Exhibit 99.1
March 21, 2024
Mr. Roger Wurtele
Next Bridge Hydrocarbons Inc.
5700 W. Plano Parkway #3600
Plano, TX 75093
Dear Mr. Wurtele,
At your request PeTech Enterprises, Inc. ("PEI") has prepared an estimate of certain hydrocarbon reserves owned by Torchlight Energy Resources, Inc. ("TER") in the Hazel Project in the State of Texas as of January 1, 2024. This evaluation was completed by March 13, 2024.
These e stimates include only Proved and Producing reserves and were prepared following the United States Securities and Exchange Commission ("SEC") guidelines rule 4-10 Regulation S-X for evaluating and reporting oil and gas reserves. Rule 4-10 defines reserves as "... those quantities of oil and gas, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for estimation.
Reserves which can be produced through the application of improved recovery techniques Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12 months before the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first day-of-the-month price for each month with in such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for completion. A complete ruling is available on the SEC website.
Acceptable evaluation geological, engineering, and accounting (cost, taxes, etc.) practice principles were utilized to reach the results of this evaluation. Results were based on historical oil production information, geological maps, logs, and offsetting lease analogs. The evaluation is based on information provided by or through Torch Light Energy, Inc. Data such as production rates, lease operating costs, ownership interests, and projections for future activities were relied on to be true. In all cases, PEI has reviewed the data to ensure reasonable values, consistency, and dependability.
OPERATIONS
TEXAS
The Hazel project is located in Sterling and Tom Green counties, TX. The company drilled five wells of which the Flying "B" Ranch #3H and #4H are reporting as producing. Flying "B" Ranch #4H was drilled but was shut-in prior to the time of this report. Production is from the Wolfcamp formation. The properties are operated by Maverick Operating, LLC. The company converted the #7 well to be used for saltwater disposal. The current operating expenses reflect the reported expenses for #3H, #4H and #7 wells. Initial gross oil production reached 8,319 bbl per month and 31,613 bbl per month of water. During October-, 2023 gross oil production was 1,392 barrels. The two wells are now producing natural gas at approximately 850 Mcf per month. It is anticipated that the producing #3H and #4H well will reach an ultimate gross oil recovery of 267 MB, and have remaining recovery estimate of 129 MB. As a result of the production from #4H, the estimated ultimate gross recovery was increased by 108 MB.
PRODUCTS PRICE
The average oil and gas prices of $76/B and $2/Mcf were held constant for the life of the production.
OPERATING EXPENSES and CAPITAL COSTS Reoccurring lease operating expenses were provided by the company and accepted when they seemed reasonable for the type of operation and area. Total gross lease operating expenses of $3,000 per month were held constant throughout the life of the reserve.
TAXES
Production and advalorem taxes were based on the Texas regulatory rates, and actual paid.
Hedge values or debt was not considered in the initial evaluation. Payment consideration was added as shown below.
Note that oil and gas reserves, as well as gross and net revenues, are ESTIMATES that may change as additional production and other technical data become available or due to prices changes. All estimates are subject to change due to the inherent uncertainty in the application of judgmental factors as well as the regulatory environment.
PEI did not physically visit the field, PEI accepted as true all ownership interests. PEI has not evaluated any potential environmental liability. PEI does not own an economic interest in any of the company's assets.
