CALGARY, AB, March 11, 2024 /CNW/ – Strathcona Resources Ltd. (“Strathcona”) (TSX:SCR) today reported its year end 2023 reserves.
The tables below summarize Strathcona’s year end 2023 reserves which were prepared by McDaniel & Associates Consultants Ltd. (“McDaniel”) and Sproule Associates Limited (“Sproule”). A complete filing of our oil and gas reserves and other oil and gas information presented in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities will be included in Strathcona’s Annual Information Form for the year ended December 31, 2023, to be released in late March 2024.
In addition, a letter to shareholders regarding its year end 2023 reserves has been posted on Strathcona’s website at https://www.strathconaresources.com/investors/#reports. Shareholders are encouraged to read the letter, which provides additional detail on Strathcona’s 2023 reserves, including a summary of growth and value creation since 2017.
Summary of Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2023
Reserves Category
Light &
Medium Crude Oil
Heavy
Crude Oil
Bitumen
Conventional Natural Gas
(Associated &
Non-Associated
Gas)
Gross
(mbbl)
Net
(mbbl)
Gross
(mbbl)
Net
(mbbl)
Gross
(mbbl)
Net
(mbbl)
Gross
(mmcf)
Net
(mmcf)
Proved
Developed Producing
925
719
92,897
80,576
119,623
83,009
452,900
409,622
Developed Non-
Producing
1
1
826
765
–
–
5,257
4,780
Undeveloped
775
579
356,261
315,189
553,434
362,239
884,378
787,418
Total Proved(2)
1,701
1,300
449,983
396,529
673,057
445,248
1,342,535
1,201,820
Total Probable
3,359
2,409
168,324
143,544
680,169
430,653
1,073,714
921,859
Total Proved Plus
Probable(2)
5,059
3,709
618,307
540,073
1,353,226
875,901
2,416,249
2,123,678
Reserves Category
Conventional Natural Gas
(Solution Gas)(1)
Natural Gas Liquids
Oil Equivalent
Gross
(mmcf)
Net
(mmcf)
Gross
(mbbl)
Net
(mbbl)
Gross
(mboe)
Net
(mboe)
Proved
Developed Producing
10,647
9,768
48,091
37,810
338,793
272,013
Developed Non-
Producing
312
291
754
608
2,509
2,219
Undeveloped
8,865
7,959
88,001
72,563
1,147,344
883,133
Total Proved(2)
19,824
18,018
136,846
110,981
1,488,647
1,157,365
Total Probable
25,497
22,630
88,447
67,230
1,123,501
801,251
Total Proved Plus
Probable(2)
45,321
40,648
225,294
178,211
2,612,148
1,958,616
Notes:
(1)
Conventional Natural Gas (Solution Gas) includes all gas produced in association with light and medium crude oil and heavy crude oil.
(2)
Figures may not add due to rounding.
Summary of Net Present Value of Future Net Revenue Attributable to Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2023
Before Deducting Income Taxes
After Deducting Income Taxes
RESERVES CATEGORY
0 %
5 %
10 %
15 %
20 %
Unit
Value(2)
0 %
5 %
10 %
15 %
20 %
Unit Value(3)
(in $ millions)(1)
$/boe
(in $ millions)(1)
$/boe
Proved
Developed Producing
6,322
6,252
5,585
5,002
4,531
20.53
6,322
6,252
5,585
5,002
4,531
20.53
Developed Non‑Producing
60
50
44
38
35
19.62
60
50
44
38
35
19.62
Undeveloped
27,940
15,219
9,005
5,630
3,639
10.20
25,434
13,660
7,987
4,939
3,153
9.04
Total Proved(4)
34,322
21,521
14,634