Canacol Net Royalties, Remaining Reserves, and Deemed Volumes
| boe in mm |
Proved |
Probable | Proved + Probable |
Possible | Total Proved + Probable + Possible | ||
|---|---|---|---|---|---|---|---|
| COLOMBIA |
|||||||
| 18.6 | 10.1 | 28.7 | 18.6 | 47.3 | |||
| ECUADOR |
|||||||
| 3.2 | 0.9 | 4.1 | 1.1 | 5.2 | |||
| Total | 21.8 | 11.0 | 32.8 | 19.7 | 52.5 | ||
Information sourced from two reserve reports:
1. DeGolyer and MacNaughton ("D&M") effective June 30, 2012
The evaluations were conducted internally with the assistance of the Corporation’s independent reserve evaluator D&M and are in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The reserves are provided on a net after royalty basis in units of barrels of oil (bbl) using a forecast price deck in US dollars.
2. Collarini Associates ("CA") effective January 1, 2012
The evaluations were conducted internally with the assistance of the Corporation’s independent reserve evaluator CA and are in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The reserves are provided on a net after royalty basis in units of barrels of oil equivalent (boe) using a forecast price deck in US dollars.
Barrels of oil equivalent (boe) is calculated using the conversion factor of 5.7 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 Mcf:1 bbl (barrel) is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.