International Petroleum Corporation Announces Completion of Acquisition in Suffield Area, Alberta, Canada
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce completion of the acquisition of oil and gas assets in the Suffield area, southern Alberta on the terms as previously announced on February 6, 2023.
Mike Nicholson, IPC's Chief Executive Officer, comments: “We are very pleased to complete the acquisition of almost 16 million barrels of oil equivalent (boe) of proved plus probable (2P) reserves adjacent to our existing Suffield area assets in Alberta. We forecast average net daily production from these assets of approximately 4,000 boe for 2023, with recent net daily production rates in excess of 5,000 boe. The 2023 Ellerslie drilling program continues both on these acquired lands and on IPC’s existing Suffield area assets. With strong operational performance across all of our areas of operations, IPC expects to be above the high end of our average daily production guidance for the first quarter of 2023.“
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol "IPCO".
For further information, please contact:
VP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50
Tel: +46 701 11 26 15
The information was submitted for publication, through the contact persons set out above, at 08:00 CET on March 6, 2023.
This press release contains statements and information which constitute "forward-looking statements" or "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Corporation's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", “forecast”, "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "budget" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Forward-looking statements include, but are not limited to, statements with respect to:
- 2023 production range, operating costs and capital and decommissioning expenditure estimates;
- Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
- The continued facility uptime and reservoir performance in IPC’s areas of operation;
- The ability of IPC to achieve and maintain current and forecast production and take advantage of production growth and development upside opportunities related to the oil and gas assets in the Suffield area acquired in 2023;
- The ability of IPC to integrate the oil and gas assets in the Suffield area acquired in 2023 into its current operations;
- The existence of drill-ready opportunities in respect of the oil and gas assets in the Suffield area acquired in 2023 and their ability to add further near-term production; and
- Future drilling and other exploration and development activities.
Statements relating to "reserves" and "contingent resources" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.
Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2021, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk and Uncertainties”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR website (www.sedar.com) or IPC's website (www.international-petroleum.com).
Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.
Disclosure of Oil and Gas Information
Reserve estimates and estimates of future net revenue in respect of the oil and gas assets in the Suffield area acquired in 2023 are effective as of December 31, 2022, and have been audited by a qualified reserves auditor (as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101)), in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook), and using the December 31, 2022 price forecasts of Sproule Associates Limited (Sproule).
The price forecasts are available on the website of Sproule (sproule.com). These price forecasts are as at December 31, 2022 and may not be reflective of current and future forecast commodity prices.
IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.
All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
CNH Industrial: Periodic Report on a third $50 million tranche of $300 million Buyback Program29.3.2023 22:30:00 CEST | Press release
London, March 29, 2023 CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that under a third $50 million tranche (the “Third Tranche”) in the framework of its $300 million common share buyback program, the Company completed transactions in the period March 20, 2023 to March 24, 2023, reported in aggregate, as set forth in the table below. After the purchases announced today and considering those previously executed under the Third Tranche, the total invested amount is approximately €20,017,834.02 ($21,418,144.90) for a total amount of 1,496,705 common shares purchased. DateNumber of common shares purchasedAverage price per share excluding feesConsideration excluding fees Consideration (**) excluding fees(€)(€)($) March 20, 2023 139,705 12.9545 1,809,808.42 1,939,571.69 March 22, 2023 183,000 13.6446 2,496,961.80 2,692,973.30 March 23, 2023 256,000 13.4840 3,451,904.00 3,755,326.36 March 24, 2023 262,000 13.3041 3,485,674.20 3,745,356.93 840,705-11,244,348.4212,133,228.28 As of March
Forløb af Lollands Banks generalforsamling den 29. marts 2023.29.3.2023 22:23:38 CEST | pressemeddelelse
Vedhæftet ovennævnte selskabsmeddelelse. Vedhæftet fil Københavns Fondsbørs forløb generalforsamling 2023
Transactions with Shares and Linked Securities in Genmab A/S Made by Managerial Employees and Their Closely Associated Persons29.3.2023 22:19:21 CEST | