Attached files
file | filename |
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10-K - 10-K - FIELDPOINT PETROLEUM CORP | c14756e10vk.htm |
EX-32 - EXHIBIT 32 - FIELDPOINT PETROLEUM CORP | c14756exv32.htm |
EX-99.2 - EXHIBIT 99.2 - FIELDPOINT PETROLEUM CORP | c14756exv99w2.htm |
EX-31 - EXHIBIT 31 - FIELDPOINT PETROLEUM CORP | c14756exv31.htm |
Exhibit 99.1
RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
SEC CASE ECONOMICS
AS OF JANUARY 1, 2011
FIELDPOINT PETROLEUM CORPORATION
SEC CASE ECONOMICS
AS OF JANUARY 1, 2011
PREPARED FOR
RAY REEVES
FEBRUARY 11, 2011
FLETCHER LEWIS ENGINEERING, INC.
February 11, 2011 |
5001 N. PENNSYLVANIA, SUITE 300 PENN PARK OFFICE CENTER OKLAHOMA CITY, OKLAHOMA 73112 (405) 840-5675 |
Fieldpoint Petroleum Corporation
Mr. Ray Reaves
1703 Edelweiss Dr.
Cedar Park, TX 78613
Mr. Ray Reaves
1703 Edelweiss Dr.
Cedar Park, TX 78613
RE: | Reserve and Economic Evaluation Fieldpoint Petroleum Corporation SEC Case Economics As of January 1, 2011 |
Mr. Reaves:
As requested, I have prepared the Reserve and Economic Evaluation of various oil and gas properties
owned by Fieldpoint Petroleum Corporation as of January 1, 2011. These evaluations consist of
sixty-four (64) properties located throughout Oklahoma and Hemphill County, Texas. Many of these
properties contain numerous wells with Behind-Pipe completions, additional drilling development
potential and additional waterflood reserves. This report contains seventy-five (75) evaluations
consisting of sixty-four (64) Proved Developed Producing properties, nine (9) Behind-Pipe
properties and two (2) Proved Undeveloped properties. The two Proved Undeveloped properties consist
of three (3) increased density wells to be drilled.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 2
SEC Case
Page 2
The Future Net Reserves and Future Net Revenue of the evaluated Fieldpoint Petroleum Corporation
interests as of January 1, 2011, are as follows:
FUTURE | DISCOUNTED | |||||||||||||||
NET | PRESENT | |||||||||||||||
NET OIL | NET GAS | REVENUE | WORTH 10% | |||||||||||||
(BBLS) | (MCF) | $ | $ | |||||||||||||
Proved Developed
Producing |
70,529 | 111,742 | 3,532,924 | 2,199,304 | ||||||||||||
Behind-Pipe |
112,649 | 397,557 | 6,718,551 | 3,158,607 | ||||||||||||
Proved Undeveloped |
13,677 | 11,287 | 802,183 | 361,910 | ||||||||||||
Summary Proved |
196,855 | 520,586 | 11,053,658 | 5,719,821 |
Following this report is a table listing the individual well or lease locations and the evaluated
Working Interest and Net Revenue Interest. Following is a table listing the individual and summary
Future Net Reserves and Future Net Revenue as of January 1, 2011. Also following this report are
the individual production and economic projections of each of these wells and their summaries.
RESERVE CATEGORIES
The reserves were assigned as Producing, Possible and Probable. There may be some variation on the
individual reserve entity but the aggregate of the reserves were multiple entities should adhere to
the required probabilities.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 3
SEC Case
Page 3
The reserves are estimated and anticipated to be recovered from known accumulations from a given
date forward. These are based on the analysis of drilling, geological, geophysical and engineering
data with the use of established technology under specified economic conditions which are generally
accepted as being reasonable.
Proved reserves are those reserves that can be estimated with a high degree of certainty to be
recoverable. There is at least a 90% probability that the quantities actually recovered will equal
or exceed the estimated Proved reserves.
Probable reserves are those additional reserves are less certain to be recovered than Proved
reserves. There is at least a 50% probability that the quantity actually recovered will equal or
exceed the sum of the estimated Probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than Probable
reserves. There is at least 10% probability that the quantity actually recovered will equal or
exceed the sum of the estimated Possible reserves.
RESERVE DETERMINATION
All of the evaluated properties are disbursed by Ram Operating Company, although only slightly more
than half are operated. The Ram Operating Company properties have production histories available
through August and
October 2010. The outside operated properties had sales histories available through August 2010.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 4
SEC Case
Page 4
The Proved Developed Producing properties were assigned reserves by assigning the latest available
production rates and then extrapolating each propertys historical production decline until its
economic limit was reached.
The Mount Gilcrease Unit has significant Behind-Pipe reserves located throughout the unit.
Productive Calvin, Thurman, Earlsboro and Lower Booch sands are found in numerous wells; nineteen
of these wells have been completed in these sands, although it should be noted that in these
wellbores, additional Behind-Pipe sands still exist. Behind-Pipe Lower Booch reserves were assigned
to twenty-five (25) of the remaining forty-seven (47) wellbores on a ten acre tract basis and on
ten (10) of the fifteen (15) wellbores for the Calvin, Thurman and Earlsboro sands on a 40 acre
tract basis; utilizing the porosities, water saturation and feet of net pay exhibited in the well
logs, a 90% gas recovery factor for the Calvin, Thurman and Earlsboro zones and a 20% recovery
factor for the Booch zones. These wells were scheduled to be completed in 2014 to 2018. These
Behind-Pipe reserves are presented in two evaluations.
An additional two Gilcrease zones have been found to be productive in a recent recompletion and
these same two zones are Behind-Pipe on the Britt Lease. Reserves were determined volumetrically
utilizing the average net pay; porosity and water saturation exhibited though the area and a 15%
recovery factor with a ten acre drainage per Behind-Pipe well. It is estimated that there are two
wells with Behind-Pipe Gilcrease intervals in this lease. Reserves were assigned using an average
initial production
rate and decline to produce the volumetric reserves of each well and the recompletions are
scheduled for January 2013.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 5
SEC Case
Page 5
The Diamond Lease is producing from the Booch formation which is currently being waterflooded and
has seen its initial response in 2009. Additional Behind-Pipe Earlsboro and Thurman reserves were
assigned in four wellbores as seen in the well logs with reserves based on the regional volumetric
recoveries and a 40 acre drainage area per well; these Behind-Pipe reserves were scheduled for
January 2013.
The Butler property has an additional well with Behind-Pipe Gilcrease, Booch, Thurman and Earlsboro
reserves. Gas reserves were assigned the Thurman and Earlsboro on a 40 acre basis utilizing the
exhibited net pays, porosities and water saturations and utilizing a 90% recovery factor and oil
reserves for the Gilcrease and Booch on a ten acre basis utilizing a 20% recovery factor. This
recompletion was scheduled for January 2013. There is also an additional drilling location to be
completed in the Gilcrease, Booch and Senora formations that was assigned Proved Undeveloped
reserves. Reserves were determined volumetrically and by offset analogous production.
The Nan #1-30 has Behind-Pipe Booch and Thurman and the Nan #2-30 has Behind-Pipe Thurman. The Nan
#1-30 was scheduled to complete the Behind-Pipe zones in January 2012, and the Nan #2-30 was
scheduled to complete the Behind-Pipe zone in April 2012.
The Provence A lease has six Behind-Pipe Cromwell zones which are scheduled to be recompleted in
July 2012, 2013, 2014. There are also an
additional two drilling locations which were scheduled to be drilled July 2012 and were assigned
Proved Undeveloped reserves. These reserves were assigned based on analogous production.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 6
SEC Case
Page 6
Reserve estimates are only as reliable as the amount and quality of data that is available. The
reserves assigned were developed with accepted engineering and evaluation principles, and are
believed to be reasonable; however, the reserves should be accepted with the understanding that
additional information subsequent to the date of this report might require their revision.
ECONOMIC ANALYSIS
The SEC rules require an average oil and gas price to be used that is derived from the first of the
month oil and gas spot market prices as of the first of the month beginning in January through
December 2010. The average posted price used was $74.13 per barrel and $4.23 per MCF. The
individual first of the month prices and average prices are as follows:
OIL PRICE | GAS PRICE | |||||||
JAN 1, 2010 |
$ | 74.44 | $ | 5.79 | ||||
FEB 1, 2010 |
$ | 69.60 | $ | 5.43 | ||||
MAR 1, 2010 |
$ | 73.64 | $ | 4.74 | ||||
APR 1, 2010 |
$ | 79.69 | $ | 3.83 |
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 7
SEC Case
Page 7
MAY 1, 2010 |
$ | 80.92 | $ | 3.95 | ||||
JUN 1, 2010 |
$ | 67.37 | $ | 3.96 | ||||
JUL 1, 2010 |
$ | 67.66 | $ | 4.58 | ||||
AUG 1, 2009 |
$ | 73.61 | $ | 4.29 | ||||
SEP 1, 2010 |
$ | 68.22 | $ | 3.32 | ||||
OCT 1, 2010 |
$ | 75.92 | $ | 3.57 | ||||
NOV 1, 2010 |
$ | 77.30 | $ | 3.06 | ||||
DEC 1, 2010 |
$ | 81.18 | $ | 4.18 | ||||
AVERAGE |
$ | 74.13 | $ | 4.23 |
The
monthly oil price actually received was $1.21 per barrel below the posted prices and an oil
price of $72.92 was used for these properties. This price was held constant for the life of the
evaluation.
This average posted gas price was then adjusted by the individual remittances (differential) to
assign the average price for each well. Plant products were incorporated into the gas price. These
gas prices were held constant for the life of this evaluation.
Operating expenses were examined and the average historical operating expenses were calculated for
each property utilizing Joint Interest Billings supplied to Fieldpoint Petroleum. The Behind-Pipe
and Proved Undeveloped properties were assigned operating expenses typical to the formation and
area. These operating expenses were held constant throughout the life of the evaluation.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 8
SEC Case
Page 8
The estimated costs for completing the Behind-Pipe zones in the Mount Gilcrease Unit are $15,000.00
per Lower Booch completion and $15,000.00 per well for the shallower gas completions (the shallower
completions will require additional cementing costs) for a single zone completion. The estimated
costs for to recomplete the Nan #1 is $18,000.00 and the Nan #2 is $55,000.00. The Butler
Behind-Pipe completion is $25,000.00, with $60,000.00 to drill the additional well. The Provence A
Behind-Pipe recompletion costs are $15,000.00 per well with $35,000.00 to drill and complete each
of the two proposed wells.
Applicable Severance and Ad Valorum Taxes have been considered in the economic evaluations. No
consideration has been given to depreciation or Federal or State Income Taxes. Also, no future
value was given for salvage equipment nor future costs to plug or abandon these wells (in most
cases the salvage value is equal to plugging costs), for this evaluation.
GENERAL
In evaluating the information available for this appraisal only the engineering data was evaluated
with no potential legal or accounting considerations. The conclusions expressed were derived using
accepted and sound engineering methods; however, inherent uncertainties in interpretations of
engineering data do exist and the conclusions represent only informed professional judgment.
FLETCHER LEWIS ENGINEERING, INC.
Fieldpoint Petroleum Corporation
SEC Case
Page 9
SEC Case
Page 9
The basic data and computations are not in this report, but are available for inspection and study
by authorized parties. Should any additional information be required, please do not hesitate to
call.
Sincerely,
Fletcher Lewis, P.E.
Fieldpoint-
report 2011 sec
GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
NET | ||||||||||||||
WORKING | REVENUE | |||||||||||||
INTEREST | INTEREST | |||||||||||||
WELL NAME | LOCATION | COUNTY | % | % | ||||||||||
ALEXANDER #1-3 |
3 B&B SUR | HEMPHILL | 0.0585 | 0.0180 | ||||||||||
BARGER #1-11 |
11-9N-11W | CADDO | 0.1953 | 0.1587 | ||||||||||
BARGER #2-11 |
11-9N-11W | CADDO | 0.1953 | 0.1485 | ||||||||||
BARROW #1-31 |
31-10N-11W | CADDO | 0.0974 | 0.0842 | ||||||||||
BARROW #2-31 |
31-10N-11W | CADDO | 0.3896 | 0.3367 | ||||||||||
BRITT LEASE |
20-4N-7E | PONTOTOC | 25.0000 | 18.5797 | ||||||||||
BRITT 10 LEASE |
20-4N-7E | PONTOTOC | 25.0000 | 20.3125 | ||||||||||
LOWINDA BROWN #6-8 |
7-1N-8E | COAL | 21.8750 | 9.5703 | OIL | |||||||||
19.5703 | GAS | |||||||||||||
BUTLER LEASE |
30-5N-8E | PONTOTOC | 25.0000 | 20.9003 | ||||||||||
CHANUTE LEASE |
36-5N-7E | PONTOTOC | 25.0000 | 21.8750 | ||||||||||
CITY OF ARDMORE #1-3 |
3-5S-2E | CARTER | 0.8536 | 0.6651 | ||||||||||
DEVAUGHAN #1-31 |
31-10N-11W | CADDO | 0.3896 | 0.3367 | ||||||||||
DIAMOND LEASE |
30-5N-8E | PONTOTOC | 25.0000 | 20.8840 | ||||||||||
ECKROAT #1-15 |
OKLAHOMA | 16.7637 | 13.4109 | |||||||||||
FRANK EDGE #1-11 |
11-9N-11W | CADDO | 0.1953 | 0.1587 | ||||||||||
IDA EDGE #1-11 |
11-9N-11W | CADDO | 0.1953 | 0.1587 | ||||||||||
FOLMAR #1-27 |
27-12N-2W | OKLAHOMA | 17.1875 | 14.9274 | ||||||||||
DORA HELMS #3-2 |
2-1N-7E | OKLAHOMA | 18.8423 | 15.7478 | ||||||||||
DORA HELMS #4-2 |
2-1N-7E | PONTOTOC | 18.8423 | 17.1831 | ||||||||||
HENDRICKS #1-15 |
15-6N-9W | CADDO | 0.1094 | 0.0634 | ||||||||||
HENDRICKS TRUST #1-27 |
27-12N-2W | OKLAHOMA | 25.0000 | 20.3125 | ||||||||||
IDA HOLLIE #1-20 |
20-7N-23E | LEFLORE | 0.5207 | 0.4232 | ||||||||||
IDA HOLLIE #2-20 |
20-7N-23E | LEFLORE | 0.5207 | 0.4232 | ||||||||||
E E HOUSE #1-12 |
12-1N-7E | PONTOTOC | 21.8750 | 9.5704 | OIL | |||||||||
19.1407 | GAS | |||||||||||||
E E HOUSE #10-12 |
12-1N-7E | PONTOTOC | 21.8750 | 9.5704 | OIL | |||||||||
21.8750 | GAS | |||||||||||||
JESSIE #1-24 |
24-12N-13W | CADDO | 0.4035 | 0.3531 | ||||||||||
JESSIE TOWNSITE #1-2 |
2-1N-7E | PONTOTOC | 18.8064 | 17.0021 | ||||||||||
KOLB #1-15 |
15-12N-2W | OKLAHOMA | 21.8750 | 17.7734 |
fieldpoint
2011 TABLESGENERAL
GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
NET | ||||||||||||||
WORKING | REVENUE | |||||||||||||
INTEREST | INTEREST | |||||||||||||
WELL NAME | LOCATION | COUNTY | % | % | ||||||||||
LEWIS #1-11 |
11-5N-2W | MCCLAIN | 11.2386 | 9.6085 | ||||||||||
LIVELY #1-6 |
6-5N-20E | LATIMER | 0.3906 | 0.2930 | ||||||||||
MCBRIDE #1-8 |
8-9N-11W | CADDO | 0.0977 | 0.0794 | ||||||||||
MCCURTAIN #1-1 |
1-1N-7E | PONTOTOC | 20.5625 | 17.9922 | ||||||||||
MCDONALD LEASE |
19-5N-8E | PONTOTOC | 25.0000 | 21.8750 | ||||||||||
MCINTOSH #1-11 |
11-4N-9W | COMANCHE | 0.1297 | 0.0979 | ||||||||||
MOONEY #1-29 |
29-6N-2W | MCCLAIN | 17.1875 | 13.6211 | ||||||||||
MOUNT GILCREASE #3-12 |
36-5N-7E | PONTOTOC | 25.0000 | 21.8750 | ||||||||||
MOUNT GILCREASE #8-6 |
36-5N-7E | PONTOTOC | 25.0000 | 21.8750 | ||||||||||
MOUNT GILCREASE #8-9 |
36-5N-7E | PONTOTOC | 25.0000 | 21.8750 | ||||||||||
MOUNT GILCREASE UNIT |
25,26&35-5N-7E | PONTOTOC | 25.0000 | 21.7707 | ||||||||||
MUSE #1-33 |
33-2N-7E | PONTOTOC | 6.2500 | 5.4688 | ||||||||||
NAN #1-30 |
30-5N-8E | PONTOTOC | 25.0000 | 19.8242 | ||||||||||
NAN #2-30 |
30-5N-8E | PONTOTOC | 25.0000 | 19.8242 | ||||||||||
NORTHEAST FITTS UNIT |
22 & 23-2N-7E | PONTOTOC | 0.0009 | .00075 | ||||||||||
PARMENTER #2-4 |
4-18N-15W | DEWEY | 2.8438 | 2.2395 | ||||||||||
K O PAYNE #1-10 |
10-17N-12W | BLAINE | 1.1349 | 0.9431 | ||||||||||
PETTYJOHN B |
1-1N-7E | PONTOTOC | 25.0000 | 20.5078 | ||||||||||
CE PETTYJOHN |
1-1N-7E | PONTOTOC | 25.0000 | 20.5078 | ||||||||||
GLADYS PETTYJOHN |
1-1N-7E | PONTOTOC | 25.0000 | 21.0937 | ||||||||||
POLLARD #2-31 |
31-19N-4W | LOGAN | 4.5921 | 3.7411 | ||||||||||
POWELL D #1-22 |
22-7N-8W | GRADY | 3.1250 | 2.5000 | ||||||||||
PROVENCE #1-2 |
2-1N-7E | PONTOTOC | 25.0000 | 20.8733 | ||||||||||
PROVENCE A LEASE |
2-1N-7E | PONTOTOC | 25.0000 | 20.8733 | ||||||||||
ROSSER #1-31 |
31-10N-11W | CADDO | 0.0974 | 0.0842 | ||||||||||
ROZIE #1-31 |
31-10N-11W | CADDO | 0.0974 | 0.0760 | ||||||||||
SANDY A #1-8 |
8-1N-8E | COAL | 4.9781 | 4.0771 | ||||||||||
SHAW #1-11 |
11-9N-11W | CADDO | 0.1953 | 0.1587 | ||||||||||
R W SIMPSON #1-12 |
12-1N-7E | PONTOTOC | 21.8750 | 19.1407 | ||||||||||
TEX #1-14 |
14-4N-16E | PITTSBURG | 0.8203 | 0.6768 |
fieldpoint 2011 TABLESGENERAL
GENERAL INFORMATION
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
FIELDPOINT PETROLEUM CORPORATION PROPERTIES
NET | ||||||||||||||
WORKING | REVENUE | |||||||||||||
INTEREST | INTEREST | |||||||||||||
WELL NAME | LOCATION | COUNTY | % | % | ||||||||||
THOMAS #1-20 |
20-2N-7E | PONTOTOC | 21.8750 | 18.8241 | ||||||||||
GEORGE THOMPSON #1-1 |
1-1N-7E | PONTOTOC | 15.1563 | 12.3145 | ||||||||||
PHARR THOMPSON #1-2 |
2-1N-7E | PONTOTOC | 5.6989 | 4.9680 | ||||||||||
THOMPSON HEIRS #4 & 5-1 |
1-1N-7E | PONTOTOC | 17.5938 | 15.0108 | ||||||||||
TROGDEN #1-15 |
15-6N-9W | CADDO | 0.0936 | 0.0708 | ||||||||||
VIRGINIA #1-31 |
31-10N-11W | CADDO | 0.0974 | 0.0676 |
fieldpoint 2011 TABLESGENERAL
RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
NET OIL | NET GAS | FUTURE NET | DISCOUNTED | |||||||||||||||
NAME | STATUS | BBLS | MCF | CASHFLOW | 10% $ | |||||||||||||
ALEXANDER #1-3 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
BARGER #1-11 |
PDP | 3 | 135 | 231 | 191 | |||||||||||||
BARGER #2-11 |
PDP | 2 | 17 | 35 | 32 | |||||||||||||
BARROW #1-31 |
PDP | 4 | 312 | 926 | 692 | |||||||||||||
BARROW #2-31 |
PDP | 11 | 1,076 | 3,920 | 2,913 | |||||||||||||
BRITT LEASE |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
BRITT 10 LEASE |
BHP | 6,799 | 0 | 413,105 | 212,290 | |||||||||||||
BRITT 10 LEASE |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
LOWINDA BROWN #6-8 |
PDP | 1,516 | 17,299 | 108,934 | 74,527 | |||||||||||||
BUTLER LEASE |
PDP | 6 | 18 | 1 | 1 | |||||||||||||
BHP | 564 | 61,238 | 116,614 | 80,712 | ||||||||||||||
PUD | 9,405 | 11,287 | 592,325 | 237,065 | ||||||||||||||
CHANUTE LEASE |
PDP | 1,751 | 0 | 61,499 | 41,375 | |||||||||||||
CITY OF ARDMORE #1-3 |
PDP | 0 | 1,706 | 2,918 | 2,325 | |||||||||||||
DEVAUGHAN #1-31 |
PDP | 2 | 486 | 1,414 | 1,153 | |||||||||||||
DIAMOND LEASE |
PDP | 20,228 | 0 | 937,635 | 602,086 | |||||||||||||
BHP | 0 | 18,265 | 26,593 | 19,264 | ||||||||||||||
ECKROAT #1-15 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
FRANK EDGE #1-11 |
PDP | 3 | 57 | 109 | 96 | |||||||||||||
IDA EDGE #1-11 |
PDP | 10 | 298 | 966 | 709 | |||||||||||||
FOLMAR #1-27 |
PDP | 5,743 | 0 | 320,667 | 176,334 | |||||||||||||
DORA HELMS #3-2 |
PDP | 336 | 11,241 | 39,051 | 25,764 | |||||||||||||
DORA HELMS #4-2 |
PDP | 0 | 4,743 | 7,259 | 5,532 | |||||||||||||
HENDRICKS #1-15 |
PDP | 0 | 47 | 37 | 34 | |||||||||||||
HENDRICKS TRUST #1-27 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
IDA HOLLIE #1-20 |
PDP | 0 | 1,555 | 4,341 | 3,464 | |||||||||||||
IDA HOLLIE #2-20 |
PDP | 0 | 146 | 65 | 60 | |||||||||||||
E E HOUSE #1-12 |
PDP | 985 | 5,265 | 72,489 | 52,365 | |||||||||||||
E E HOUSE #10-12 |
PDP | 0 | 22,611 | 53,447 | 34,465 | |||||||||||||
JESSIE #1-24 |
PDP | 0 | 598 | 774 | 624 | |||||||||||||
JESSIE TOWNSITE #1-2 |
PDP | 5,876 | 0 | 346,962 | 196,270 | |||||||||||||
KOLB #1-15 |
PDP | 0 | 0 | 0 | 0 |
fieldpoint 2011 TABLES
1
RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
NET OIL | NET GAS | FUTURE NET | DISCOUNTED | |||||||||||||||
NAME | STATUS | BBLS | MCF | CASHFLOW | 10% $ | |||||||||||||
LEWIS #1-11 |
PDP | 326 | 22,794 | 125,211 | 61,678 | |||||||||||||
LIVELY #1-6 |
PDP | 0 | 435 | 710 | 627 | |||||||||||||
MCBRlDE #1-8 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
MCCURTAIN #1-1 |
PDP | 295 | 964 | 9,670 | 7,876 | |||||||||||||
MCDONALD LEASE |
PDP | 876 | 0 | 13,752 | 11,707 | |||||||||||||
BHP | 6,264 | 16,615 | 431,241 | 264,656 | ||||||||||||||
MCINTOSH #1-11 |
PDP | 0 | 8 | 1 | 1 | |||||||||||||
MOONEY #1-29 |
PDP | 1,259 | 0 | 48,061 | 27,742 | |||||||||||||
MOUNT GILCREASE #3-12 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
MOUNT
GILCREASE #8-6 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
MOUNT GILCREASE #8-9 |
PDP | 0 | 1,351 | 166 | 158 | |||||||||||||
MOUNT GILCREASE UNIT |
PDP | 8,575 | 0 | 160,307 | 134,960 | |||||||||||||
BHP | 0 | 279,036 | 383,045 | 259,343 | ||||||||||||||
BHP | 83,663 | 0 | 4,526,768 | 1,826,524 | ||||||||||||||
MUSE #1-33 |
PDP | 1,206 | 0 | 63,577 | 35,111 | |||||||||||||
NAN #1-30 |
PDP | 726 | 0 | 14,284 | 11,424 | |||||||||||||
BHP | 0 | 22,403 | 39,825 | 30,943 | ||||||||||||||
NAN #2-30 |
BHP | 2,974 | 0 | 173,313 | 119,031 | |||||||||||||
NORTHEAST FITTS UNIT |
PDP | 134 | 0 | 4,790 | 3,839 | |||||||||||||
PARMENTER #2-4 |
PDP | 6 | 813 | 1,373 | 1,120 | |||||||||||||
K O PAYNE #1-10 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
PETTYJOHN B |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
CE PETTYJOHN |
PDP | 80 | 3,577 | 2,905 | 2,778 | |||||||||||||
GLADYS PETTYJOHN |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
POLLARD #2-31 |
PDP | 77 | 1,217 | 2,640 | 2,191 | |||||||||||||
POWELL D #1-22 |
PDP | 0 | 3,725 | 8,217 | 5,869 | |||||||||||||
PROVENCE #1-2 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
PROVENCE A LEASE |
PDP | 0 | 5,270 | 4,190 | 3,517 | |||||||||||||
BHP | 12,385 | 0 | 608,047 | 345,846 | ||||||||||||||
PUD | 4,272 | 0 | 209,858 | 124,845 | ||||||||||||||
ROSSER #1-31 |
PDP | 1 | 172 | 555 | 403 | |||||||||||||
ROZIE #1-31 |
PDP | 2 | 310 | 689 | 523 |
fieldpoint 2011 TABLES
2
RESERVE AND ECONOMIC EVALUATION
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
FIELDPOINT PETROLEUM CORPORATION
AS OF JANUARY 1, 2011
NET OIL | NET GAS | FUTURE NET | DISCOUNTED | |||||||||||||||
NAME | STATUS | BBLS | MCF | CASHFLOW | 10% $ | |||||||||||||
SANDY A #1-8 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
SHAW #1-11 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
R W SIMPSON #1-12 |
PDP | 0 | 0 | 0 | 0 | |||||||||||||
SPENCER #1-23 |
PDN | 0 | 0 | 0 | 0 | |||||||||||||
TEX #1-14 |
PDP | 0 | 2,041 | 2,635 | 1,898 | |||||||||||||
THOMAS #1-20 |
PDP | 15,416 | 0 | 866,727 | 516,740 | |||||||||||||
GEORGE THOMPSON #1-1 |
PDP | 2,188 | 0 | 110,329 | 62,649 | |||||||||||||
PHARR THOMPSON #1-2 |
PDP | 141 | 1,285 | 6,001 | 4,248 | |||||||||||||
THOMPSON HEIRS #4 & 5-1 |
PDP | 2,743 | 0 | 122,226 | 81,056 | |||||||||||||
TROGDEN #1-15 |
PDP | 0 | 3 | 0 | 0 | |||||||||||||
VIRGINIA #1-31 |
PDP | 1 | 168 | 199 | 177 | |||||||||||||
PROVED DEVELOPED
PRODUCING |
70,529 | 111,742 | 3,532,924 | 2,199,304 | ||||||||||||||
BEHIND-PIPE |
112,649 | 397,557 | 6,718,551 | 3,158,607 | ||||||||||||||
PROVED UNDEVELOPED |
13,677 | 11,287 | 802,183 | 361,910 | ||||||||||||||
SUMMARY PROVED |
196,855 | 520,586 | 11,053,658 | 5,719,821 |
fieldpoint
2011 TABLES
3
RESERVES AND ECONOMICS
SUMMARY
AS OF JAN 1, 2011
Run Date 2/4/2011 5:21
Run Date 2/4/2011 5:21
INTERESTS AND DATE FIRST EFFECTIVE | PRESENT WORTH M$ | |||||||||||||||||||
COST |
LIQUID | GAS | DATE | 5.000 | 7715.855 | |||||||||||||||
10.000 | 5719.821 | |||||||||||||||||||
15.000 | 4441.976 | |||||||||||||||||||
20.000 | 3577.572 | |||||||||||||||||||
25.000 | 2966.070 |
WELL COUNT | API | BASE | TRANS | PROD | ADVAL | PRICES | CF/BBL | GROSS | RESERVES | % GROSS | ||||||||||||||||||||||||||||||||||||||||||||||||||
GROSS | NET | OR BTU | PRICE | CHARGE | TAXES | TAXES | BEGIN | ENDING | LIFE WT | BL/MMCF | CUMULATIVE | REMAINING | ULTIMATE | REMAINING | ||||||||||||||||||||||||||||||||||||||||||||||
OIL |
156 | 33.54 | 72.92 | 72.92 | 72.92 | 5064 | 7835.36 | 1161.90 | 8997.26 | 12.91% OIL | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAS |
40 | 5.03 | 4.43 | 4.61 | 2.71 | 197 | 88514.53 | 6140.85 | 94655.37 | 6.49% GAS | ||||||||||||||||||||||||||||||||||||||||||||||||||
COND |
0 | 0.00 | 72.92 | 72.92 | 72.92 | 0 | 368.88 | 50.81 | 419.70 | 12.11% COND |
GROSS | GROSS OIL + | GROSS GAS | NET OIL | NET GAS | EFF OIL & | EFFECTIVE | OIL + COND | GAS | TOTAL | |||||||||||||||||||||||||||||||
WELL COUNT | COND PROD | PRODUCTION | COND PROD | PRODUCTION | COND PRICE | GAS PRICE | SALES | SALES | SALES | |||||||||||||||||||||||||||||||
YEAR | WELLS/MO | MBBLS | MMCF | MBBLS | MMCF | $/BBL | $/MCF | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
108.000 | 87.733 | 761.738 | 8.184 | 14.836 | 72.920 | 4.472 | 596.793 | 66.355 | 663.147 | ||||||||||||||||||||||||||||||
2012 |
112.000 | 88.689 | 709.758 | 9.570 | 25.982 | 72.920 | 3.928 | 697.835 | 102.046 | 799.881 | ||||||||||||||||||||||||||||||
2013 |
119.000 | 93.191 | 698.183 | 11.811 | 46.468 | 72.920 | 3.268 | 861.233 | 151.846 | 1013.079 | ||||||||||||||||||||||||||||||
2014 |
131.000 | 94.258 | 1164.033 | 13.142 | 163.347 | 72.920 | 2.170 | 958.335 | 354.486 | 1312.821 | ||||||||||||||||||||||||||||||
2015 |
139.000 | 95.322 | 938.672 | 14.411 | 129.412 | 72.920 | 2.167 | 1050.849 | 280.501 | 1331.349 | ||||||||||||||||||||||||||||||
2016 |
142.000 | 93.431 | 523.565 | 14.858 | 49.751 | 72.920 | 2.418 | 1083.439 | 120.286 | 1203.725 | ||||||||||||||||||||||||||||||
2017 |
86.000 | 89.726 | 374.258 | 14.833 | 29.843 | 72.920 | 2.635 | 1081.649 | 78.627 | 1160.276 | ||||||||||||||||||||||||||||||
2018 |
88.000 | 88.280 | 247.251 | 15.215 | 13.315 | 72.920 | 3.342 | 1109.514 | 44.496 | 1154.009 | ||||||||||||||||||||||||||||||
2019 |
71.000 | 73.983 | 180.337 | 14.028 | 9.412 | 72.920 | 3.606 | 1022.891 | 33.937 | 1056.828 | ||||||||||||||||||||||||||||||
2020 |
69.000 | 62.354 | 142.813 | 12.367 | 6.535 | 72.920 | 4.143 | 901.792 | 27.072 | 928.864 | ||||||||||||||||||||||||||||||
2021 |
66.000 | 54.920 | 109.077 | 10.878 | 4.949 | 72.920 | 4.482 | 793.204 | 22.185 | 815.389 | ||||||||||||||||||||||||||||||
2022 |
65.000 | 47.648 | 81.204 | 9.440 | 4.378 | 72.920 | 4.496 | 688.331 | 19.683 | 708.014 | ||||||||||||||||||||||||||||||
2023 |
62.000 | 40.858 | 52.008 | 8.081 | 3.629 | 72.920 | 4.554 | 589.296 | 16.524 | 605.820 | ||||||||||||||||||||||||||||||
2024 |
61.000 | 35.823 | 32.205 | 7.104 | 3.234 | 72.920 | 4.555 | 518.029 | 14.729 | 532.758 | ||||||||||||||||||||||||||||||
2025 |
58.000 | 31.498 | 22.533 | 6.247 | 2.821 | 72.920 | 4.565 | 455.531 | 12.879 | 468.410 | ||||||||||||||||||||||||||||||
SUB TOTAL |
142.000 | 1077.714 | 6037.635 | 170.169 | 507.910 | 72.920 | 2.649 | 12408.719 | 1345.652 | 13754.371 | ||||||||||||||||||||||||||||||
REMAINDER |
55.000 | 134.995 | 103.212 | 26.686 | 12.676 | 72.920 | 5.311 | 1945.943 | 67.320 | 2013.263 | ||||||||||||||||||||||||||||||
TOT 36.7 YR |
142.000 | 1212.709 | 6140.847 | 196.855 | 520.586 | 72.920 | 2.714 | 14354.662 | 1412.972 | 15767.635 |
EFFECTIVE | NET TOTAL | DIR OPR EXP | TOT OPR EXP | OPERATING | TOT INVEST | NET | CUM NET | NET C.F | CUM C.F | |||||||||||||||||||||||||||||||
WPT TAX | PROD TAXES | ADVAL TAX | + TAXES | REVENUE | TANG+INTANG | CASHFLOW | CASHFLOW | DISC @ 10.0 | DISC @ 10.0 | |||||||||||||||||||||||||||||||
YEAR | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 47.765 | 159.356 | 207.121 | 456.026 | 0.000 | 456.026 | 456.026 | 434.133 | 434.133 | ||||||||||||||||||||||||||||||
2012 |
0.000 | 57.537 | 168.970 | 226.506 | 573.375 | 49.250 | 524.125 | 980.151 | 450.540 | 884.673 | ||||||||||||||||||||||||||||||
2013 |
0.000 | 72.888 | 194.113 | 267.001 | 746.078 | 51.250 | 694.828 | 1674.979 | 544.518 | 1429.191 | ||||||||||||||||||||||||||||||
2014 |
0.000 | 94.452 | 218.637 | 313.089 | 999.732 | 48.750 | 950.982 | 2625.960 | 677.538 | 2106.729 | ||||||||||||||||||||||||||||||
2015 |
0.000 | 95.793 | 236.636 | 332.429 | 998.920 | 33.750 | 965.170 | 3591.130 | 626.873 | 2733.602 | ||||||||||||||||||||||||||||||
2016 |
0.000 | 86.614 | 221.134 | 307.748 | 895.976 | 18.750 | 877.226 | 4468.357 | 517.361 | 3250.963 | ||||||||||||||||||||||||||||||
2017 |
0.000 | 83.474 | 164.933 | 248.408 | 911.869 | 18.750 | 893.119 | 5361.475 | 478.453 | 3729.417 | ||||||||||||||||||||||||||||||
2018 |
0.000 | 83.040 | 152.384 | 235.424 | 918.585 | 18.750 | 899.835 | 6261.311 | 438.712 | 4168.129 | ||||||||||||||||||||||||||||||
2019 |
0.000 | 76.038 | 143.232 | 219.270 | 837.558 | 0.000 | 837.558 | 7098.869 | 371.633 | 4539.762 | ||||||||||||||||||||||||||||||
2020 |
0.000 | 66.839 | 141.046 | 207.886 | 720.979 | 0.000 | 720.979 | 7819.848 | 290.890 | 4830.652 | ||||||||||||||||||||||||||||||
2021 |
0.000 | 58.672 | 138.998 | 197.669 | 617.720 | 0.000 | 617.720 | 8437.568 | 226.579 | 5057.230 | ||||||||||||||||||||||||||||||
2022 |
0.000 | 50.951 | 137.326 | 188.277 | 519.737 | 0.000 | 519.737 | 8957.305 | 173.387 | 5230.617 | ||||||||||||||||||||||||||||||
2023 |
0.000 | 43.589 | 133.761 | 177.350 | 428.470 | 0.000 | 428.470 | 9385.775 | 129.878 | 5360.495 | ||||||||||||||||||||||||||||||
2024 |
0.000 | 38.336 | 133.250 | 171.586 | 361.172 | 0.000 | 361.172 | 9746.947 | 99.541 | 5460.036 | ||||||||||||||||||||||||||||||
2025 |
0.000 | 33.704 | 132.188 | 165.892 | 302.518 | 0.000 | 302.518 | 10049.465 | 75.801 | 5535.837 | ||||||||||||||||||||||||||||||
SUB TOTAL |
0.000 | 989.693 | 2475.963 | 3465.656 | 10288.715 | 239.250 | 10049.465 | 10049.465 | 5535.837 | 5535.837 | ||||||||||||||||||||||||||||||
REMAINDER |
0.000 | 144.828 | 864.242 | 1009.070 | 1004.193 | 0.000 | 1004.193 | 11053.658 | 183.984 | 5719.821 | ||||||||||||||||||||||||||||||
TOT 36.7 YR |
0.000 | 1134.521 | 3340.205 | 4474.726 | 11292.908 | 239.250 | 11053.658 | 11053.658 | 5719.821 | 5719.821 |
RESERVES AND ECONOMICS
SUMMARY
PROVED DEVELOPED PRODUCING
PROVED DEVELOPED PRODUCING
AS OF JAN 1, 2011
Run Date 2/4/2011 5:14
Run Date 2/4/2011 5:14
INTERESTS AND DATE FIRST EFFECTIVE | PRESENT WORTH M$ | |||||||||||||||||||
COST |
LIQUID | GAS | DATE | 5.000 | 2714.550 | |||||||||||||||
10.000 | 2199.304 | |||||||||||||||||||
15.000 | 1851.176 | |||||||||||||||||||
20.000 | 1602.506 | |||||||||||||||||||
25.000 | 1416.931 |
WELL | COUNT | API | BASE | TRANS. | PROD. | ADVAL | PRICES | CF/BBL | GROSS | RESERVES | % GROSS | |||||||||||||||||||||||||||||||||||||||||||||||||
GROSS | NET | OR BTU | PRICE | CHARGE | TAXES | TAXES | BEGIN | ENDING | LIFE WT | BL/MMCF | CUMULATIVE | REMAINING | ULTIMATE | REMAINING | ||||||||||||||||||||||||||||||||||||||||||||||
OIL |
115 | 23.29 | 72.92 | 72.92 | 72.92 | 6833 | 7794.51 | 568.54 | 8363.04 | 6.80% OIL | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAS |
25 | 1.28 | 4.43 | 5.91 | 4.91 | 146 | 88481.07 | 4232.13 | 92713.20 | 4.56% GAS | ||||||||||||||||||||||||||||||||||||||||||||||||||
COND |
0 | 0.00 | 72.92 | 72.92 | 72.92 | 0 | 368.88 | 50.81 | 419.70 | 12.11% COND |
GROSS | GROSS OIL + | GROSS GAS | NET OIL | NET GAS | EFF OIL & | EFFECTIVE | OIL + COND | GAS | TOTAL | |||||||||||||||||||||||||||||||
WELL COUNT | COND PROD | PRODUCTION | COND PROD | PRODUCTION | COND PRICE | GAS PRICE | SALES | SALES | SALES | |||||||||||||||||||||||||||||||
YEAR | WELLS/MO | MBBLS | MMCF | MBBLS | MMCF | $/BBL | $/MCF | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
108.000 | 87.733 | 761.738 | 8.184 | 14.836 | 72.920 | 4.472 | 596.793 | 66.355 | 663.147 | ||||||||||||||||||||||||||||||
2012 |
104.000 | 80.249 | 644.901 | 7.832 | 12.922 | 72.920 | 4.593 | 571.100 | 59.348 | 630.447 | ||||||||||||||||||||||||||||||
2013 |
101.000 | 70.316 | 529.088 | 7.163 | 11.366 | 72.920 | 4.689 | 522.300 | 53.293 | 575.593 | ||||||||||||||||||||||||||||||
2014 |
100.000 | 62.150 | 453.362 | 6.494 | 9.808 | 72.920 | 4.742 | 473.563 | 46.509 | 520.072 | ||||||||||||||||||||||||||||||
2015 |
99.000 | 54.788 | 379.625 | 5.896 | 8.555 | 72.920 | 4.788 | 429.935 | 40.962 | 470.897 | ||||||||||||||||||||||||||||||
2016 |
97.000 | 47.423 | 327.978 | 5.120 | 7.730 | 72.920 | 4.807 | 373.344 | 37.157 | 410.501 | ||||||||||||||||||||||||||||||
2017 |
40.000 | 37.830 | 264.683 | 3.785 | 6.425 | 72.920 | 4.913 | 276.029 | 31.565 | 307.594 | ||||||||||||||||||||||||||||||
2018 |
37.000 | 33.166 | 210.178 | 3.415 | 5.596 | 72.920 | 4.891 | 249.058 | 27.368 | 276.426 | ||||||||||||||||||||||||||||||
2019 |
32.000 | 22.852 | 158.971 | 3.073 | 4.946 | 72.920 | 4.918 | 224.053 | 24.326 | 248.378 | ||||||||||||||||||||||||||||||
2020 |
30.000 | 17.723 | 132.760 | 2.811 | 4.435 | 72.920 | 4.939 | 204.969 | 21.907 | 226.876 | ||||||||||||||||||||||||||||||
2021 |
28.000 | 15.930 | 103.554 | 2.534 | 3.795 | 72.920 | 4.972 | 184.760 | 18.871 | 203.630 | ||||||||||||||||||||||||||||||
2022 |
27.000 | 14.099 | 76.856 | 2.264 | 3.469 | 72.920 | 4.984 | 165.057 | 17.289 | 182.345 | ||||||||||||||||||||||||||||||
2023 |
26.000 | 12.539 | 49.423 | 2.023 | 3.089 | 72.920 | 5.035 | 147.546 | 15.552 | 163.099 | ||||||||||||||||||||||||||||||
2024 |
25.000 | 11.053 | 29.749 | 1.809 | 2.721 | 72.920 | 5.074 | 131.917 | 13.806 | 145.723 | ||||||||||||||||||||||||||||||
2025 |
22.000 | 9.811 | 20.200 | 1.616 | 2.333 | 72.920 | 5.144 | 117.839 | 12.001 | 129.839 | ||||||||||||||||||||||||||||||
SUB TOTAL |
108.000 | 577.662 | 4143.066 | 64.019 | 102.024 | 72.920 | 4.767 | 4668.261 | 486.307 | 5154.568 | ||||||||||||||||||||||||||||||
