.850 |
|
1.294 |
2024 |
87.88 |
|
96.48 |
|
|
89.73 |
|
91.39 |
|
4.50 |
|
9.14 |
|
57.18 |
|
2.0 |
|
0.850 |
|
1.294 |
Thereafter |
2.0% |
|
2.0% |
|
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
0.850 |
|
1.294 |
|
Note: |
(1) |
The pricing assumptions used in the GLJ Report with
respect to net present value of future net revenue (forecast) as
well as the inflation rates used for operating and capital costs
are set forth above. The NGL price is an aggregate of the
individual natural gas liquids prices used in the Total Proved plus
Probable evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101. |
All forecast prices in the tables above are
provided by GLJ. For 2015, the price of Vermilion's natural
gas in the Netherlands is based on
the TTF day-ahead index, as determined on the Title Transfer
Facility Virtual Trading Point operated by Dutch TSO Gas Transport
Services, plus various fees. GasTerra, a state owned entity
purchases all natural gas produced by Vermilion in the Netherlands. The price of
Vermilion's natural gas in Germany
is based on the TTF month-ahead index, as determined on the Title
Transfer Facility Virtual Trading Point operated by Dutch TSO Gas
Transport Services, plus various fees. The benchmark price
for Australia and France crude oil is Dated Brent. The benchmark
price for Canadian crude oil is Edmonton Par and Canadian natural
gas is priced against AECO. For the year ended December 31, 2015, the average realized sales
prices before hedging were $70.22 per
bbl (Australia), $7.79 per Mcf (Netherlands), $7.18 per Mcf (Germany), $63.31
per bbl (France) for Brent-based
crude oil, $49.10 per bbl
(United States) for WTI,
$49.73 per bbl for Canadian-based
crude oil and NGLs and $2.78 per Mcf
for Canadian natural gas.
The following table summarizes the capital
expenditures made by Vermilion on oil and natural gas properties
for the year ended December 31,
2015:
Table 2: Capital Costs
Incurred
|
|
Acquisition Costs |
|
|
|
|
|
|
|
|
Proved |
|
Unproved |
|
Exploration |
|
Development |
|
Total |
(M$) |
|
Properties |
|
Properties |
|
Costs |
|
Costs |
|
Costs |
Australia |
|
- |
|
- |
|
- |
|
61,741 |
|
61,741 |
Canada |
|
14,650 |
|
- |
|
- |
|
201,508 |
|
216,158 |
France |
|
317 |
|
- |
|
- |
|
92,265 |
|
92,582 |
Germany |
|
- |
|
- |
|
- |
|
5,363 |
|
5,363 |
Hungary |
|
- |
|
- |
|
1,166 |
|
- |
|
1,166 |
Ireland |
|
- |
|
- |
|
- |
|
66,409 |
|
66,409 |
Netherlands |
|
- |
|
- |
|
- |
|
47,325 |
|
47,325 |
United States |
|
12,764 |
|
- |
|
- |
|
12,250 |
|
25,014 |
Total |
|
27,731 |
|
- |
|
1,166 |
|
486,861 |
|
515,758 |
The following table sets forth the reserve life
index based on total proved and proved plus probable reserve and
fourth quarter 2015 production of 61,058 boe/d.
Table 3: Reserve Life Index
Commodity |
|
|
Production |
|
|
Reserve Life Index
(years) |
|
|
|
Fourth Quarter 2015 |
|
|
Total Proved |
|
|
Proved Plus Probable |
Oil and natural gas liquids (bbl/d) |
|
|
34,043 |
|
|
7.6 |
|
|
12.2 |
Natural gas (mmcf/d) |
|
|
162.09 |
|
|
6.7 |
|
|
11.1 |
Oil Equivalent (boe/d) |
|
|
61,058 |
|
|
7.2 |
|
|
11.7 |
The following tables provide reserves data and a
breakdown of future net revenue by component and production group
using forecast prices and costs. For Canada, the tables following include
Alberta gas cost allowance.
The following tables may not total due to
rounding.
Table 4: Oil and Gas Reserves - Based on
Forecast Prices and Costs (1)
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Proved Developed Producing
(3) (5) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
11,465 |
|
11,465 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
13,528 |
|
11,785 |
|
9 |
|
9 |
|
10 |
|
8 |
|
98,840 |
|
89,253 |
France |
|
34,866 |
|
32,097 |
|
- |
|
- |
|
- |
|
- |
|
7,835 |
|
7,309 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
20,876 |
|
18,148 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
94,976 |
|
94,976 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
29,961 |
|
27,236 |
United States |
|
384 |
|
314 |
|
- |
|
- |
|
- |
|
- |
|
372 |
|
304 |
Total Proved Developed
Producing |
|
60,243 |
|
55,661 |
|
9 |
|
9 |
|
10 |
|
8 |
|
252,860 |
|
237,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Proved Developed Producing
(3) (5) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
11,465 |
|
11,465 |
Canada |
|
1,942 |
|
1,832 |
|
3,100 |
|
2,883 |
|
7,052 |
|
5,383 |
|
37,913 |
|
32,846 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
36,172 |
|
33,315 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,479 |
|
3,025 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
15,829 |
|
15,829 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
66 |
|
60 |
|
5,060 |
|
4,599 |
United States |
|
- |
|
- |
|
- |
|
- |
|
59 |
|
49 |
|
505 |
|
414 |
|
|
1,942 |
|
1,832 |
|
3,100 |
|
2,883 |
|
7,177 |
|
5,492 |
|
110,423 |
|
101,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Proved Developed
Non-Producing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
1,032 |
|
940 |
|
- |
|
- |
|
- |
|
- |
|
17,090 |
|
14,633 |
France |
|
1,914 |
|
1,754 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
8,263 |
|
7,157 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
10,845 |
|
10,845 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
18,238 |
|
18,238 |
United States |
|
313 |
|
254 |
|
- |
|
- |
|
- |
|
- |
|
318 |
|
258 |
Total Proved Developed
Non-Producing |
|
3,259 |
|
2,948 |
|
- |
|
- |
|
- |
|
- |
|
54,754 |
|
51,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Proved Developed
Non-Producing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
- |
|
- |
|
1,743 |
|
1,643 |
|
692 |
|
490 |
|
4,863 |
|
4,143 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,914 |
|
1,754 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,377 |
|
1,193 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,808 |
|
1,808 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
22 |
|
22 |
|
3,062 |
|
3,062 |
United States |
|
- |
|
- |
|
- |
|
- |
|
51 |
|
41 |
|
417 |
|
338 |
Total Proved Developed
Non-Producing |
|
- |
|
- |
|
1,743 |
|
1,643 |
|
765 |
|
553 |
|
13,441 |
|
12,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Proved Undeveloped (3)
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
2,300 |
|
2,300 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
8,411 |
|
7,357 |
|
- |
|
- |
|
- |
|
- |
|
74,181 |
|
68,479 |
France |
|
3,941 |
|
3,693 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,361 |
|
1,684 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
United States |
|
1,337 |
|
1,087 |
|
- |
|
- |
|
- |
|
- |
|
1,480 |
|
1,204 |
Total Proved Undeveloped |
|
15,989 |
|
14,437 |
|
- |
|
- |
|
- |
|
- |
|
78,022 |
|
71,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Proved Undeveloped |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,300 |
|
2,300 |
Canada |
|
- |
|
- |
|
3,367 |
|
3,114 |
|
7,051 |
|
5,955 |
|
28,387 |
|
25,244 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,941 |
|
3,693 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
394 |
|
281 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
United States |
|
- |
|
- |
|
- |
|
- |
|
236 |
|
192 |
|
1,820 |
|
1,480 |
Total Proved Undeveloped |
|
- |
|
- |
|
3,367 |
|
3,114 |
|
7,287 |
|
6,147 |
|
36,842 |
|
32,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Proved (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
13,765 |
|
13,765 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
22,971 |
|
20,082 |
|
9 |
|
9 |
|
10 |
|
8 |
|
190,111 |
|
172,365 |
France |
|
40,721 |
|
37,544 |
|
- |
|
- |
|
- |
|
- |
|
7,835 |
|
7,309 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
31,500 |
|
26,989 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
105,821 |
|
105,821 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
48,199 |
|
45,474 |
United States |
|
2,034 |
|
1,655 |
|
- |
|
- |
|
- |
|
- |
|
2,170 |
|
1,766 |
Total Proved |
|
79,491 |
|
73,046 |
|
9 |
|
9 |
|
10 |
|
8 |
|
385,637 |
|
359,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
13,765 |
|
13,765 |
Canada |
|
1,942 |
|
1,832 |
|
8,210 |
|
7,640 |
|
14,795 |
|
11,828 |
|
71,163 |
|
62,233 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
42,027 |
|
38,762 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,250 |
|
4,499 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
17,637 |
|
17,637 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
88 |
|
82 |
|
8,122 |
|
7,661 |
United States |
|
- |
|
- |
|
- |
|
- |
|
346 |
|
282 |
|
