EXHIBIT 99.1
FOR IMMEDIATE RELEASE
March 11, 2014
THREE FORKS, INC. ANNOUNCES 2013 YEAR-END RESERVES
PROVED RESERVES TOTAL 522,900 BOE WITH PV-10 VALUE OF $16.0 MILLION*
Broomfield, CO - Three Forks, Inc., an independent oil and gas exploration and
production company with operations and assets in Texas, Oklahoma and Louisiana,
today announced a summary of its 2013 year-end reserves.
The reserve study, which was conducted by Ralph E. Davis Associates, Inc., an
independent, third party reserves-valuation company based in Houston, TX, showed
total proved reserves of 522,900 BOE having a PV-10 value of approximately $16.0
million.
Proved developed producing reserves totaled 253,500 BOE, representing 48% of
overall proved reserves. Proved developed non-producing reserves totaled 197,700
BOE and proved undeveloped reserves totaled 71,700 BOE.
"During 2013, Three Forks invested approximately $5.2 million in acquisitions,
workovers and new drilling on projects in Oklahoma, Texas and Louisiana," said
Chuck Pollard, President of Three Forks. "These investments resulted in the
accumulation of more than 522,000 BOE with an approximate PV-10 value of $16.0
million, which we view as a very solid return for our stockholders. In 2014, we
will continue to evaluate opportunities to acquire producing properties with
potential to increase production through a combination of new drilling,
workovers and lease optimization techniques."
RESERVES AT DECEMBER 31, 2013*
PROVED PROVED
DEVELOPED DEVELOPED PROVED TOTAL
PRODUCING NON-PRODUCING UNDEVELOPED PROVED
---------- ------------- ----------- ----------
Net Oil MBO 222.4 197.7 43.9 464.0
Net Natural Gas MMCF 186.5 0.0 166.8 353.3
Oil and Natural Gas MBOE 253.5 197.7 71.7 522.9
PV-10 M$ 7,866.3 7,033.7 1,105.9 16,005.9
*NYMEX Escalated Futures Prices
ABOUT THREE FORKS, INC.
Three Forks, Inc. is an independent energy company engaged in acquiring,
exploring, developing and producing crude oil and natural gas primarily in the
western United States. The Company is led by a seasoned team of executives with
deep experience in the energy industry and capital formation. Three Forks has
interests in producing wells in Oklahoma, Texas and Louisiana and is actively
pursuing drilling programs in all three locations. In addition, the Company is
pursuing numerous opportunities in prolific oil producing regions, especially in
areas where the team has operational or technical expertise. The Company is
focused on building a portfolio of lower risk, long-lived oil producing assets
that generate stable cash flows. Three Forks is headquartered in Broomfield,
Colorado.
FORWARD-LOOKING STATEMENTS
This news release includes statements that may constitute "forward-looking"
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Forward looking statements are statements
that are not historical facts and are generally, but not always, identified by
word such as "expects," "plans," "anticipates," "believes," "intends,"
"estimates," projects," "potential" and similar expressions. Forward-looking
statements in this document include statements regarding the Company's plans and
expectations for future drilling and workovers; expectations that the Company
can fund anticipated capital projects; expectations regarding recoveries; and
plans to acquire additional producing properties. Factors that could cause or
contribute to such differences include, but are not limited to, fluctuations in
the prices of oil and gas, uncertainties inherent in estimating quantities of
oil and gas reserves and projecting future rates of production and timing of
development activities, competition, operating risks, acquisition risks,
liquidity and capital requirements, the effects of governmental regulation,
adverse changes in the market for the Company's oil and gas production,
dependence upon third-party vendors, and other risks detailed from time to time
in the Company's reports filed with the Securities and Exchange Commission.
Contact:
Chuck Pollard, President
303-404-2160