As of January 1, 2024 (Prior to reimbursement)
PROVED DEVELOPED PRODUCING | PROVED UNDEVELOPED | |||
OIL, MB | GAS MMcf | OIL,MB | GAS, MMcf | |
GROSS ULTIMATE RESERVES GROSS REMAINING RESERVES NET REMAINING RESERVES | 266.5 129.2 77.5 | 93.6 77.1 46.3 | NA NA NA | NA NA NA |
Year Ending | Gross Oil | Net Oil | Net Gas | Net NGL | Oil Price | Gas Price | Oil& Gas | Costs Net | Taxes Net | Non Disc. CF Annual | Masterson payment |
(Mbbl) | (Mbbl) | (MMcf) | (Mgal) | ($/bbl) | ($/Mcf) | Rev. | (M$) | (M$) | (M$) | m$ | |
Net | BALANCE | ||||||||||
(M$) | |||||||||||
3,364.82 | |||||||||||
12/2024 | 13.40 | 8.04 | 3.98 | 0.00 | 76.00 | 2.00 | 618.92 | 28.80 | 43.47 | 546.65 | 2,818.17 |
12/2025 | 10.78 | 6.47 | 3.36 | 0.00 | 76.00 | 2.00 | 498.27 | 28.80 | 35.01 | 434.46 | 2,383.71 |
12/2026 | 9.10 | 5.46 | 2.93 | 0.00 | 76.00 | 2.00 | 420.63 | 28.80 | 29.56 | 362.27 | 2,021.44 |
12/2027 | 7.90 | 4.74 | 2.59 | 0.00 | 76.00 | 2.00 | 365.56 | 28.80 | 25.69 | 311.07 | 1,710.37 |
12/2028 | 7.03 | 4.22 | 2.34 | 0.00 | 76.00 | 2.00 | 325.16 | 28.80 | 22.85 | 273.50 | 1,436.86 |
12/2029 | 6.31 | 3.79 | 2.11 | 0.00 | 76.00 | 2.00 | 292.10 | 28.80 | 20.53 | 242.77 | 1,194.09 |
12/2030 | 5.76 | 3.45 | 1.94 | 0.00 | 76.00 | 2.00 | 266.31 | 28.80 | 18.72 | 218.79 | 975.30 |
12/2031 | 5.30 | 3.18 | 1.79 | 0.00 | 76.00 | 2.00 | 245.11 | 28.80 | 17.23 | 199.08 | 776.23 |
12/2032 | 4.92 | 2.95 | 1.66 | 0.00 | 76.00 | 2.00 | 227.90 | 28.80 | 16.02 | 183.08 | 593.15 |
12/2033 | 4.57 | 2.74 | 1.55 | 0.00 | 76.00 | 2.00 | 211.70 | 28.80 | 14.88 | 168.02 | 425.12 |
12/2034 | 4.27 | 2.56 | 1.45 | 0.00 | 76.00 | 2.00 | 197.80 | 28.80 | 13.90 | 155.09 | 270.03 |
12/2035 | 4.00 | 2.40 | 1.36 | 0.00 | 76.00 | 2.00 | 185.26 | 28.80 | 13.02 | 143.44 | 126.59 |
12/2036 | 3.77 | 2.26 | 1.29 | 0.00 | 76.00 | 2.00 | 174.36 | 28.80 | 12.26 | 133.30 | -6.71 |
Rem. | 11.24 | 6.75 | 6.98 | 0.00 | 76.00 | 2.00 | 526.67 | 264.00 | 37.20 | 225.47 | |
Total | 129.21 | 77.53 | 46.28 | 0.00 | 76.00 | 2.00 | 5,984.76 | 984.00 | 420.79 | 4,579.97 |
The company has incurred payment obligations based on the net revenue of the Hazel Project. As of December 31, 2023, this obligation was $3,364,823.35. The Table above shows the cash flow post payment obligations. The Table projects that this obligation will be fully paid in the year 2036.
This report is followed by a detailed cash flow, followed by a production plot.
-Qualifications of the evaluator are attached.
Submitted,
/s/ Amiel David
Amiel David, Ph.D., P.E. #50970
For PeTech Enterprises, Inc. Registration# F-15360
Date: 3/13/2024 12:52:45 PM | ECONOMIC SUMMARY PROJECTION | Grand Total | |||||||||
Case Type: | Summary Case | Report Date: | 1/1/2024 | ||||||
Scenario: | TORCH0324 | Discount Date: | 1/1/2024 | ||||||
Discount Rate: | 10.00% | ||||||||
Cum Oil (Mbbl) : | 137.28 | ||||||||
Cum Gas (MMcf) : | 16.42 |
Year | Gross Oil | Gross Gas | Net Oil | Net Gas | Oil Price | Gas Price | Oil Revenue | Gas Revenue | Misc. Revenue | |||||||||
Ending | (Mbbl) | (MMcf) | (Mbbl) | (MMcf) | ($/bbl) | ($/Mcf) | (M$) | (M$) | (M$) | |||||||||
12/2024 | 13.40 | 6.63 | 8.04 | 3.98 | 76.00 | 2.00 | 610.96 | 7.96 | 0.00 | |||||||||
12/2025 | 10.78 | 5.61 | 6.47 | 3.36 | 76.00 | 2.00 | 491.54 | 6.73 | 0.00 | |||||||||
12/2026 | 9.10 | 4.88 | 5.46 | 2.93 | 76.00 | 2.00 | 414.77 | 5.86 | 0.00 | |||||||||
12/2027 | 7.90 | 4.32 | 4.74 | 1.59 | 76.00 | 2.00 | 360.37 | 5.19 | 0.00 | |||||||||
12/2028 | 7.03 | 3.89 | 4.22 | 2.34 | 76.00 | 2.00 | 320.49 | 4.67 | 0.00 | |||||||||
12/2029 | 6.31 | 3.52 | 3.79 | 2.11 | 76.00 | 2.00 | 287.87 | 4.23 | 0.00 | |||||||||
12/2030 | 5.76 | 3.23 | 3.45 | 1.94 | 76.00 | 2.00 | 262.43 | 3.87 | 0.00 | |||||||||
12/2031 | 5.30 | 2.98 | 3.18 | 1.79 | 76.00 | 2.00 | 241.53 | 3.57 | 0.00 | |||||||||
12/2032 | 4.92 | 2.77 | 2.95 | 1.66 | 76.00 | 2.00 | 224.57 | 3.32 | 0.00 | |||||||||
12/2033 | 4.57 | 2.58 | 2.74 | 1.55 | 76.00 | 2.00 | 208.61 | 3.09 | 0.00 | |||||||||
12/2034 | 4.27 | 2.42 | 2.56 | 1.45 | 76.00 | 2.00 | 194.90 | 2.90 | 0.00 | |||||||||
12/2035 | 4.00 | 2.27 | 2.40 | 1.36 | 76.00 | 2.00 | 182.53 | 2.73 | 0.00 | |||||||||
12/2036 | 3.77 | 2.15 | 2.26 | 1.29 | 76.00 | 2.00 | 171.77 | 2.58 | 0.00 | |||||||||
12/2037 | 3.53 | 2.03 | 2.12 | 1.22 | 76.00 | 2.00 | 160.99 | 2.44 | 0.00 | |||||||||
12/2038 | 3.32 | 1.93 | 1.99 | 1.16 | 76.66 | 2.00 | 151.34 | 2.32 | 0.00 | |||||||||
Rem. | 35.25 | 25.92 | 21.15 | 15.55 | 76.66 | 2.00 | 1,607.51 | 31.11 | 0.00 | |||||||||
Total | 129.21 | 77.14 | 77.53 | 46.28 | 76.00 | 2.00 | 5,892.19 | 92.57 | 0.00 | |||||||||
Ult | 266.50 | 93.57 |
Total | Net Tax | Net Tax | Net | Net | Net | Misc. | Net | Annual | Cum Disc. | |||||||||||
Year | Wells | Production | Local | Investment | Fixed Costs | Well Costs | Costs | Profits | Cash Flow | Cash Flow | ||||||||||
Ending | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | |||||||||||
12/2024 | 2.00 | 28.72 | 14.76 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 546.65 | 520.33 | ||||||||||
12/2025 | 2.00 | 23.13 | 11.88 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 434.46 | 896.09 | ||||||||||
12/2026 | 2.00 | 19.53 | 10.03 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 362.27 | 1,180.87 | ||||||||||
12/2027 | 2.00 | 16.97 | 8.71 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 311.07 | 1,403.14 | ||||||||||
12/2028 | 2.00 | 15.10 | 7.75 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 273.50 | 1,580.77 | ||||||||||
12/2029 | 2.00 | 13.57 | 6.96 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 242.77 | 1,724.07 | ||||||||||
12/2030 | 2.00 | 12.37 | 6.35 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 218.79 | 1,841.48 | ||||||||||
12/2031 | 2.00 | 11.38 | 5.84 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 199.08 | 1,938.60 | ||||||||||
12/2032 | 2.00 | 10.59 | 5.43 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 183.08 | 2,019.79 | ||||||||||
12/2033 | 2.00 | 9.83 | 5.05 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 168.02 | 2,087.51 | ||||||||||
12/2034 | 2.00 | 9.19 | 4.72 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 155.09 | 2,144.35 | ||||||||||
12/2035 | 2.00 | 8.61 | 4.42 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 143.44 | 2,192.14 | ||||||||||
12/2036 | 2.00 | 8.10 | 4.16 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 133.30 | 2,232.51 | ||||||||||
12/2037 | 2.00 | 7.59 | 3.90 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 123.14 | 2,266.41 | ||||||||||
12/2038 | 2.00 | 7.14 | 3.66 | 0.00 | 28.80 | 0.00 | 0.00 | 0.00 | 114.05 | 2,294.96 | ||||||||||
Rem. | 76.32 | 39.06 | 0.00 | 552.00 | 0.00 | 0.00 | 0.00 | 971.24 | 136.76 | |||||||||||
Total | 273.13 | 142.67 | 0.00 | 984.00 | 0.00 | 0.00 | 0.00 | 4,579.97 | 2,431.72 | |||||||||||
Present Worth Profile (M$) | ||||||||||||||||||||
PW | 9.00%: | 2,546.51 | ||||||||||||||||||
PW | 10.00%: | 2,431.72 | ||||||||||||||||||
PW | 12.00%: | 2,234.05 | ||||||||||||||||||
ROInvestment (disc/undisc): | - / - | PW | 15.00%: | 1,998.10 | ||||||||||||||||
Years to Payout | - | PW | 20.00% | 1,711.70 | ||||||||||||||||
Internal ROR (%): | >1000% | PW | 30.00% | 1,355.56 | ||||||||||||||||
TRC Eco Detailed Page 1 |
Date: 3/13/2024 12:52:45 PM | ECONOMIC PROJECTION | ||||
Report Date: | 1/1/2024 | Case: | FLYING B RANCH 3H | ||
Case Type: | Standard Case | Discount Date: | 1/1/2024 | Reserve Cat.: | ProvedProducing |
Scenario: | TORCH0324 | Discount Rate: | 10.00% | Field: | GARDEN CITY, S. |
Operator: | MAVERICK OPERATING LLC | ||||
Cum Oil (Mbbl): | 86.82 | Reservoir: | WOLFCAMP | ||
Cum Gas (BBcf): | 12.64 | Co., State: | STERLING, TX | ||
Year | Gross Oil | Gross Gas | Net Oil | Net Gas | Oil Price | Gas Price | Oil Revenue | Gas Revenue | Misc. Revenue | |||||||||
Ending | (Mbbl) | (MMcf) | (Mbbl) | (MMcf) | ($/bbl) | ($/Mcf) | (M$) | (M$) | (M$) | |||||||||
12/2024 | 6.20 | 6.19 | 3.72 | 3.71 | 76.00 | 2.00 | 282.58 | 7.43 | 0.00 | |||||||||
12/2025 | 5.10 | 5.27 | 3.06 | 3.16 | 76.00 | 2.00 | 232.53 | 6.33 | 0.00 | |||||||||
12/2026 | 4.40 | 4.60 | 2.64 | 2.76 | 76.00 | 2.00 | 200.44 | 5.52 | 0.00 | |||||||||
12/2027 | 3.89 | 4.08 | 2.34 | 2.45 | 76.00 | 2.00 | 177.55 | 4.90 | 0.00 | |||||||||
12/2028 | 3.52 | 3.68 | 2.11 | 2.21 | 76.00 | 2.00 | 160.67 | 4.42 | 0.00 | |||||||||
12/2029 | 3.22 | 3.33 | 1.93 | 2.00 | 76.00 | 2.00 | 146.60 | 4.00 | 0.00 | |||||||||
12/2030 | 2.97 | 3.05 | 1.78 | 1.83 | 76.00 | 2.00 | 135.56 | 3.66 | 0.00 | |||||||||
12/2031 | 2.77 | 2.82 | 1.66 | 1.69 | 76.00 | 2.00 | 126.39 | 3.38 | 0.00 | |||||||||
12/2032 | 2.61 | 2.62 | 1.56 | 1.57 | 76.00 | 2.00 | 118.90 | 3.14 | 0.00 | |||||||||
12/2033 | 2.44 | 2.44 | 1.47 | 1.46 | 76.00 | 2.00 | 111.45 | 2.93 | 0.00 | |||||||||
12/2034 | 2.30 | 2.28 | 1.38 | 1.37 | 76.00 | 2.00 | 104.77 | 2.74 | 0.00 | |||||||||
12/2035 | 2.16 | 2.15 | 1.30 | 1.29 | 76.00 | 2.00 | 98.49 | 2.58 | 0.00 | |||||||||
12/2036 | 2.04 | 2.03 | 1.22 | 1.22 | 76.00 | 2.00 | 92.83 | 2.44 | 0.00 | |||||||||
12/2037 | 1.91 | 1.92 | 1.14 | 1.15 | 76.00 | 2.00 | 87.02 | 2.31 | 0.00 | |||||||||
12/2038 | 1.79 | 1.82 | 1.08 | 1.09 | 76.66 | 2.00 | 81.80 | 2.19 | 0.00 | |||||||||
Rem. | 22.50 | 25.55 | 13.50 | 15.33 | 76.66 | 2.00 | 1,025.80 | 30.66 | 0.00 | |||||||||
Total | 69.81 | 73.85 | 41.89 | 44.31 | 76.00 | 2.00 | 3,183.40 | 88.63 | 0.00 | |||||||||
Ult | 156.63 | 86.49 |
Total | Net Tax | Net Tax | Net | Net | Net | Misc. | Net | Annual | Cum Disc. | |||||||||||
Year | Wells | Production | Local | Investment | Fixed Costs | Well Costs | Costs | Profits | Cash Flow | Cash Flow | ||||||||||
Ending | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | |||||||||||
12/2024 | 1.00 | 13.56 | 6.91 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 255.14 | 242.81 | ||||||||||
12/2025 | 1.00 | 11.18 | 5.69 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 207.59 | 422.31 | ||||||||||
12/2026 | 1.00 | 9.64 | 4.91 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 177.01 | 561.44 | ||||||||||
12/2027 | 1.00 | 8.54 | 4.35 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 155.16 | 672.29 | ||||||||||
12/2028 | 1.00 | 7.73 | 3.93 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 139.03 | 762.57 | ||||||||||
12/2029 | 1.00 | 7.05 | 3.59 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 125.57 | 836.68 | ||||||||||
12/2030 | 1.00 | 6.51 | 3.32 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 115.00 | 898.38 | ||||||||||
12/2031 | 1.00 | 6.07 | 3.09 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 106.21 | 950.19 | ||||||||||
12/2032 | 1.00 | 5.71 | 2.91 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 99.03 | 994.10 | ||||||||||
12/2033 | 1.00 | 5.35 | 2.73 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 91.90 | 1,031.14 | ||||||||||