2,742 |
|
2,232 |
Total Proved |
|
1,942 |
|
1,832 |
|
8,210 |
|
7,640 |
|
15,229 |
|
12,192 |
|
160,706 |
|
146,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Probable
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
3,700 |
|
3,700 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
14,786 |
|
12,565 |
|
3 |
|
3 |
|
3 |
|
2 |
|
132,676 |
|
120,460 |
France |
|
21,325 |
|
19,814 |
|
- |
|
- |
|
- |
|
- |
|
1,559 |
|
1,505 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
17,999 |
|
14,999 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
47,405 |
|
47,405 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
48,688 |
|
43,700 |
United States |
|
3,818 |
|
3,131 |
|
- |
|
- |
|
- |
|
- |
|
4,378 |
|
3,590 |
Total Probable |
|
43,629 |
|
39,210 |
|
3 |
|
3 |
|
3 |
|
2 |
|
252,705 |
|
231,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,700 |
|
3,700 |
Canada |
|
475 |
|
447 |
|
4,917 |
|
4,628 |
|
12,751 |
|
10,144 |
|
50,554 |
|
43,637 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
21,585 |
|
20,065 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,000 |
|
2,500 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7,901 |
|
7,901 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
83 |
|
66 |
|
8,198 |
|
7,349 |
United States |
|
- |
|
- |
|
- |
|
- |
|
698 |
|
572 |
|
5,246 |
|
4,301 |
Total Probable |
|
475 |
|
447 |
|
4,917 |
|
4,628 |
|
13,532 |
|
10,782 |
|
100,184 |
|
89,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & Medium Crude
Oil |
|
Heavy Oil |
|
Tight Oil |
|
Conventional Natural Gas |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(MMcf) |
|
(MMcf) |
Proved Plus Probable (3)
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
17,465 |
|
17,465 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
37,757 |
|
32,647 |
|
12 |
|
12 |
|
13 |
|
10 |
|
322,787 |
|
292,825 |
France |
|
62,046 |
|
57,358 |
|
- |
|
- |
|
- |
|
- |
|
9,394 |
|
8,814 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
49,499 |
|
41,988 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
153,226 |
|
153,226 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
96,887 |
|
89,174 |
United States |
|
5,852 |
|
4,786 |
|
- |
|
- |
|
- |
|
- |
|
6,548 |
|
5,356 |
Total Proved Plus Probable |
|
123,120 |
|
112,256 |
|
12 |
|
12 |
|
13 |
|
10 |
|
638,342 |
|
591,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shale Gas |
|
Coal Bed Methane |
|
Natural Gas Liquids |
|
BOE |
|
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross (2) |
|
Net (2) |
|
Gross |
|
Net |
|
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
Proved Plus Probable (3)
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
17,465 |
|
17,465 |
Canada |
|
2,417 |
|
2,279 |
|
13,127 |
|
12,268 |
|
27,546 |
|
21,972 |
|
121,717 |
|
105,870 |
France |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
63,612 |
|
58,827 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
8,250 |
|
6,999 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
25,538 |
|
25,538 |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
171 |
|
148 |
|
16,320 |
|
15,010 |
United States |
|
- |
|
- |
|
- |
|
- |
|
1,044 |
|
854 |
|
7,988 |
|
6,533 |
Total Proved Plus Probable |
|
2,417 |
|
2,279 |
|
13,127 |
|
12,268 |
|
28,761 |
|
22,974 |
|
260,890 |
|
236,242 |
|
Notes: |
(1) |
The pricing assumptions used in the GLJ Report with respect to
net present value of future net revenue (forecast) as well as the
inflation rates used for operating and capital costs are set forth
below. See "Forecast Prices used in Estimates". The NGL
price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101. |
(2) |
"Gross Reserves" are Vermilion's working
interest (operating or non-operating) share before deduction of
royalties and without including any royalty interests of
Vermilion. "Net Reserves" are Vermilion's working interest
(operating or non-operating) share after deduction of royalty
obligations, plus Vermilion's royalty interests in reserves. |
(3) |
"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. |
(4) |
"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. |
(5) |
"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 (e.g. when compared to the cost of drilling a well) to
put the reserves on production. |
(6) |
"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. |
(7) |
"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. |
(8) |
"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. |
Table 5: Net Present Values of Future Net Revenue - Based
on Forecast Prices and Costs (1)
|
Before Deducting
Future Income Taxes Discounted At |
|
After Deducting
Future Income Taxes Discounted At |
(M$) |
|
0% |
|
5% |
|
10% |
|
15% |
|
20% |
|
0% |
|
5% |
|
10% |
|
15% |
|
20% |
Proved Developed Producing (2) (4)
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
2,347 |
|
129,206 |
|
168,558 |
|
175,898 |
|
171,717 |
|
124,988 |
|
173,769 |
|
178,900 |
|
170,295 |
|
158,300 |
Canada |
|
949,037 |
|
750,567 |
|
619,559 |
|
528,638 |
|
462,575 |
|
949,037 |
|
750,567 |
|
619,559 |
|
528,638 |
|
462,575 |
France |
|
1,798,973 |
|
1,255,682 |
|
953,329 |
|
767,459 |
|
643,532 |
|
1,517,541 |
|
1,074,705 |
|
821,780 |
|
664,015 |
|
557,940 |
Germany |
|
43,971 |
|
38,938 |
|
34,820 |
|
31,467 |
|
28,720 |
|
43,971 |
|
38,938 |
|
34,820 |
|
31,467 |
|
28,720 |
Ireland |
|
552,363 |
|
501,468 |
|
439,666 |
|
387,319 |
|
345,603 |
|
552,363 |
|
501,468 |
|
439,666 |
|
387,319 |
|
345,603 |
Netherlands |
|
83,154 |
|
94,117 |
|
99,646 |
|
102,200 |
|
103,013 |
|
64,192 |
|
75,617 |
|
81,576 |
|
84,532 |
|
85,720 |
United States |
|
16,290 |
|
12,359 |
|
9,959 |
|
8,387 |
|
7,290 |
|
16,290 |
|
12,359 |
|
9,959 |
|
8,387 |
|
7,290 |
Total Proved Developed Producing |
|
3,446,135 |
|
2,782,337 |
|
2,325,537 |
|
2,001,368 |
|
1,762,450 |
|
3,268,382 |
|
2,627,423 |
|
2,186,260 |
|
1,874,653 |
|
1,646,148 |
Proved Developed Non-Producing (2) (4)
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
104,042 |
|
71,099 |
|
54,809 |
|
45,013 |
|
38,420 |
|
104,042 |
|
71,099 |
|
54,809 |
|
45,013 |
|
38,420 |
France |
|
90,457 |
|
62,628 |
|
45,934 |
|
35,314 |
|
28,159 |
|
58,901 |
|
40,465 |
|
29,248 |
|
22,088 |
|
17,265 |
Germany |
|
25,871 |
|
19,029 |
|
14,433 |
|
11,275 |
|
9,044 |
|
25,871 |
|
19,029 |
|
14,433 |
|
11,275 |
|
9,044 |
Ireland |
|
92,735 |
|
62,194 |
|
44,189 |
|
32,997 |
|
25,688 |
|
92,735 |
|
62,194 |
|
44,189 |
|
32,997 |
|
25,688 |
Netherlands |
|
49,823 |
|
39,122 |
|
30,708 |
|
24,196 |
|
19,156 |
|
41,346 |
|
30,978 |
|
22,865 |
|
16,628 |
|
11,839 |
United States |
|
9,355 |
|
5,641 |
|
3,488 |
|
2,150 |
|
1,264 |
|
9,355 |
|
5,641 |
|
3,488 |
|
2,150 |
|
1,264 |
Total Proved Developed Non-Producing |
|
372,283 |
|
259,713 |
|
193,561 |
|
150,945 |
|
121,731 |
|
332,250 |
|
229,406 |
|
169,032 |
|
130,151 |
|
103,520 |
Proved Undeveloped (2) (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
90,351 |
|
65,761 |
|
47,675 |
|
34,243 |
|
24,141 |
|
54,095 |
|
38,796 |
|
27,698 |
|
19,530 |
|
13,425 |
Canada |
|
489,912 |
|
322,128 |
|
216,629 |
|
147,559 |
|
100,575 |
|
394,990 |
|
268,530 |
|
185,169 |
|
128,464 |
|
88,643 |
France |
|
195,493 |
|
141,793 |
|
105,874 |
|
81,079 |
|
63,249 |
|
126,807 |
|
88,335 |
|
62,501 |
|
44,867 |
|
32,357 |
Germany |
|
6,456 |
|
3,478 |
|
1,746 |
|
724 |
|
117 |
|
6,456 |
|
3,478 |
|
1,746 |
|
724 |
|
117 |
Ireland |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Netherlands |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
United States |
|
33,881 |
|
15,244 |
|
5,265 |
|
(415) |
|
(3,816) |
|
33,881 |
|
15,244 |
|
5,265 |
|
(415) |
|
(3,816) |
Total Proved Undeveloped |
|
816,093 |
|
548,404 |
|
377,189 |
|
263,190 |
|
184,266 |
|
616,229 |
|
414,383 |
|
282,379 |
|
193,170 |
|
130,726 |
Proved (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
92,698 |
|
194,967 |
|
216,233 |
|
210,141 |
|
195,858 |
|
179,083 |
|
212,565 |
|
206,598 |
|
189,825 |
|
171,725 |
Canada |
|
1,542,991 |
|
1,143,794 |
|
890,997 |
|
721,210 |
|
601,570 |
|
1,448,069 |
|
1,090,196 |
|
859,537 |
|
702,115 |
|
589,638 |
France |
|
2,084,923 |
|
1,460,103 |
|
1,105,137 |
|
883,852 |
|
734,940 |
|
1,703,249 |
|
1,203,505 |
|
913,529 |
|
730,970 |
|
607,562 |
Germany |
|
76,298 |
|
61,445 |
|
50,999 |
|
43,466 |
|
37,881 |
|
76,298 |
|
61,445 |
|
50,999 |
|
43,466 |
|
37,881 |
Ireland |
|
645,098 |
|
563,662 |
|
483,855 |
|
420,316 |
|
371,291 |
|
645,098 |
|
563,662 |
|
483,855 |
|
420,316 |
|
371,291 |
Netherlands |
|
132,977 |
|
133,239 |
|
130,354 |
|
126,396 |
|
122,169 |
|
105,538 |
|
106,595 |
|
104,441 |
|
101,160 |
|
97,559 |
United States |
|
59,526 |
|
33,244 |
|
18,712 |
|
10,122 |
|
4,738 |
|
59,526 |
|
33,244 |
|
18,712 |
|
10,122 |
|
4,738 |
Total Proved |
|
4,634,511 |
|
3,590,454 |
|
2,896,287 |
|
2,415,503 |
|
2,068,447 |
|
4,216,861 |
|
3,271,212 |
|
2,637,671 |
|
2,197,974 |
|
1,880,394 |
Probable (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
233,918 |
|
195,941 |
|
160,242 |
|
132,868 |
|
112,579 |
|
131,359 |
|
109,293 |
|
88,489 |
|
72,597 |
|
60,886 |
Canada |
|
1,259,521 |
|
782,374 |
|
525,575 |
|
374,090 |
|
277,970 |
|
925,820 |
|
572,010 |
|
383,568 |
|
273,386 |
|
203,911 |
France |
|
1,368,130 |
|
737,715 |
|
464,855 |
|
321,653 |
|
235,825 |
|
898,657 |
|
464,533 |
|
277,847 |
|
181,362 |
|
124,539 |
Germany |
|
58,777 |
|
38,397 |
|
26,546 |
|
19,305 |
|
14,655 |
|
58,777 |
|
38,397 |
|
26,546 |
|
19,305 |
|
14,655 |
Ireland |
|
444,344 |
|
271,776 |
|
182,158 |
|
131,596 |
|
100,818 |
|
444,344 |
|
271,776 |
|
182,158 |
|
131,596 |
|
100,818 |
Netherlands |
|
259,073 |
|
192,535 |
|
149,984 |
|
121,255 |
|
100,904 |
|
213,280 |
|
150,798 |
|
111,666 |
|
85,850 |
|
68,004 |
United States |
|
169,572 |
|
89,698 |
|
51,373 |
|
30,603 |
|
18,222 |
|
111,879 |
|
59,733 |
|
33,482 |
|
18,708 |
|
9,648 |
Total Probable |
|
3,793,335 |
|
2,308,436 |
|
1,560,733 |
|
1,131,370 |
|
860,973 |
|
2,784,116 |
|
1,666,540 |
|
1,103,756 |
|
782,804 |
|
582,461 |
Proved Plus Probable (2)
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
326,616 |
|
390,908 |
|
376,475 |
|
343,009 |
|
308,437 |
|
310,442 |
|
321,858 |
|
295,087 |
|
262,422 |
|
232,611 |
Canada |
|
2,802,512 |
|
1,926,168 |
|
1,416,572 |
|
1,095,300 |
|
879,540 |
|
2,373,889 |
|
1,662,206 |
|
1,243,105 |
|
975,501 |
|
793,549 |
France |
|
3,453,053 |
|
2,197,818 |
|
1,569,992 |
|
1,205,505 |
|
970,765 |
|
2,601,906 |
|
1,668,038 |
|
1,191,376 |
|
912,332 |
|
732,101 |
Germany |
|
135,075 |
|
99,842 |
|
77,545 |
|
62,771 |
|
52,536 |
|
135,075 |
|
99,842 |
|
77,545 |
|
62,771 |
|
52,536 |
Ireland |
|
1,089,442 |
|
835,438 |
|
666,013 |
|
551,912 |
|
472,109 |
|
1,089,442 |
|
835,438 |
|
666,013 |
|
551,912 |
|
472,109 |
Netherlands |
|
392,050 |
|
325,774 |
|
280,338 |
|
247,651 |
|
223,073 |
|
318,818 |
|
257,393 |
|
216,107 |
|
187,010 |
|
165,563 |
United States |
|
229,098 |
|
122,942 |
|
70,085 |
|
40,725 |
|
22,960 |
|
171,405 |
|
92,977 |
|
52,194 |
|
28,830 |
|
14,386 |
Total Proved Plus Probable |
|
8,427,846 |
|
5,898,890 |
|
4,457,020 |
|
3,546,873 |
|
2,929,420 |
|
7,000,977 |
|
4,937,752 |
|
3,741,427 |
|
2,980,778 |
|
2,462,855 |
|
Notes: |
(1) |
The pricing assumptions used in the GLJ Report with
respect to net present value of future net revenue (forecast) as
well as the inflation rates used for operating and capital costs
are set forth below. See "Forecast Prices used in
Estimates". The NGL price is an aggregate of the individual
natural gas liquids prices used in the Total Proved plus Probable
evaluation. GLJ is an independent qualified reserves
evaluator appointed pursuant to NI 51-101. |
(2) |
"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. |
(3) |
"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. |
(4) |
"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 (e.g. when compared to the cost of drilling a well) to
put the reserves on production. |
(5) |
"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. |
(6) |
"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. |
(7) |
"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. |
Table 6: Total Future Net Revenue (Undiscounted) Based on
Forecast Prices and Costs (1)
|
|
|
|
|
|
|
|
|
|
Abandonment |
|
Future Net |
|
|
|
Future Net |
|
|
|
|
|
|
|
|
Capital |
|
and |
|
Revenue |
|
|
|
Revenue |
|
|
|
|
|
|
Operating |
|
Development |
|
Reclamation |
|
Before |
|
Future |
|
After |
(M$) |
|
Revenue |
|
Royalties |
|
Costs |
|
Costs |
|
Costs |
|
Income Taxes |
|
Income Taxes |
|
Income Taxes |
Proved (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
1,279,689 |
|
- |
|
765,611 |
|
164,897 |
|
256,483 |
|
92,698 |
|
(86,385) |
|
179,083 |
Canada |
|
3,444,744 |
|
430,994 |
|
956,472 |
|
429,587 |
|
84,700 |
|
1,542,991 |
|
94,922 |
|
1,448,069 |
France |
|
3,739,055 |
|
286,952 |
|
1,054,237 |
|
142,825 |
|
170,118 |
|
2,084,923 |
|
381,674 |
|
1,703,249 |
Germany |
|
243,200 |
|
34,472 |
|
121,828 |
|
7,557 |
|
3,045 |
|
76,298 |
|
- |
|
76,298 |
Ireland |
|
945,039 |
|
- |
|
196,807 |
|
29,121 |
|
74,013 |
|
645,098 |
|
- |
|
645,098 |
Netherlands |
|
419,120 |
|
20,930 |
|
153,011 |
|
38,411 |
|
73,791 |
|
132,977 |
|
27,439 |
|
105,538 |
United States |
|
193,175 |
|
53,303 |
|
33,559 |
|
44,764 |
|
2,023 |
|
59,526 |
|
- |
|
59,526 |
Total Proved |
|
10,264,022 |
|
826,651 |
|
3,281,525 |
|
857,162 |
|
664,173 |
|
4,634,511 |
|
417,650 |
|
4,216,861 |
Proved Plus Probable (2)
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
1,660,324 |
|
- |
|
901,981 |
|
164,950 |
|
266,777 |
|
326,616 |
|
16,174 |
|
310,442 |
Canada |
|
6,173,958 |
|
832,588 |
|
1,597,976 |
|
830,126 |
|
110,756 |
|
2,802,512 |
|
428,623 |
|
2,373,889 |
France |
|
6,025,272 |
|
448,246 |
|
1,560,955 |
|
340,273 |
|
222,745 |
|
3,453,053 |
|
851,147 |
|
2,601,906 |
Germany |
|
408,139 |
|
61,573 |
|
199,859 |
|
7,594 |
|
4,038 |
|
135,075 |
|
- |
|
135,075 |
Ireland |
|
1,487,330 |
|
- |
|
294,754 |
|
29,121 |
|
74,013 |
|
1,089,442 |
|
- |
|
1,089,442 |
Netherlands |
|
908,049 |
|
67,612 |
|
274,464 |
|
87,472 |
|
86,451 |
|
392,050 |
|
73,232 |
|
318,818 |
United States |
|
596,459 |
|
162,300 |
|
91,475 |
|
109,001 |
|
4,585 |
|
229,098 |
|
57,693 |
|
171,405 |
Total Proved Plus Probable |
|
17,259,531 |
|
1,572,319 |
|
4,921,464 |
|
1,568,537 |
|
769,365 |
|
8,427,846 |
|
1,426,869 |
|
7,000,977 |
|
Notes: |
(1) |
The pricing assumptions used in the GLJ Report with respect to
net present value of future net revenue (forecast) as well as the
inflation rates used for operating and capital costs are set forth
below. See "Forecast Prices used in Estimates". The NGL
price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101. |
(2) |
"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. |
(3) |
"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. |
Table 7: Future Net Revenue by Production Group Based on
Forecast Prices and Costs (1)
|
|
|
Future Net Revenue |
|
|
|
|
|
|
Before Income Taxes
(2) |
|
|
|
|
|
|
(Discounted at 10% Per
Year) |
|
|
Unit Value |
Proved Developed
Producing |
|
|
(M$) |
|
|
($/boe) |
Light crude oil & medium crude
oil (3) |
|
|
1,587,327 |
|
|
25.88 |
Heavy Oil (3) |
|
|
216 |
|
|
12.36 |
Natural gas (4) |
|
|
733,875 |
|
|
18.69 |
Shale Gas |
|
|
2,860 |
|
|
7.26 |
Coal Bed Methane |
|
|
1,259 |
|
|
2.62 |
Total Proved Developed
Producing |
|
|
2,325,537 |
|
|
22.91 |
Proved Developed
Non-Producing |
|
|
|
|
|
|
Light crude oil & medium crude
oil (3) |
|
|
66,158 |
|
|
20.41 |
Heavy Oil (3) |
|
|
- |
|
|
- |
Natural gas (4) |
|
|
126,536 |
|
|
14.41 |
Shale Gas |
|
|
- |
|
|
- |
Coal Bed Methane |
|
|
867 |
|
|
3.17 |
Total Proved Developed
Non-Producing |
|
|
193,561 |
|
|
15.74 |
Proved Undeveloped |
|
|
|
|
|
|
Light crude oil & medium crude
oil (3) |
|
|
259,816 |
|
|
13.92 |
Heavy Oil (3) |
|
|
- |
|
|
- |
Natural gas (4) |
|
|
116,627 |
|
|
8.44 |
Shale Gas |
|
|
- |
|
|
- |
Coal Bed Methane |
|
|
746 |
|
|
1.44 |
Total Proved Undeveloped |
|
|
377,189 |
|
|
11.43 |
Proved |
|
|
|
|
|
|
Light crude oil & medium crude
oil (3) |
|
|
1,913,301 |
|
|
22.97 |
Heavy Oil (3) |
|
|
216 |
|
|
12.42 |
Natural gas (4) |
|
|
977,038 |
|
|
15.81 |
Shale Gas |
|
|
2,860 |
|
|
7.28 |
Coal Bed Methane |
|
|
2,872 |
|
|
2.26 |
Total Proved |
|
|
2,896,287 |
|
|
19.73 |
Probable |
|
|
|
|
|
|
Light crude oil & medium crude
oil (3) |
|
|
992,703 |
|
|
20.85 |
Heavy Oil (3) |
|
|
87 |
|
|
15.91 |
Natural gas (4) |
|
|
565,389 |
|
|
13.80 |
Shale Gas |
|
|
691 |
|
|
7.26 |
Coal Bed Methane |
|
|
1,863 |
|
|
2.26 |
Total Probable |
|
|
1,560,733 |
|
|
19.73 |
Proved Plus Probable |
|
|
|
|
|
|
Light crude oil & medium crude
oil (3) |
|
|
2,906,004 |
|
|
22.21 |
Heavy Oil (3) |
|
|
303 |
|
|
13.30 |
Natural gas (4) |
|
|
1,542,427 |
|
|
15.00 |
Shale Gas |
|
|
3,551 |
|
|
7.33 |
Coal Bed Methane |
|
|
4,735 |
|
|
2.31 |
Total Proved Plus Probable |
|
|
4,457,020 |
|
|
18.87 |
|
Notes: |
(1) |
The pricing assumptions used in the GLJ Report with respect to
net present value of future net revenue (forecast) as well as the
inflation rates used for operating and capital costs are set forth
below. See "Forecast Prices used in Estimates". The NGL
price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101. |
(2) |
Other Company revenue and costs not related to a specific
production group have been allocated proportionately to production
groups. Unit values are based on Company Net Reserves.
Net present value of reserves categories are an approximation based
on major products. |
(3) |
Including solution gas and other by-products. |
(4) |
Including by-products but excluding solution gas. |
Reconciliations of Changes in Reserves
The following tables set forth a reconciliation
of the changes in Vermilion's gross light and medium crude oil,
heavy oil and associated and non-associated gas (combined) reserves
as at December 31, 2015 compared to
such reserves as at December 31,
2014.
Table 8: Reconciliation of Company Gross
Reserves by Principal Product Type - Based on Forecast Prices and
Costs (3)
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
AUSTRALIA |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
12,534 |
|
5,449 |
|
17,983 |
|
12,534 |
|
5,449 |
|
17,983 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
500 |
|
50 |
|
550 |
|
500 |
|
50 |
|
550 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
3,087 |
|
(1,799) |
|
1,288 |
|
3,087 |
|
(1,799) |
|
1,288 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(2,356) |
|
- |
|
(2,356) |
|
(2,356) |
|
- |
|
(2,356) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
13,765 |
|
3,700 |
|
17,465 |
|
13,765 |
|
3,700 |
|
17,465 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
- |
|
- |
|
- |
|
12,534 |
|
5,449 |
|
17,983 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
500 |
|
50 |
|
550 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
- |
|
- |
|
- |
|
3,087 |
|
(1,799) |
|
1,288 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
- |
|
- |
|
- |
|
(2,356) |
|
- |
|
(2,356) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
- |
|
- |
|
- |
|
13,765 |
|
3,700 |
|
17,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
CANADA |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
27,488 |
|
14,799 |
|
42,287 |
|
27,478 |
|
14,797 |
|
42,275 |
|
10 |
|
2 |
|
12 |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
1,245 |
|
2,541 |
|
3,786 |
|
1,245 |
|
2,541 |
|
3,786 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
(283) |
|
(825) |
|
(1,108) |
|
(295) |
|
(828) |
|
(1,123) |
|
(1) |
|
1 |
|
- |
|
13 |
|
3 |
|
16 |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
(9) |
|
(4) |
|
(13) |
|
(9) |
|
(4) |
|
(13) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
(1,970) |
|
(1,720) |
|
(3,690) |
|
(1,970) |
|
(1,720) |
|
(3,690) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(3,481) |
|
- |
|
(3,481) |
|
(3,478) |
|
- |
|
(3,478) |
|
- |
|
- |
|
- |
|
(3) |
|
- |
|
(3) |
At December 31, 2015 |
|
22,990 |
|
14,792 |
|
37,782 |
|
22,971 |
|
14,786 |
|
37,757 |
|
9 |
|
3 |
|
12 |
|
10 |
|
3 |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
177,414 |
|
141,032 |
|
318,446 |
|
153,592 |
|
130,581 |
|
284,173 |
|
22,260 |
|
10,031 |
|
32,291 |
|
1,562 |
|
420 |
|
1,982 |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
56,482 |
|
22,244 |
|
78,726 |
|
56,482 |
|
22,244 |
|
78,726 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
4,325 |
|
(7,773) |
|
(3,448) |
|
3,505 |
|
(7,828) |
|
(4,323) |
|
- |
|
- |
|
- |
|
820 |
|
55 |
|
875 |
Acquisitions |
|
1,933 |
|
10,824 |
|
12,757 |
|
1,933 |
|
10,824 |
|
12,757 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
(39) |
|
(8,944) |
|
(8,983) |
|
(39) |
|
(8,944) |
|
(8,983) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
(13,736) |
|
(19,315) |
|
(33,051) |
|
(2,350) |
|
(14,201) |
|
(16,551) |
|
(11,386) |
|
(5,114) |
|
(16,500) |
|
- |
|
- |
|
- |
Production |
|
(26,116) |
|
- |
|
(26,116) |
|
(23,012) |
|
- |
|
(23,012) |
|
(2,664) |
|
- |
|
(2,664) |
|
(440) |
|
- |
|
(440) |
At December 31, 2015 |
|
200,263 |
|
138,068 |
|
338,331 |
|
190,111 |
|
132,676 |
|
322,787 |
|
8,210 |
|
4,917 |
|
13,127 |
|
1,942 |
|
475 |
|
2,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
13,550 |
|
11,331 |
|
24,881 |
|
70,608 |
|
49,635 |
|
120,243 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
3,059 |
|
2,749 |
|
5,808 |
|
13,718 |
|
8,997 |
|
22,715 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
(410) |
|
(2,077) |
|
(2,487) |
|
28 |
|
(4,197) |
|
(4,169) |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
187 |
|
1,538 |
|
1,725 |
|
509 |
|
3,342 |
|
3,851 |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(2) |
|
(193) |
|
(195) |
|
(18) |
|
(1,688) |
|
(1,705) |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
(95) |
|
(597) |
|
(692) |
|
(4,354) |
|
(5,536) |
|
(9,891) |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
(1,494) |
|
- |
|
(1,494) |
|
(9,328) |
|
- |
|
(9,328) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
14,795 |
|
12,751 |
|
27,546 |
|
71,162 |
|
50,554 |
|
121,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
FRANCE |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
35,602 |
|
20,288 |
|
55,890 |
|
35,602 |
|
20,288 |
|
55,890 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
4,328 |
|
2,466 |
|
6,794 |
|
4,328 |
|
2,466 |
|
6,794 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
5,268 |
|
(1,429) |
|
3,839 |
|
5,268 |
|
(1,429) |
|
3,839 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(4,477) |
|
- |
|
(4,477) |
|
(4,477) |
|
- |
|
(4,477) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
40,721 |
|
21,325 |
|
62,046 |
|
40,721 |
|
21,325 |
|
62,046 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
9,875 |
|
2,582 |
|
12,457 |
|
9,875 |
|
2,582 |
|
12,457 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
(1,686) |
|
(1,023) |
|
(2,709) |
|
(1,686) |
|
(1,023) |
|
(2,709) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(354) |
|
- |
|
(354) |
|
(354) |
|
- |
|
(354) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
7,835 |
|
1,559 |
|
9,394 |
|
7,835 |
|
1,559 |
|
9,394 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
- |
|
- |
|
- |
|
37,249 |
|
20,719 |
|
57,967 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
4,328 |
|
2,465 |
|
6,794 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
- |
|
- |
|
- |
|
5,268 |
|
(1,429) |
|
3,839 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
(281) |
|
(171) |
|
(452) |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
- |
|
- |
|
- |
|
(4,537) |
|
- |
|
(4,537) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
- |
|
- |
|
- |
|
42,027 |
|
21,585 |
|
63,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
GERMANY |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
40,258 |
|
21,301 |
|
61,559 |
|
40,258 |
|
21,301 |
|
61,559 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
2,546 |
|
(2,546) |
|
- |
|
2,546 |
|
(2,546) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
(5,543) |
|
(756) |
|
(6,299) |
|
(5,543) |
|
(756) |
|
(6,299) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(5,761) |
|
- |
|
(5,761) |
|
(5,761) |
|
- |
|
(5,761) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
31,500 |
|
17,999 |
|
49,499 |
|
31,500 |
|
17,999 |
|
49,499 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
- |
|
- |
|
- |
|
6,710 |
|
3,550 |
|
10,260 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
424 |
|
(424) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
- |
|
- |
|
- |
|
(924) |
|
(126) |
|
(1,050) |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
- |
|
- |
|
- |
|
(960) |
|
- |
|
(960) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
- |
|
- |
|
- |
|
5,250 |
|
3,000 |
|
8,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
IRELAND |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
105,931 |
|
38,707 |
|
144,638 |
|
105,931 |
|
38,707 |
|
144,638 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
(99) |
|
8,698 |
|
8,599 |
|
(99) |
|
8,698 |
|
8,599 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(11) |
|
- |
|
(11) |
|
(11) |
|
- |
|
(11) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
105,821 |
|
47,405 |
|
153,226 |
|
105,821 |
|
47,405 |
|
153,226 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
- |
|
- |
|
- |
|
17,655 |
|
6,451 |
|
24,106 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
- |
|
- |
|
- |
|
(17) |
|
1,450 |
|
1,434 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
- |
|
- |
|
- |
|
(2) |
|
- |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
- |
|
- |
|
- |
|
17,637 |
|
7,901 |
|
25,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
NETHERLANDS |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
37,155 |
|
47,076 |
|
84,231 |
|
37,155 |
|
47,076 |
|
84,231 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
17,405 |
|
2,880 |
|
20,285 |
|
17,405 |
|
2,880 |
|
20,285 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
5,736 |
|
4,366 |
|
10,102 |
|
5,736 |
|
4,366 |
|
10,102 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
4,242 |
|
(5,634) |
|
(1,392) |
|
4,242 |
|
(5,634) |
|
(1,392) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(16,339) |
|
- |
|
(16,339) |
|
(16,339) |
|
- |
|
(16,339) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
48,199 |
|
48,688 |
|
96,887 |
|
48,199 |
|
48,688 |
|
96,887 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
54 |
|
103 |
|
157 |
|
6,247 |
|
7,949 |
|
14,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
39 |
|
7 |
|
46 |
|
2,940 |
|
487 |
|
3,427 |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
7 |
|
6 |
|
13 |
|
963 |
|
734 |
|
1,697 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
24 |
|
(33) |
|
(9) |
|
731 |
|
(972) |
|
(241) |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
(36) |
|
- |
|
(36) |
|
(2,759) |
|
- |
|
(2,758) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
88 |
|
83 |
|
171 |
|
8,122 |
|
8,198 |
|
16,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
449 |
|
1,338 |
|
1,787 |
|
449 |
|
1,338 |
|
1,787 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
1,367 |
|
1,324 |
|
2,691 |
|
1,367 |
|
1,324 |
|
2,691 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
106 |
|
370 |
|
476 |
|
106 |
|
370 |
|
476 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
196 |
|
786 |
|
982 |
|
196 |
|
786 |
|
982 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(84) |
|
- |
|
(84) |
|
(84) |
|
- |
|
(84) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
2,034 |
|
3,818 |
|
5,852 |
|
2,034 |
|
3,818 |
|
5,852 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional
Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
243 |
|
1,402 |
|
1,645 |
|
243 |
|
1,402 |
|
1,645 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
1,453 |
|
1,569 |
|
3,022 |
|
1,453 |
|
1,569 |
|
3,022 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
274 |
|
507 |
|
781 |
|
274 |
|
507 |
|
781 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Acquisitions |
|
220 |
|
900 |
|
1,120 |
|
220 |
|
900 |
|
1,120 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(18) |
|
- |
|
(18) |
|
(18) |
|
- |
|
(18) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
At December 31, 2015 |
|
2,170 |
|
4,378 |
|
6,548 |
|
2,170 |
|
4,378 |
|
6,548 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
10 |
|
58 |
|
68 |
|
500 |
|
1,630 |
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
233 |
|
250 |
|
483 |
|
1,842 |
|
1,836 |
|
3,678 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
72 |
|
247 |
|
319 |
|
223 |
|
702 |
|
925 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
35 |
|
143 |
|
178 |
|
267 |
|
1,079 |
|
1,346 |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
(3) |
|
- |
|
(3) |
|
(90) |
|
- |
|
(90) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015 |
|
346 |
|
698 |
|
1,044 |
|
2,742 |
|
5,246 |
|
7,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light Crude Oil & |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPANY |
|
Total Oil
(4) |
|
Medium Crude
Oil |
|
Heavy
Oil |
|
Tight
Oil |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
At December 31, 2014 |
|
76,073 |
|
41,874 |
|
117,947 |
|
76,063 |
|
41,872 |
|
117,935 |
|
10 |
|
2 |
|
12 |
|
- |
|
- |
|
- |
Discoveries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
7,440 |
|
6,381 |
|
13,821 |
|
7,440 |
|
6,381 |
|
13,821 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
8,178 |
|
(3,683) |
|
4,496 |
|
8,166 |
|
(3,686) |
|
4,480 |
|
(1) |
|
1 |
|
- |
|
13 |
|
3 |
|
16 |
Acquisitions |
|
196 |
|
786 |
|
982 |
|
196 |
|
786 |
|
982 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
(9) |
|
(4) |
|
(13) |
|
(9) |
|
(4) |
|
(13) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
(1,970) |
|
(1,720) |
|
(3,690) |
|
(1,970) |
|
(1,720) |
|
(3,690) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Production |
|
(10,398) |
|
- |
|
(10,398) |
|
(10,395) |
|
- |
|
(10,395) |
|
- |
|
- |
|
- |
|
(3) |
|
- |
|
(3) |
At December 31, 2015 |
|
79,510 |
|
43,635 |
|
123,145 |
|
79,491 |
|
43,629 |
|
123,120 |
|
9 |
|
3 |
|
12 |
|
10 |
|
3 |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas
(4) |
|
Conventional Natural Gas |
|
Coal Bed Methane
(5) |
|
Shale Natural Gas
(5) |
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
Factors |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
|
(MMcf) |
At December 31, 2014 |
|
370,876 |
|
252,100 |
|
622,976 |
|
347,054 |
|
241,649 |
|
588,703 |
|
22,260 |
|
10,031 |
|
32,291 |
|
1,562 |
|
420 |
|
1,982 |
Discoveries |
|
17,405 |
|
2,880 |
|
20,285 |
|
17,405 |
|
2,880 |
|
20,285 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Extensions & Improved Recovery |
|
66,217 |
|
25,633 |
|
91,850 |
|
66,218 |
|
25,633 |
|
91,851 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Technical Revisions |
|
3,199 |
|
(4,958) |
|
(1,760) |
|
2,379 |
|
(5,013) |
|
(2,635) |
|
- |
|
- |
|
- |
|
820 |
|
55 |
|
875 |
Acquisitions |
|
2,153 |
|
11,724 |
|
13,877 |
|
2,153 |
|
11,724 |
|
13,877 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Dispositions |
|
(39) |
|
(8,944) |
|
(8,983) |
|
(39) |
|
(8,944) |
|
(8,983) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Economic Factors |
|
(15,422) |
|
(20,338) |
|
(35,760) |
|
(4,036) |
|
(15,224) |
|
(19,260) |
|
(11,386) |
|
(5,114) |
|
(16,500) |
|
- |
|
- |
|
- |
Production |
|
(48,599) |
|
- |
|
(48,599) |
|
(45,495) |
|
- |
|
(45,495) |
|
(2,664) |
|
- |
|
(2,664) |
|
(440) |
|
- |
|
(440) |
At December 31, 2015 |
|
395,788 |
|
258,097 |
|
653,885 |
|
385,637 |
|
252,705 |
|
638,342 |
|
8,210 |
|
4,917 |
|
13,127 |
|
1,942 |
|
475 |
|
2,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids |
|
BOE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + |
|
|
|
|
|
Proved + |
|
|
|
|
|
|
|
|
|
|
|
|
Proved Probable P+P (1)
(2) |
|
Proved |
|
Probable |
|
Probable |
|
Proved |
|
Probable |
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Factors |
|
(Mbbl) |
|
(Mbbl) |
|
(Mbbl) |
|
(Mboe) |
|
(Mboe) |
|
(Mboe) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
13,614 |
|
11,492 |
|
25,106 |
|
151,503 |
|
95,383 |
|
246,884 |
|
|
|
|
|
|
|
|
|
|
|
|
Discoveries |
|
39 |
|
7 |
|
46 |
|
2,940 |
|
487 |
|
3,427 |
|
|
|
|
|
|
|
|
|
|
|
|
Extensions & Improved Recovery |
|
3,299 |
|
3,005 |
|
6,304 |
|
21,775 |
|
13,659 |
|
35,433 |
|
|
|
|
|
|
|
|
|
|
|
|
Technical Revisions |
|
(315) |
|
(1,863) |
|
(2,178) |
|
8,397 |
|
(6,372) |
|
2,026 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
222 |
|
1,681 |
|
1,903 |
|
776 |
|
4,421 |
|
5,197 |
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(2) |
|
(193) |
|
(195) |
|
(18) |
|
(1,688) |
|
(1,705) |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Factors |
|
(95) |
|
(597) |
|
(692) |
|
(4,635) |
|
(5,707) |
|
(10,342) |
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
(1,533) |
|
- |
|
(1,533) |
|
(20,032) |
|
- |
|
(20,031) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015 |
|
15,229 |
|
13,532 |
|
28,761 |
|
160,706 |
|
100,184 |
|
260,889 |
|
|
|
|
|
|
|
|
|
|
|
. |
|
Notes: |
(1) |
"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. |
(2) |
"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. |
(3) |
The pricing assumptions used in the GLJ Report with respect to
net present value of future net revenue (forecast) as well as the
inflation rates used for operating and capital costs are set forth
above. See "Forecast Prices used in Estimates". The NGL
price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101. |
(4) |
For reporting purposes, "Total Oil" is the sum of Light Crude
oil and Medium Crude Oil, Heavy Oil and Tight Oil. For
reporting purposes, "Total Gas" is the sum of Conventional Natural
Gas, Coal Bed Methane and Shale Natural Gas. |
(5) |
"Coal Bed Methane" and "Shale Natural Gas" were considered
"Unconventional Natural Gas" in previous years. NI 51-5101 no
longer differentiates between conventional and unconventional
activities. |
The table below sets out the future development
costs deducted in the estimation of future net revenue attributable
to total proved reserves and total proved plus probable reserves
(using forecast prices and costs).