REMAINDER |
19.000 | 41.686 | 89.061 | 6.510 | 9.718 | 72.920 | 6.379 | 474.709 | 61.996 | 536.705 | ||||||||||||||||||||||||||||||
TOT 36.7 YR |
108.000 | 619.348 | 4232.127 | 70.529 | 111.742 | 72.920 | 4.907 | 5142.970 | 548.303 | 5691.274 |
EFFECTIVE | NET TOTAL | DIR OPR EXP | TOT OPR EXP | OPERATING | TOT INVEST | NET | CUM NET | NET C.F. | CUM C.F. | |||||||||||||||||||||||||||||||
WPT TAX | PROD TAXES | ADVAL TAX | + TAXES | REVENUE | TANG+INTANG | CASHFLOW | CASHFLOW | DISC [ILLEGIBLE] 10.0 | DISC [ILLEGIBLE] 10.0 | |||||||||||||||||||||||||||||||
YEAR | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 47.765 | 159.356 | 207.121 | 456.026 | 0.000 | 456.026 | 456.026 | 434.133 | 434.133 | ||||||||||||||||||||||||||||||
2012 |
0.000 | 45.358 | 158.020 | 203.377 | 427.070 | 0.000 | 427.070 | 883.096 | 369.126 | 803.258 | ||||||||||||||||||||||||||||||
2013 |
0.000 | 41.410 | 157.213 | 198.623 | 376.970 | 0.000 | 376.970 | 1260.066 | 296.248 | 1099.506 | ||||||||||||||||||||||||||||||
2014 |
0.000 | 37.418 | 154.437 | 191.855 | 328.216 | 0.000 | 328.216 | 1588.283 | 234.519 | 1334.026 | ||||||||||||||||||||||||||||||
2015 |
0.000 | 33.887 | 152.336 | 186.223 | 284.674 | 0.000 | 284.674 | 1872.956 | 184.985 | 1519.011 | ||||||||||||||||||||||||||||||
2016 |
0.000 | 29.540 | 135.134 | 164.674 | 245.827 | 0.000 | 245.827 | 2118.783 | 145.228 | 1664.239 | ||||||||||||||||||||||||||||||
2017 |
0.000 | 22.125 | 69.233 | 91.359 | 216.236 | 0.000 | 216.236 | 2335.019 | 116.030 | 1780.269 | ||||||||||||||||||||||||||||||
2018 |
0.000 | 19.899 | 64.684 | 84.583 | 191.843 | 0.000 | 191.843 | 2526.862 | 93.688 | 1873.957 | ||||||||||||||||||||||||||||||
2019 |
0.000 | 17.866 | 59.832 | 77.698 | 170.681 | 0.000 | 170.681 | 2697.543 | 75.682 | 1949.639 | ||||||||||||||||||||||||||||||
2020 |
0.000 | 16.326 | 59.246 | 75.573 | 151.303 | 0.000 | 151.303 | 2848.846 | 61.038 | 2010.677 | ||||||||||||||||||||||||||||||
2021 |
0.000 | 14.660 | 57.998 | 72.657 | 130.973 | 0.000 | 130.973 | 2979.819 | 48.089 | 2058.766 | ||||||||||||||||||||||||||||||
2022 |
0.000 | 13.125 | 57.926 | 71.052 | 111.294 | 0.000 | 111.294 | 3091.113 | 37.123 | 2095.889 | ||||||||||||||||||||||||||||||
2023 |
0.000 | 11.735 | 57.561 | 69.296 | 93.803 | 0.000 | 93.803 | 3184.915 | 28.434 | 2124.323 | ||||||||||||||||||||||||||||||
2024 |
0.000 | 10.492 | 57.050 | 67.542 | 78.181 | 0.000 | 78.181 | 3263.096 | 21.570 | 2145.893 | ||||||||||||||||||||||||||||||
2025 |
0.000 | 9.342 | 55.988 | 65.330 | 64.509 | 0.000 | 64.509 | 3327.605 | 16.166 | 2162.059 | ||||||||||||||||||||||||||||||
SUB TOTAL |
0.000 | 370.950 | 1456.013 | 1826.963 | 3327.605 | 0.000 | 3327.605 | 3327.605 | 2162.059 | 2162.059 | ||||||||||||||||||||||||||||||
REMAINDER |
0.000 | 38.595 | 292.792 | 331.387 | 205.318 | 0.000 | 205.318 | 3532.924 | 37.245 | 2199.304 | ||||||||||||||||||||||||||||||
TOT 36.7 YR |
0.000 | 409.545 | 1748.805 | 2158.350 | 3532.924 | 0.000 | 3532.924 | 3532.924 | 2199.304 | 2199.304 |
RESERVES AND ECONOMICS
SUMMARY
BEHIND-PIPE
BEHIND-PIPE
AS OF JAN 1, 2011
Run Date 2/4/2011 5:18
INTERESTS AND DATE FIRST EFFECTIVE | PRESENT WORTH M$ | |||||||||||||||||||
COST |
LIQUID | GAS | DATE | |||||||||||||||||
5.000 | 4482.312 | |||||||||||||||||||
10.000 | 3158.607 | |||||||||||||||||||
15.000 | 2324.040 | |||||||||||||||||||
20.000 | 1770.171 | |||||||||||||||||||
25.000 | 1386.783 |
WELL | COUNT | API | BASE | TRANS | PROD | ADVAL | PRICES | CF/BBL | GROSS | RESERVES | % GROSS | |||||||||||||||||||||||||||||||||||||||||||||||||
GROSS | NET | OR BTU | PRICE | CHARGE | TAXES | TAXES | BEGIN | ENDING | LIFE WT | BL/MMCF | CUMULATIVE | REMAINING | ULTIMATE | REMAINING | ||||||||||||||||||||||||||||||||||||||||||||||
OIL |
37 | 9.25 | 0.00 | 72.92 | 72.92 | 3513 | 0.00 | 527.90 | 527.90 | 100.00% OIL | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAS |
15 | 3.75 | 0.00 | 2.57 | 2.12 | 285 | 0.00 | 1854.72 | 1854.72 | 100.00% GAS | ||||||||||||||||||||||||||||||||||||||||||||||||||
COND |
0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0.00 | 0.00% COND |
GROSS | GROSS OIL + | GROSS GAS | NET OIL | NET GAS | EFF OIL & | EFFECTIVE | OIL + COND | GAS | TOTAL | |||||||||||||||||||||||||||||||
WELL COUNT | COND PROD | PRODUCTION | COND PROD | PRODUCTION | COND PRICE | GAS PRICE | SALES | SALES | SALES | |||||||||||||||||||||||||||||||
YEAR | WELLS/MO | MBBLS | MMCF | MBBLS | MMCF | $/BBL | $/MCF | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||||||||||||||||||||||||||||||
2012 |
6.000 | 6.712 | 64.857 | 1.377 | 13.060 | 72.920 | 3.269 | 100.411 | 42.699 | 143.109 | ||||||||||||||||||||||||||||||
2013 |
15.000 | 18.035 | 166.962 | 3.638 | 34.656 | 72.920 | 2.821 | 265.283 | 97.751 | 363.034 | ||||||||||||||||||||||||||||||
2014 |
28.000 | 26.084 | 706.567 | 5.389 | 152.681 | 72.920 | 2.007 | 392.966 | 306.433 | 699.398 | ||||||||||||||||||||||||||||||
2015 |
37.000 | 35.072 | 555.148 | 7.374 | 120.042 | 72.920 | 1.983 | 537.712 | 238.071 | 775.783 | ||||||||||||||||||||||||||||||
2016 |
42.000 | 41.041 | 191.883 | 8.700 | 41.247 | 72.920 | 1.982 | 634.404 | 81.736 | 716.140 | ||||||||||||||||||||||||||||||
2017 |
43.000 | 47.365 | 106.057 | 10.101 | 22.683 | 72.920 | 2.016 | 736.565 | 45.739 | 782.304 | ||||||||||||||||||||||||||||||
2018 |
48.000 | 50.970 | 33.731 | 10.934 | 7.021 | 72.920 | 2.261 | 797.307 | 15.871 | 813.178 | ||||||||||||||||||||||||||||||
2019 |
36.000 | 47.330 | 18.191 | 10.161 | 3.802 | 72.920 | 2.214 | 740.940 | 8.416 | 749.356 | ||||||||||||||||||||||||||||||
2020 |
36.000 | 41.136 | 7.037 | 8.826 | 1.470 | 72.920 | 2.742 | 643.592 | 4.031 | 647.623 | ||||||||||||||||||||||||||||||
2021 |
35.000 | 35.768 | 2.658 | 7.671 | .555 | 72.920 | 4.030 | 559.369 | 2.237 | 561.606 | ||||||||||||||||||||||||||||||
2022 |
35.000 | 30.571 | 1.627 | 6.554 | .340 | 72.920 | 4.030 | 477.918 | 1.370 | 479.288 | ||||||||||||||||||||||||||||||