12/2034 | 1.00 | 5.03 | 2.56 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 85.52 | 1,062.48 | ||||||||||
12/2035 | 1.00 | 4.73 | 2.41 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 79.53 | 1,088.98 | ||||||||||
12/2036 | 1.00 | 4.46 | 2.27 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 74.15 | 1,111.43 | ||||||||||
12/2037 | 1.00 | 4.18 | 2.13 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 68.62 | 1,130.32 | ||||||||||
12/2038 | 1.00 | 3.93 | 2.00 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 63.66 | 1,146.26 | ||||||||||
Rem. | 49.52 | 25.17 | 0.00 | 374.40 | 0.00 | 0.00 | 0.00 | 607.37 | 80.13 | |||||||||||
Total | 153.17 | 77.97 | 0.00 | 590.40 | 0.00 | 0.00 | 0.00 | 2,450.48 | 1,226.39 | |||||||||||
Abandonment Date: | 1/1/2065 | Present Worth Profile (M$) | ||||||||||||||||||
Major Phase: | Oil | Working Int: | 0.80000000 | PW | 9.00%: | 1,288.74 | ||||||||||||||
Initial Rate: | 578.27 | bbl/month | Revenue Int: | 0.60000000 | PW | 10.00%: | 1,226.39 | |||||||||||||
Abandonment: | 29.02 | bbl/month | Royalty Int: | 0.00000000 | PW | 12.00%: | 1,119.86 | |||||||||||||
Initial Decline: | 23.13 | % year b=1.500 | ROInvestment (disc/undisc): | - / - | PW | 15.00%: | 994.14 | |||||||||||||
Beg Ratio: | 0.97 | Mcf/bbl | Years to Payout: | - | PW | 20.00% | 843.63 | |||||||||||||
End Ratio: | 1.35 | Mcf/bbl | Internal ROR (%): | >1000% | PW | 30.00% | 659.80 | |||||||||||||
TRC Eco Detailed Page 2 |
Date: 3/13/2024 12:52:45 PM | ECONOMIC PROJECTION | ||||
Report Date: | 1/1/2024 | Case: | FLYING -B- RANCH 4 | ||
Case Type: | Standard Case | Discount Date: | 1/1/2024 | Reserve Cat.: | ProvedProducing |
Scenario: | TORCH0324 | Discount Rate: | 10.00% | Field: | GARDEN CITY, S. |
Operator: | MAVERICK OPERATING LLC | ||||
Cum Oil (Mbbl): | 50.46 | Reservoir: | WOLFCAMP | ||
Cum Gas (BBcf): | 3.79 | Co., State: | TOM GREEN, TX | ||
Year | Gross Oil | Gross Gas | Net Oil | Net Gas | Oil Price | Gas Price | Oil Revenue | Gas Revenue | Misc. Revenue | |||||||||
Ending | (Mbbl) | (MMcf) | (Mbbl) | (MMcf) | ($/bbl) | ($/Mcf) | (M$) | (M$) | (M$) | |||||||||
12/2024 | 7.20 | 0.45 | 4.32 | 0.27 | 76.00 | 2.00 | 328.38 | 0.54 | 0.00 | |||||||||
12/2025 | 5.68 | 0.34 | 3.41 | 0.20 | 76.00 | 2.00 | 259.01 | 0.40 | 0.00 | |||||||||
12/2026 | 4.70 | 0.28 | 2.82 | 0.17 | 76.00 | 2.00 | 214.33 | 0.33 | 0.00 | |||||||||
12/2027 | 4.01 | 0.24 | 2.41 | 0.14 | 76.00 | 2.00 | 182.83 | 0.29 | 0.00 | |||||||||
12/2028 | 3.50 | 0.21 | 2.10 | 0.13 | 76.00 | 2.00 | 159.81 | 0.25 | 0.00 | |||||||||
12/2029 | 3.10 | 0.19 | 1.86 | 0.11 | 76.00 | 2.00 | 141.27 | 0.23 | 0.00 | |||||||||
12/2030 | 2.78 | 0.17 | 1.67 | 0.10 | 76.00 | 2.00 | 126.87 | 0.21 | 0.00 | |||||||||
12/2031 | 2.53 | 0.16 | 1.52 | 0.10 | 76.00 | 2.00 | 115.14 | 0.19 | 0.00 | |||||||||
12/2032 | 2.32 | 0.15 | 1.39 | 0.09 | 76.00 | 2.00 | 105.67 | 0.18 | 0.00 | |||||||||
12/2033 | 2.13 | 0.14 | 1.28 | 0.08 | 76.00 | 2.00 | 97.15 | 0.17 | 0.00 | |||||||||
12/2034 | 1.98 | 0.13 | 1.19 | 0.08 | 76.00 | 2.00 | 90.12 | 0.16 | 0.00 | |||||||||
12/2035 | 1.84 | 0.13 | 1.11 | 0.08 | 76.00 | 2.00 | 84.04 | 0.15 | 0.00 | |||||||||
12/2036 | 1.73 | 0.12 | 1.04 | 0.07 | 76.00 | 2.00 | 78.94 | 0.14 | 0.00 | |||||||||
12/2037 | 1.62 | 0.11 | 0.97 | 0.07 | 76.00 | 2.00 | 73.97 | 0.14 | 0.00 | |||||||||
12/2038 | 1.52 | 0.11 | 0.91 | 0.06 | 76.66 | 2.00 | 69.54 | 0.13 | 0.00 | |||||||||
Rem. | 12.76 | 0.37 | 7.65 | 0.22 | 76.66 | 2.00 | 581.71 | 0.45 | 0.00 | |||||||||
Total | 59.40 | 3.29 | 35.64 | 1.97 | 76.00 | 2.00 | 2,708.79 | 3.95 | 0.00 | |||||||||
Ult | 109.86 | 7.08 |
Total | Net Tax | Net Tax | Net | Net | Net | Misc. | Net | Annual | Cum Disc. | |||||||||||
Year | Wells | Production | Local | Investment | Fixed Costs | Well Costs | Costs | Profits | Cash Flow | Cash Flow | ||||||||||
Ending | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | (M$) | |||||||||||
12/2024 | 1.00 | 15.15 | 7.84 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 291.52 | 277.53 | ||||||||||
12/2025 | 1.00 | 11.95 | 6.19 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 226.88 | 473.78 | ||||||||||
12/2026 | 1.00 | 9.89 | 5.12 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 185.26 | 619.43 | ||||||||||
12/2027 | 1.00 | 8.43 | 4.37 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 155.91 | 730.85 | ||||||||||
12/2028 | 1.00 | 7.37 | 3.82 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 134.48 | 818.20 | ||||||||||
12/2029 | 1.00 | 6.52 | 3.37 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 117.20 | 887.39 | ||||||||||
12/2030 | 1.00 | 5.85 | 3.03 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 103.79 | 943.10 | ||||||||||
12/2031 | 1.00 | 5.31 | 2.75 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 92.87 | 988.41 | ||||||||||
12/2032 | 1.00 | 4.88 | 2.52 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 84.05 | 1,025.69 | ||||||||||
12/2033 | 1.00 | 4.48 | 2.32 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 76.12 | 1,056.37 | ||||||||||
12/2034 | 1.00 | 4.16 | 2.15 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 69.57 | 1,081.87 | ||||||||||
12/2035 | 1.00 | 3.88 | 2.01 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 63.91 | 1,103.16 | ||||||||||
12/2036 | 1.00 | 3.64 | 1.89 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 59.16 | 1,121.08 | ||||||||||
12/2037 | 1.00 | 3.41 | 1.77 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 54.52 | 1,136.09 | ||||||||||
12/2038 | 1.00 | 3.21 | 1.66 | 0.00 | 14.40 | 0.00 | 0.00 | 0.00 | 50.39 | 1,148.70 | ||||||||||
Rem. | 26.80 | 13.88 | 0.00 | 374.40 | 0.00 | 0.00 | 0.00 | 363.87 | 56.63 | |||||||||||