Table 9: Future Development Costs(1)
|
|
|
Total Proved |
|
|
Total Proved Plus Probable |
(M$) |
|
|
Estimated Using Forecast Prices and
Costs |
|
|
Estimated Using Forecast Prices and
Costs |
Australia |
|
|
|
|
|
|
2016 |
|
|
52,820 |
|
|
52,820 |
2017 |
|
|
6,701 |
|
|
6,701 |
2018 |
|
|
51,052 |
|
|
51,052 |
2019 |
|
|
2,993 |
|
|
2,993 |
2020 |
|
|
3,052 |
|
|
3,052 |
Remainder |
|
|
48,279 |
|
|
48,332 |
Total for all years undiscounted |
|
|
164,897 |
|
|
164,950 |
Canada |
|
|
|
|
|
|
2016 |
|
|
120,559 |
|
|
152,322 |
2017 |
|
|
98,902 |
|
|
170,944 |
2018 |
|
|
89,432 |
|
|
189,394 |
2019 |
|
|
45,342 |
|
|
136,985 |
2020 |
|
|
51,326 |
|
|
127,236 |
Remainder |
|
|
24,026 |
|
|
53,245 |
Total for all years undiscounted |
|
|
429,587 |
|
|
830,126 |
France |
|
|
|
|
|
|
2016 |
|
|
47,099 |
|
|
79,711 |
2017 |
|
|
41,380 |
|
|
77,270 |
2018 |
|
|
12,751 |
|
|
76,088 |
2019 |
|
|
7,300 |
|
|
49,803 |
2020 |
|
|
15,570 |
|
|
24,985 |
Remainder |
|
|
18,725 |
|
|
32,416 |
Total for all years undiscounted |
|
|
142,825 |
|
|
340,273 |
Germany |
|
|
|
|
|
|
2016 |
|
|
210 |
|
|
210 |
2017 |
|
|
159 |
|
|
159 |
2018 |
|
|
141 |
|
|
141 |
2019 |
|
|
6,936 |
|
|
6,936 |
2020 |
|
|
110 |
|
|
147 |
Remainder |
|
|
1 |
|
|
1 |
Total for all years undiscounted |
|
|
7,557 |
|
|
7,594 |
Ireland |
|
|
|
|
|
|
2016 |
|
|
8,862 |
|
|
8,862 |
2017 |
|
|
1,321 |
|
|
1,321 |
2018 |
|
|
- |
|
|
- |
2019 |
|
|
1,826 |
|
|
1,826 |
2020 |
|
|
- |
|
|
- |
Remainder |
|
|
17,112 |
|
|
17,112 |
Total for all years undiscounted |
|
|
29,121 |
|
|
29,121 |
Netherlands |
|
|
|
|
|
|
2016 |
|
|
1,487 |
|
|
5,150 |
2017 |
|
|
28,416 |
|
|
48,788 |
2018 |
|
|
1,076 |
|
|
15,274 |
2019 |
|
|
424 |
|
|
11,254 |
2020 |
|
|
433 |
|
|
433 |
Remainder |
|
|
6,575 |
|
|
6,573 |
Total for all years undiscounted |
|
|
38,411 |
|
|
87,472 |
United States |
|
|
|
|
|
|
2016 |
|
|
11,034 |
|
|
30,362 |
2017 |
|
|
24,333 |
|
|
37,820 |
2018 |
|
|
9,397 |
|
|
40,819 |
2019 |
|
|
- |
|
|
- |
2020 |
|
|
- |
|
|
- |
Remainder |
|
|
- |
|
|
- |
Total for all years undiscounted |
|
|
44,764 |
|
|
109,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
|
|
|
|
|
2016 |
|
|
242,071 |
|
|
329,437 |
2017 |
|
|
201,212 |
|
|
343,003 |
2018 |
|
|
163,849 |
|
|
372,768 |
2019 |
|
|
64,821 |
|
|
209,797 |
2020 |
|
|
70,491 |
|
|
155,853 |
Remainder |
|
|
114,718 |
|
|
157,679 |
Total for all years
undiscounted |
|
|
857,162 |
|
|
1,568,537 |
|
Note: |
(1) |
The pricing assumptions used in the GLJ Report with respect to
net present value of future net revenue (forecast) as well as the
inflation rates used for operating and capital costs are set forth
above. See "Forecast Prices used in Estimates". The NGL
price is an aggregate of the individual natural gas liquids prices
used in the Total Proved plus Probable evaluation. GLJ is an
independent qualified reserves evaluator appointed pursuant to
NI 51-101. |
Vermilion expects to source its capital
expenditure requirements from internally generated cash flow and,
as appropriate, from Vermilion's existing credit facility or equity
or debt financing. It is anticipated that costs of funding
the future development costs will not impact development of its
properties or Vermilion's reserves or future net revenue.
CONTINGENT RESOURCES
Vermilion retained GLJ to conduct an independent
resource evaluation to assess contingent resources across all of
the Company's key operating regions with an effective date of
December 31, 2015 (the "GLJ Resources
Assessment"). All contingent resources evaluated in the GLJ
Resources Assessment were deemed economic at the effective date of
December 31, 2015.
A range of contingent resources estimates (low,
best and high) were prepared by GLJ. See notes 6 to 8 of the
tables below for a description of low estimate, best estimate and
high estimate.
The GLJ Resources Assessment estimated
contingent resources of 95.1 million boe (low estimate) to 254.7
million boe (high estimate), with a best estimate of 160.7 million
boe. Contingent resources are in addition to reserves
estimated in the GLJ Report.
An estimate of risked net present value of
future net revenue of contingent resources is preliminary in nature
and is provided to assist the reader in reaching an opinion on the
merit and likelihood of the company proceeding with the required
investment. It includes contingent resources that are considered
too uncertain with respect to the chance of development to be
classified as reserves. There is uncertainty that the risked net
present value of future net revenue will be realized.
Summary information regarding contingent
resources and net present value of future net revenues from
contingent resources are set forth below and are derived, in each
case, from the GLJ Resources Assessment. The GLJ Resources
Assessment was prepared in accordance with COGEH and NI-51-101 by
GLJ, an independent qualified reserve evaluator.