2023 |
33.000 | 25.562 | 0.000 | 5.482 | 0.000 | 72.920 | 0.000 | 399.747 | 0.000 | 399.747 | ||||||||||||||||||||||||||||||
2024 |
33.000 | 22.211 | 0.000 | 4.760 | 0.000 | 72.920 | 0.000 | 347.099 | 0.000 | 347.099 | ||||||||||||||||||||||||||||||
2025 |
33.000 | 19.307 | 0.000 | 4.134 | 0.000 | 72.920 | 0.000 | 301.451 | 0.000 | 301.451 | ||||||||||||||||||||||||||||||
SUB TOTAL |
48.000 | 447.164 | 1854.718 | 95.101 | 397.557 | 72.920 | 2.124 | 6934.765 | 844.352 | 7779.117 | ||||||||||||||||||||||||||||||
REMAINDER |
33.000 | 80.738 | 0.000 | 17.548 | 0.000 | 72.920 | 0.000 | 1279.600 | 0.000 | 1279.600 | ||||||||||||||||||||||||||||||
TOT 24.8 YR |
48.000 | 527.902 | 1854.718 | 112.649 | 397.557 | 72.920 | 2.124 | 8214.365 | 844.352 | 9058.717 |
EFFECTIVE | NET TOTAL | DIR OPR EXP | TOT OPR EXP | OPERATING | TOT INVEST | NET | CUM NET | NET C.F | CUM C.F | |||||||||||||||||||||||||||||||
WPT TAX | PROD TAXES | ADVAL TAX | + TAXES | REVENUE | TANG+INTANG | CASHFLOW | CASHFLOW | DISC [ILLEGIBLE]10.0 | DISC [ILLEGIBLE]10.0 | |||||||||||||||||||||||||||||||
YEAR | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||||||||||||||||||||||||||||||
2012 |
0.000 | 10.286 | 9.000 | 19.286 | 123.823 | 31.750 | 92.073 | 92.073 | 77.511 | 77.511 | ||||||||||||||||||||||||||||||
2013 |
0.000 | 26.117 | 31.800 | 57.917 | 305.117 | 36.250 | 268.867 | 360.941 | 210.121 | 287.631 | ||||||||||||||||||||||||||||||
2014 |
0.000 | 50.321 | 57.900 | 108.221 | 591.177 | 48.750 | 542.427 | 903.368 | 385.662 | 673.293 | ||||||||||||||||||||||||||||||
2015 |
0.000 | 55.814 | 78.000 | 133.814 | 641.969 | 33.750 | 608.219 | 1511.587 | 394.949 | 1068.242 | ||||||||||||||||||||||||||||||
2016 |
0.000 | 51.529 | 79.700 | 131.229 | 584.911 | 18.750 | 566.161 | 2077.748 | 333.629 | 1401.870 | ||||||||||||||||||||||||||||||
2017 |
0.000 | 56.288 | 89.400 | 145.688 | 636.616 | 18.750 | 617.866 | 2695.614 | 330.767 | 1732.637 | ||||||||||||||||||||||||||||||
2018 |
0.000 | 58.508 | 81.400 | 139.908 | 673.270 | 18.750 | 654.520 | 3350.134 | 318.942 | 2051.580 | ||||||||||||||||||||||||||||||
2019 |
0.000 | 53.920 | 77.100 | 131.020 | 618.336 | 0.000 | 618.336 | 3968.470 | 274.419 | 2325.999 | ||||||||||||||||||||||||||||||
2020 |
0.000 | 46.601 | 75.500 | 122.101 | 525.522 | 0.000 | 525.522 | 4493.992 | 212.042 | 2538.041 | ||||||||||||||||||||||||||||||
2021 |
0.000 | 40.403 | 74.700 | 115.103 | 446.503 | 0.000 | 446.503 | 4940.494 | 163.734 | 2701.775 | ||||||||||||||||||||||||||||||
2022 |
0.000 | 34.488 | 73.100 | 107.588 | 371.700 | 0.000 | 371.700 | 5312.194 | 124.018 | 2825.793 | ||||||||||||||||||||||||||||||
2023 |
0.000 | 28.762 | 69.900 | 98.662 | 301.085 | 0.000 | 301.085 | 5613.280 | 91.268 | 2917.061 | ||||||||||||||||||||||||||||||
2024 |
0.000 | 24.973 | 69.900 | 94.873 | 252.226 | 0.000 | 252.226 | 5865.506 | 69.504 | 2986.565 | ||||||||||||||||||||||||||||||
2025 |
0.000 | 21.690 | 69.900 | 91.590 | 209.861 | 0.000 | 209.861 | 6075.367 | 52.583 | 3039.148 | ||||||||||||||||||||||||||||||
SUB TOTAL |
0.000 | 559.700 | 937.300 | 1497.000 | 6282.117 | 206.750 | 6075.367 | 6075.367 | 3039.148 | 3039.148 | ||||||||||||||||||||||||||||||
REMAINDER |
0.000 | 92.066 | 544.350 | 636.416 | 643.184 | 0.000 | 643.184 | 6718.551 | 119.459 | 3158.607 | ||||||||||||||||||||||||||||||
TOT 24.8 YR |
0.000 | 651.766 | 1481.650 | 2133.416 | 6925.301 | 206.750 | 6718.551 | 6718.551 | 3158.607 | 3158.607 |
RESERVES AND ECONOMICS
SUMMARY
PROVED UNDEVELOPED
PROVED UNDEVELOPED
AS OF JAN 1, 2011
Run Date 2/4/2011 5:18
INTERESTS AND DATE FIRST EFFECTIVE | PRESENT WORTH M$ | |||||||||||||||||||
COST |
LIQUID | GAS | DATE | 5.000 | 518.992 | |||||||||||||||
10.000 | 361.910 | |||||||||||||||||||
15.000 | 266.760 | |||||||||||||||||||
20.000 | 204.895 | |||||||||||||||||||
25.000 | 162.357 |
WELL | COUNT | API | BASE | TRANS | PROD | ADVAL | PRICES | CF/BBL | GROSS | RESERVES | % GROSS | |||||||||||||||||||||||||||||||||||||||||||||||||
GROSS | NET | OR BTU | PRICE | CHARGE | TAXES | TAXES | BEGIN | ENDING | LIFE WT | BL/MMCF | CUMULATIVE | REMAINING | ULTIMATE | REMAINING | ||||||||||||||||||||||||||||||||||||||||||||||
OIL |
3 | .75 | 0.00 | 72.920 | 72.92 | 825 | 0.00 | 65.46 | 65.46 | 100.00% OIL | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAS |
0 | 0.00 | 0.00 | 1.80 | 1.80 | 1212 | 0.00 | 54.00 | 54.00 | 100.00% GAS | ||||||||||||||||||||||||||||||||||||||||||||||||||
COND |
0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0.00 | 0.00% COND |
GROSS | GROSS OIL + | GROSS GAS | NET OIL | NET GAS | EFF OIL & | EFFECTIVE | OIL + COND | GAS | TOTAL | |||||||||||||||||||||||||||||||
WELL COUNT | COND PROD | PRODUCTION | COND PROD | PRODUCTION | COND PRICE | GAS PRICE | SALES | SALES | SALES | |||||||||||||||||||||||||||||||
YEAR | WELLS/MO | MBBLS | MMCF | MBBLS | MMCF | $/BBL | $/MCF | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||||||||||||||||||||||||||||||
2012 |
2.000 | 1.728 | 0.000 | .361 | 0.000 | 72.920 | 0.000 | 26.324 | 0.000 | 26.324 | ||||||||||||||||||||||||||||||
2013 |
3.000 | 4.840 | 2.133 | 1.010 | .446 | 72.920 | 1.800 | 73.649 | .803 | 74.452 | ||||||||||||||||||||||||||||||
2014 |
3.000 | 6.024 | 4.104 | 1.259 | .858 | 72.920 | 1.800 | 91.806 | 1.544 | 93.351 | ||||||||||||||||||||||||||||||
2015 |
3.000 | 5.462 | 3.899 | 1.141 | .815 | 72.920 | 1.800 | 83.202 | 1.467 | 84.669 | ||||||||||||||||||||||||||||||
2016 |
3.000 | 4.967 | 3.704 | 1.038 | .774 | 72.920 | 1.800 | 75.691 | 1.393 | 77.084 | ||||||||||||||||||||||||||||||
2017 |
3.000 | 4.531 | 3.518 | .947 | .735 | 72.920 | 1.800 | 69.055 | 1.323 | 70.378 | ||||||||||||||||||||||||||||||
2018 |
3.000 | 4.144 | 3.342 | .866 | .698 | 72.920 | 1.800 | 63.149 | 1.256 | 64.405 | ||||||||||||||||||||||||||||||
2019 |
3.000 | 3.801 | 3.175 | .794 | .664 | 72.920 | 1.800 | 57.898 | 1.195 | 59.094 | ||||||||||||||||||||||||||||||