Total | 124.95 | 64.69 | 0.00 | 590.40 | 0.00 | 0.00 | 0.00 | 2,129.49 | 1,205.33 | |||||||||||
Abandonment Date: | 1/1/2065 | Present Worth Profile (M$) | ||||||||||||||||||
Major Phase: | Oil | Working Int: | 0.80000000 | PW | 9.00%: | 1,257.77 | ||||||||||||||
Initial Rate: | 685.18 | bbl/month | Revenue Int: | 0.60000000 | PW | 10.00%: | 1,205.33 | |||||||||||||
Abandonment: | 0.00 | bl/month | Royalty Int: | 0.00000000 | PW | 12.00%: | 1,114.18 | |||||||||||||
Initial Decline: | 25.98 | % year b=1.000 | ROInvestment (disc/undisc): | - / - | PW | 15.00%: | 1,003.96 | |||||||||||||
Beg Ratio: | 0.06 | Mcf/bbl | Years to Payout: | - | PW | 20.00% | 868.07 | |||||||||||||
End Ratio: | 0.00 | Mcf/bbl | Internal ROR (%): | >1000% | PW | 30.00% | 695.76 | |||||||||||||
TRC Eco Detailed Page 3 |
Gas | Oil | Water | ||||||
Qi (RptDate) = | 561.032 | Mcf/month | 578.274 | bbl/month | 666.740 | bbl/month | ||
Qf(ECL) = | 39.068 | Mcf/month | 29.020 | bbl/month | 52.995 | bbl/month | ||
Decline = | 16.917 | % | 23.133 | % | 18.713 | % | ||
b = | 1.000 | 1.500 | 1.500 | |||||
Proj. Cum = | 12.637 | MMcf | 86.823 | Mbbl | 235.906 | Mbbl | ||
Reserves = | 73.851 | MMcf | 69.811 | Mbbl | 94.870 | Mbbl | ||
Ult.= | 86.489 | MMcf | 156.635 | Mbbl | 330.776 | Mbbl |
Abandonment Date : 1/1/2065 Life: 41.00 Years
TRC Graphs Only Page 1 |
Gas | Oil | Water | ||||||
Qi (RptDate) = | 44.526 | Mcf/month | 685.181 | bbl/month | 3,801.557 | bbl/month | ||
Qf(ECL) = | 0.000 | Mcf/month | 0.000 | bbl/month | 634.394 | bbl/month | ||
Decline = | 36.429 | % | 25.980 | % | 21.835 | % | ||
b = | 1.500 | 1.000 | 2.000 | |||||
Proj. Cum = | 3.787 | MMcf | 50.461 | Mbbl | 161.331 | Mbbl | ||
Reserves = | 3.290 | MMcf | 59.403 | Mbbl | 478.058 | Mbbl | ||
Ult.= | 7.077 | MMcf | 109.864 | Mbbl | 639.390 | Mbbl |
Abandonment Date : 5/1/2051 Life: 27.33 Years
TRC Graphs Only Page 2 |
AmieI David AmieI David is a Registered Petroleum Engineer in the State of Texas, having license# 50970. Amiel is the owner of Pelech Enterprises, Inc having a Firm Registration number F-15360. Amiel has been practicing petroleum engineering since his college graduation and as a Professional Registered Engineer since 1982. His consulting practice covers all major basins in the US and Canada. He also performed evaluations on assets outside North America. Amiel graduated from the U of Tulsa with a BS in Petroleum Engineering, from the U of Pennsylvania with a MSE in Chemical Engineering, from Stanford U with a PhD in Petroleum Engineering, and an MBA from the U of Pittsburgh. Amiel is a member of the Society of Petroleum Engineers and The Society of Petroleum Evaluation Engineers. He has authored over twenty papers on subjects related to his profession.