Table 10: Summary of Risked Oil and Gas
Contingent Resources as at December 31,
2015 (1) (2) - Forecast Prices and
Costs (3) (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrisked |
|
Light Crude Oil & |
|
Conventional |
|
Coal Bed |
|
Natural Gas |
|
Oil |
|
|
Oil |
Resources |
Medium
Crude Oil |
|
Natural
Gas |
|
Methane |
|
Liquids |
|
Equivalent |
|
|
Equivalent |
Project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chance |
|
|
|
|
Maturity |
|
Gross |
|
Net |
|
|
Gross |
|
Net |
|
|
Gross |
|
Net |
|
|
Gross |
|
Net |
|
|
Gross |
|
Net |
|
|
of Dev. |
|
Gross |
|
Net |
Sub-Class |
|
(Mbbl) |
|
(Mbbl) |
|
|
(MMcf) |
|
(MMcf) |
|
|
(Mbbl) |
|
(Mbbl) |
|
|
(Mbbl) |
|
(Mbbl) |
|
|
(Mbbl) |
|
(Mbbl) |
|
|
(%) (9) |
|
(Mbbl) |
|
(Mbbl) |
Contingent (1C) - Low
Estimate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10) |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
- |
Canada(11) |
|
15,733 |
|
11,470 |
|
|
216,245 |
|
186,486 |
|
|
3,537 |
|
3,360 |
|
|
15,457 |
|
11,988 |
|
|
67,820 |
|
55,099 |
|
|
81.5% |
|
83,218 |
|
67,516 |
France(12) |
|
12,604 |
|
11,853 |
|
|
1,020 |
|
1,020 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
12,774 |
|
12,023 |
|
|
87.8% |
|
14,542 |
|
13,687 |
Germany |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
- |
Ireland(13) |
|
- |
|
- |
|
|
4,475 |
|
4,475 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
746 |
|
746 |
|
|
70.0% |
|
1,065 |
|
1,065 |
Netherlands(14) |
|
- |
|
- |
|
|
215 |
|
215 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
36 |
|
36 |
|
|
60.0% |
|
60 |
|
60 |
USA(15) |
|
10,099 |
|
8,314 |
|
|
11,178 |
|
9,202 |
|
|
- |
|
- |
|
|
1,782 |
|
1,467 |
|
|
13,744 |
|
11,315 |
|
|
90.0% |
|
15,272 |
|
12,571 |
Total |
|
38,436 |
|
31,637 |
|
|
233,133 |
|
201,398 |
|
|
3,537 |
|
3,360 |
|
|
17,239 |
|
13,455 |
|
|
95,120 |
|
79,219 |
|
|
83.3% |
|
114,157 |
|
94,899 |
Contingent (2C) - Best
Estimate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10) |
|
3,000 |
|
3,000 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
3,000 |
|
3,000 |
|
|
80.0% |
|
3,750 |
|
3,750 |
Canada(11) |
|
24,685 |
|
17,637 |
|
|
361,733 |
|
312,655 |
|
|
6,445 |
|
6,009 |
|
|
24,018 |
|
18,485 |
|
|
110,066 |
|
89,233 |
|
|
79.8% |
|
138,003 |
|
111,976 |
France(12) |
|
25,611 |
|
24,007 |
|
|
1,300 |
|
1,300 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
25,828 |
|
24,224 |
|
|
85.7% |
|
30,138 |
|
28,255 |
Germany |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
- |
Ireland(13) |
|
- |
|
- |
|
|
6,859 |
|
6,859 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
1,143 |
|
1,143 |
|
|
70.0% |
|
1,633 |
|
1,633 |
Netherlands(14) |
|
- |
|
- |
|
|
4,739 |
|
4,739 |
|
|
- |
|
- |
|
|
3 |
|
3 |
|
|
793 |
|
793 |
|
|
60.0% |
|
1,321 |
|
1,321 |
USA(15) |
|
14,470 |
|
11,912 |
|
|
16,449 |
|
13,540 |
|
|
- |
|
- |
|
|
2,622 |
|
2,159 |
|
|
19,834 |
|
16,328 |
|
|
90.0% |
|
22,038 |
|
18,141 |
Total |
|
67,766 |
|
56,556 |
|
|
391,080 |
|
339,093 |
|
|
6,445 |
|
6,009 |
|
|
26,643 |
|
20,647 |
|
|
160,664 |
|
134,721 |
|
|
81.6% |
|
196,883 |
|
165,076 |
Contingent (3C) - High
Estimate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia(10) |
|
4,040 |
|
4,040 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
4,040 |
|
4,040 |
|
|
80.0% |
|
5,050 |
|
5,050 |
Canada(11) |
|
51,590 |
|
36,716 |
|
|
537,685 |
|
461,047 |
|
|
8,843 |
|
8,270 |
|
|
34,482 |
|
25,750 |
|
|
177,160 |
|
140,686 |
|
|
78.6% |
|
225,319 |
|
179,007 |
France(12) |
|
41,455 |
|
38,784 |
|
|
1,670 |
|
1,670 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
41,733 |
|
39,062 |
|
|
85.0% |
|
49,114 |
|
45,950 |
Germany |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
- |
Ireland(13) |
|
- |
|
- |
|
|
10,671 |
|
10,671 |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
1,779 |
|
1,779 |
|
|
70.0% |
|
2,541 |
|
2,541 |
Netherlands(14) |
|
- |
|
- |
|
|
9,294 |
|
9,294 |
|
|
- |
|
- |
|
|
6 |
|
6 |
|
|
1,555 |
|
1,555 |
|
|
60.0% |
|
2,592 |
|
2,592 |
USA(15) |
|
20,592 |
|
16,951 |
|
|
23,987 |
|
19,746 |
|
|
- |
|
- |
|
|
3,824 |
|
3,148 |
|
|
28,414 |
|
23,390 |
|
|
90.0% |
|
31,571 |
|
25,988 |
Total |
|
117,677 |
|
96,491 |
|
|
583,307 |
|
502,428 |
|
|
8,843 |
|
8,270 |
|
|
38,312 |
|
28,904 |
|
|
254,681 |
|
210,512 |
|
|
80.5% |
|
316,187 |
|
261,128 |
Table 11: Summary of Risked Net Present
Value of Future Net Revenues as at December
31, 2015 - Forecast Prices and Costs
(3)
Resources Project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity Sub-Class |
Before Income Taxes, Discounted at
(5) |
|
After Income Taxes, Discounted at
(5) |
(M$) |
|
0% |
|
5% |
|
10% |
|
15% |
|
20% |
|
0% |
|
5% |
|
10% |
|
15% |
|
20% |
Contingent (1C) -Low Estimate
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Canada |
|
1,263,475 |
|
696,994 |
|
404,377 |
|
244,496 |
|
152,795 |
|
917,336 |
|
485,559 |
|
266,767 |
|
150,423 |
|
85,918 |
France |
|
764,172 |
|
412,773 |
|
234,791 |
|
138,408 |
|
83,554 |
|
500,593 |
|
255,152 |
|
135,124 |
|
72,474 |
|
38,285 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Ireland |
|
10,759 |
|
6,832 |
|
3,908 |
|
1,827 |
|
388 |
|
10,759 |
|
6,832 |
|
3,908 |
|
1,827 |
|
388 |
Netherlands |
|
321 |
|
288 |
|
235 |
|
183 |
|
139 |
|
(111) |
|
(31) |
|
(4) |
|
1 |
|
(1) |
USA |
|
402,480 |
|
183,006 |
|
86,860 |
|
41,587 |
|
19,010 |
|
257,913 |
|
112,016 |
|
47,760 |
|
18,068 |
|
3,877 |
Total |
|
2,441,207 |
|
1,299,893 |
|
730,171 |
|
426,501 |
|
255,886 |
|
1,686,490 |
|
859,528 |
|
453,555 |
|
242,793 |
|
128,467 |
Contingent (2C) -Best Estimate
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
112,493 |
|
76,004 |
|
51,782 |
|
35,416 |
|
24,186 |
|
8,804 |
|
(933) |
|
(6,457) |
|
(9,465) |
|
(10,961) |
Canada |
|
2,320,917 |
|
1,231,251 |
|
711,661 |
|
438,235 |
|
283,381 |
|
1,690,519 |
|
869,129 |
|
482,208 |
|
282,696 |
|
172,627 |
France |
|
1,596,937 |
|
861,198 |
|
493,517 |
|
295,075 |
|
181,775 |
|
1,046,955 |
|
534,621 |
|
286,991 |
|
157,949 |
|
87,111 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Ireland |
|
34,337 |
|
24,293 |
|
16,560 |
|
11,029 |
|
7,171 |
|
25,752 |
|
18,634 |
|
12,872 |
|
8,618 |
|
5,581 |
Netherlands |
|
17,580 |
|
12,005 |
|
8,041 |
|
5,233 |
|
3,236 |
|
8,618 |
|
5,315 |
|
2,916 |
|
1,218 |
|
28 |
USA |
|
761,511 |
|
347,466 |
|
175,611 |
|
95,123 |
|
53,819 |
|
490,733 |
|
219,043 |
|
105,532 |
|
52,935 |
|
26,574 |
Total |
|
4,843,775 |
|
2,552,217 |
|
1,457,172 |
|
880,111 |
|
553,568 |
|
3,271,381 |
|
1,645,809 |
|
884,062 |
|
493,951 |
|
280,960 |
Contingent (3C) -High Estimate
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
213,428 |
|
151,220 |
|
109,414 |
|
80,640 |
|
60,405 |
|
40,896 |
|
22,363 |
|
11,003 |
|
3,988 |
|
(347) |
Canada |
|
4,528,849 |
|
2,254,759 |
|
1,249,423 |
|
745,486 |
|
469,386 |
|
3,301,748 |
|
1,601,403 |
|
857,791 |
|
491,549 |
|
295,260 |
France |
|
2,789,003 |
|
1,489,072 |
|
858,593 |
|
521,966 |
|
329,664 |
|
1,828,488 |
|
934,880 |
|
512,726 |
|
293,550 |
|
172,056 |
Germany |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Ireland |
|
73,725 |
|
48,565 |
|
32,219 |
|
21,620 |
|
14,641 |
|
55,100 |
|
36,396 |
|
24,132 |
|
16,127 |
|
10,830 |
Netherlands |
|
54,851 |
|
37,676 |
|
26,539 |
|
19,104 |
|
13,995 |
|
29,079 |
|
19,328 |
|
12,926 |
|
8,658 |
|
5,754 |
USA |
|
1,306,063 |
|
569,626 |
|
289,610 |
|
162,255 |
|
96,886 |
|
844,550 |
|
363,515 |
|
179,660 |
|
96,592 |
|
54,589 |
Total |
|
8,965,919 |
|
4,550,918 |
|
2,565,798 |
|
1,551,071 |
|
984,977 |
|
6,099,861 |
|
2,977,885 |
|
1,598,238 |
|
910,464 |
|
538,142 |
Notes: |
(1) |
The contingent resource assessments were prepared by GLJ in
accordance with the definitions, standards and procedures contained
in the COGEH and NI 51-101. Contingent resource is defined in the
COGEH 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. There is no certainty that it will be
commercially viable to produce any portion of the contingent
resources or that Vermilion will produce any portion of the volumes
currently classified as contingent resources. The estimates of
contingent resources involve implied assessment, based on certain
estimates and assumptions, that the resources described exists in
the quantities predicted or estimated, as at a given date, and that
the resources can be profitably produced in the future. The risked
net present value of the future net revenue from the contingent
resources does not necessarily represent the fair market value of
the contingent resources. Actual contingent resources (and any
volumes that may be reclassified as reserves) and future production
therefrom may be greater than or less than the estimates provided
herein. |
(2) |
GLJ prepared the estimates of contingent resources shown for
each property using deterministic principles and methods.