2020 |
3.000 | 3.495 | 3.016 | .730 | .630 | 72.920 | 1.800 | 53.232 | 1.134 | 54.366 | ||||||||||||||||||||||||||||||
2021 |
3.000 | 3.222 | 2.865 | .673 | .599 | 72.920 | 1.800 | 49.075 | 1.078 | 50.153 | ||||||||||||||||||||||||||||||
2022 |
3.000 | 2.978 | 2.721 | .622 | .569 | 72.920 | 1.800 | 45.356 | 1.024 | 46.380 | ||||||||||||||||||||||||||||||
2023 |
3.000 | 2.757 | 2.585 | .576 | .540 | 72.920 | 1.800 | 42.002 | .972 | 42.974 | ||||||||||||||||||||||||||||||
2024 |
3.000 | 2.559 | 2.456 | .535 | .513 | 72.920 | 1.800 | 39.012 | .923 | 39.936 | ||||||||||||||||||||||||||||||
2025 |
3.000 | 2.380 | 2.333 | .497 | .488 | 72.920 | 1.800 | 36.241 | .878 | 37.120 | ||||||||||||||||||||||||||||||
SUB TOTAL |
3.000 | 52.888 | 39.851 | 11.049 | 8.329 | 72.920 | 1.800 | 805.693 | 14.992 | 820.685 | ||||||||||||||||||||||||||||||
REMAINDER |
3.000 | 12.571 | 14.151 | 2.628 | 2.958 | 72,920 | 1.800 | 191.634 | 5.324 | 196.958 | ||||||||||||||||||||||||||||||
TOT 22.5 YR |
3.000 | 65.459 | 54.002 | 13.677 | 11.287 | 72.920 | 1.800 | 997.327 | 20.317 | 1017.643 |
EFFECTIVE | NET TOTAL | DIR OPR EXP | TOT OPR EXP | OPERATING | TOT INVEST | NET | CUM NET | NET C.F. | CUM C.F. | |||||||||||||||||||||||||||||||
WPT TAX | PROD TAXES | ADVAL TAX | + TAXES | REVENUE | TANG+INTANG | CASHFLOW | CASHFLOW | DISC [ILLEGIBLE] 10.0 | DISC [ILLEGIBLE] 10.0 | |||||||||||||||||||||||||||||||
YEAR | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | M$ | ||||||||||||||||||||||||||||||
2011 |
0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | ||||||||||||||||||||||||||||||
2012 |
0.000 | 1.893 | 1.950 | 3.843 | 22.481 | 17.500 | 4.981 | 4.981 | 3.904 | 3.904 | ||||||||||||||||||||||||||||||
2013 |
0.000 | 5.361 | 5.100 | 10.461 | 63.991 | 15.000 | 48.991 | 53.972 | 38.149 | 42.053 | ||||||||||||||||||||||||||||||
2014 |
0.000 | 6.713 | 6.300 | 13.013 | 80.338 | 0.000 | 80.338 | 134.310 | 57.357 | 99.411 | ||||||||||||||||||||||||||||||
2015 |
0.000 | 6.092 | 6.300 | 12.392 | 72.277 | 0.000 | 72.277 | 206.587 | 46.940 | 146.350 | ||||||||||||||||||||||||||||||
2016 |
0.000 | 5.545 | 6.300 | 11.845 | 65.239 | 0.000 | 65.239 | 271.826 | 38.504 | 184.854 | ||||||||||||||||||||||||||||||
2017 |
0.000 | 5.061 | 6.300 | 11.361 | 59.017 | 0.000 | 59.017 | 330.843 | 31.656 | 216.510 | ||||||||||||||||||||||||||||||
2018 |
0.000 | 4.633 | 6.300 | 10.933 | 53.472 | 0.000 | 53.472 | 384.315 | 26.081 | 242.591 | ||||||||||||||||||||||||||||||
2019 |
0.000 | 4.252 | 6.300 | 10.552 | 48.542 | 0.000 | 48.542 | 432.857 | 21.533 | 264.124 | ||||||||||||||||||||||||||||||
2020 |
0.000 | 3.912 | 6.300 | 10.212 | 44.154 | 0.000 | 44.154 | 477.010 | 17.810 | 281.934 | ||||||||||||||||||||||||||||||
2021 |
0.000 | 3.609 | 6.300 | 9.909 | 40.244 | 0.000 | 40.244 | 517.255 | 14.756 | 296.690 | ||||||||||||||||||||||||||||||
2022 |
0.000 | 3.337 | 6.300 | 9.637 | 36.743 | 0.000 | 36.743 | 553.998 | 12.246 | 308.935 | ||||||||||||||||||||||||||||||
2023 |
0.000 | 3.092 | 6.300 | 9.392 | 33.582 | 0.000 | 33.582 | 587.580 | 10.176 | 319.111 | ||||||||||||||||||||||||||||||
2024 |
0.000 | 2.871 | 6.300 | 9.171 | 30.765 | 0.000 | 30.765 | 618.345 | 8.467 | 327.578 | ||||||||||||||||||||||||||||||
2025 |
0.000 | 2.672 | 6.300 | 8.972 | 28.148 | 0.000 | 28.148 | 646.492 | 7.052 | 334.630 | ||||||||||||||||||||||||||||||
SUB TOTAL |
0.000 | 59.043 | 82.650 | 141.693 | 678.992 | 32.500 | 646.492 | 646.492 | 334.630 | 334.630 | ||||||||||||||||||||||||||||||
REMAINDER |
0.000 | 14.167 | 27.100 | 41.267 | 155.691 | 0.000 | 155.691 | 802.183 | 27.281 | 361.910 | ||||||||||||||||||||||||||||||
TOT 22.5 YR |
0.000 | 73.210 | 109.750 | 182.960 | 834.683 | 32.500 | 802.183 | 802.183 | 361.910 | 361.910 |
4
Fletcher Lewis Engineering, Inc.
Standard Board and Rules 4-10(a) (1)-(32) of Regulation S-X and Rules 302(b), 1201, 1202(a) (1),
(2), (3), (4), (8), and 1203(a) of Regulations S-K of the Securities and Exchange Commission;
provided, however, future income tax expenses have not been taken into account in estimating the
future net revenue and present worth values set forth herein.
Fletcher Lewis Engineering, Inc. is an independent petroleum engineering consulting firm that
has been providing petroleum consulting services throughout the United States for over 28 years.
Fletcher Lewis Engineering, Inc. does not have any financial interest including stock ownership, in
FieldPoint. Our fees were not contingent on the results of our evaluation. Fletcher Lewis
Engineering, Inc. has used all procedures and methods that it considers necessary to prepare this
report.
Submitted, |
||||
/s/ Fletcher Lewis Engineering, Inc. | ||||
Fletcher Lewis Engineering, Inc | ||||
Oklahoma Registered Engineering Firm CA-804 Texas Registration ID #47928 Oklahoma Registration ID # 11663 |
||||
/s/ Fletcher Lewis, P.E. | ||||
Fletcher Lewis, P.E. | ||||
President Fletcher Lewis Engineering, Inc. |
CERTIFICATE of QUALIFICATION
I, Fletcher Lewis, Petroleum Engineer with Fletcher Lewis Engineering, Inc., 5001 N. Pennsylvania,
Suite 300, Oklahoma City, Oklahoma, 73112 U.S.A., hereby certify:
1. | That I am President with Fletcher Lewis Engineering, Inc., which company did prepare the
letter report addressed to FieldPoint dated March 1, 2010, and that I, as President, was
responsible for the preparation of this report. |
2. | That I attended Oklahoma University, and that I graduated with a Master of Science degree
in Petroleum Engineering in the year 1978; that I am a Registered Professional Engineer in
the State of Texas and Oklahoma; that I am a member of the Society of Petroleum Engineers and
the American Association of Petroleum Geologists; and that I have in excess of 35 years of
experience in the oil and gas reservoir studies and reserves evaluations. |
/s/ Fletcher Lewis, P.E. | ||||
Fletcher Lewis, P.E. | ||||
President Fletcher Lewis Engineering, Inc. |