Probabilistic aggregation of the low and high property estimates
shown in the table might produce different total volumes than the
arithmetic sums shown in the table. |
(3) |
The forecast price and cost assumptions utilized in the
year-end 2015 reserves report were also utilized by GLJ in
preparing the contingent resource assessments. See "GLJ December
31, 2015 Forecast Prices" in Vermilion's Annual Information Form
for the year ended December 31, 2015. |
(4) |
"Gross" Contingent Resources are Vermilion's working interest
(operating or non-operating) share before deduction of royalties
and without including any royalty interests of Vermilion.
"Net" Contingent Resources are Vermilion's working interest
(operating or non-operating) share after deduction of royalty
obligations, plus Vermilion's royalty interests in Contingent
Resources. |
(5) |
The risked net present value of future net revenue attributable
to the contingent resources does not necessarily represent the fair
market value of the contingent resources. Estimated abandonment and
reclamation costs have been included in the evaluation. |
(6) |
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. |
(7) |
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. |
(8) |
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. |
(9) |
The Chance of Development (CoDev) is the estimated probability
that, once discovered, a known accumulation will be commercially
developed. Five factors have been considered in determining the
CoDev as follows: |
|
- CoDev = Ps (Economic Factor) × Ps (Technology Factor) × Ps
(Development Plan Factor) ×Ps (Development Timeframe Factor) × Ps
(Other Contingency Factor) wherein
- Ps is the probability of success
- Economic Factor - For reserves to be assessed, a project must
be economic. With respect to contingent resources, this factor
captures uncertainty in the assessment of economic status
principally due to uncertainty in cost estimates and marketing
options. Economic viability uncertainty due to technology is more
aptly captured with the Technology Factor. The Economic Factor will
be 1 for reserves and will often be 1 for development pending and
for projects with a development study or pre-development study with
a robust rate of return. A robust rate of return means that the
project retains economic status with variation in costs and/or
marketing plans over the expected range of outcomes for these
variables.
- Technology Factor - For reserves to be assessed, a project must
utilize established technology. With respect to contingent
resources, this factor captures the uncertainty in the viability of
the proposed technology for the subject reservoir, namely, the
uncertainty associated with technology under development. By
definition, technology under development is a recovery process or
process improvement that has been determined to be technically
viable via field test and is being field tested further to
determine its economic viability in the subject reservoir. The
Technology Factor will be 1 for reserves and for established
technology. For technology under development, this factor will
consider different risks associated with technologies being
developed at the scale of the well versus the scale of a project
and technologies which are being modified or extended for the
subject reservoir versus new emerging technologies which have not
previously been applied in any commercial application. The risk
assessment will also consider the quality and sufficiency of the
test data available, the ability to reliably scale such data and
the ability to extrapolate results in time.
- Development Plan Factor - For reserves to be assessed, a
project must have a detailed development plan. With respect to
contingent resources, this factor captures the uncertainty in the
project evaluation scenario. The Development Plan Factor will be 1
for reserves and high, approaching 1, for development pending
projects. This factor will consider development plan detail
variations including the degree of delineation, reservoir specific
development and operating strategy detail (technology decision,
well layouts (spacing and pad locations), completion strategy,
start-up strategy, water source and disposal, other infrastructure,
facility design, marketing plans etc) and the quality of the cost
estimates as provided by the developer.
- Development Timeframe Factor - In the case of major projects,
for reserves to be assessed, first major capital spending must be
initiated within 5 years of the effective date. The Development
Timeframe Factor will be 1 for reserves and will often be 1 for
development pending provided the project is planned on-stream based
on the same criteria used in the assessment of reserves. With
respect to contingent resources, the factor will approach 1 for
projects planned on-stream with a timeframe slightly longer than
the limiting reserves criteria.
- Other Contingency Factor - For reserves to be assessed, all
contingencies must be eliminated. With respect to contingent
resources, this factor captures major contingencies, usually beyond
the control of the operator, other than those captured by economic
status, technology status, project evaluation scenario status and
the development timeframe. The Other Contingency Factor will be 1
for reserves and for development pending and less than 1 for on
hold. Provided all contingencies have been identified and their
resolution is reasonably certain, this factor would also be 1 for
development unclarified.
- These factors may be inter-related (dependent) and care has
been taken to ensure that risks are appropriately accounted.
|
(10) |
Contingent resources for Australia have been estimated based on
the continued drilling in our active core asset (see "Description
of Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these
Contingent resources on commercial production is $171 MM and the
expected timeline is between two and six years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
(11) |
Contingent resources for Canada have been estimated based on
the continued drilling in our active core assets (see "Description
of Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent
resources on commercial production is $1,234 MM and the
expected timeline is between one and 10 years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
(12) |
Contingent resources for France have been estimated based on
the continued drilling in our active core assets (see "Description
of Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent
resources on commercial production is $542 MM and the expected
timeline is between two and 10 years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
(13) |
Contingent resources for Ireland have been estimated based on
the continued drilling in our active core asset (see "Description
of Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent
resources on commercial production is $31 MM and the expected
timeline is between three and four years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
(14) |
Contingent resources for Netherlands have been estimated based
on the continued drilling in our active core assets (see
"Description of Properties" section of this AIF) using established
recovery technologies. The estimated cost to bring these
Contingent resources on commercial production is $14 MM and the
expected timeline is between two and 10 years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
(15) |
Contingent resources for USA have been estimated based on the
continued drilling in our active core asset (see "Description of
Properties" section of this AIF) using established recovery
technologies. The estimated cost to bring these Contingent
resources on commercial production is $278 MM and the expected
timeline is between two and 10 years. The specific
contingencies for these resources are Corporate Commitment and
Development Timing. |
ABOUT VERMILION
Vermilion is an international energy producer
that seeks to create value through the acquisition, exploration,
development and optimization of producing properties in
North America, Europe and Australia. Our business model targets annual
organic production growth, along with providing reliable and
increasing dividends to investors. Vermilion is targeting
growth in production primarily through the exploitation of light
oil and liquids-rich natural gas conventional resource plays in
Canada and the United States, the exploration and
development of high impact natural gas opportunities in
the Netherlands and Germany, and through oil drilling and workover
programs in France and
Australia. Vermilion also
holds an 18.5% working interest in the Corrib gas field in
Ireland. Vermilion pays a
monthly dividend of Canadian $0.215
per share, which provides a current yield of approximately
7%. Management and directors of Vermilion hold approximately
6% of the outstanding shares, are committed to consistently
delivering superior rewards for all stakeholders, and have
delivered a 20-year history of market outperformance.
Vermilion trades on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol VET.
Natural gas volumes have been converted on the
basis of six thousand cubic feet of natural gas to one barrel
equivalent of oil. Barrels of oil equivalent ("boe") may be
misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
Fund flows from operations, netbacks and recycle
ratio are measures that do not have standardized meanings
prescribed by International Financial Reporting Standards ("IFRS")
and therefore may not be comparable with the calculations of
similar measures for other entities. "Fund flows from operations"
represents cash flows from operating activities before changes in
non-cash operating working capital and asset retirement obligations
settled. Management considers fund flows from operations and fund
flows from operations per share to be key measures as they
demonstrate Vermilion's ability to generate the cash necessary to
pay dividends, repay debt, fund asset retirement obligations and
make capital investments. Management believes that by excluding the
temporary impact of changes in non-cash operating working capital,
fund flows from operations provides a useful measure of Vermilion's
ability to generate cash that is not subject to short-term
movements in non-cash operating working capital. "Recycle Ratio"
means a measure of capital efficiency calculated by dividing the
operating netback of production by the cost of adding reserves.
"Netbacks" are per boe and per Mcf measures used in operational and
capital allocation decisions. After-tax cash flow netbacks are
calculated as cash flow from operating activities (determined in
accordance with IFRS) expressed on a per boe basis.
SOURCE Vermilion Energy Inc.
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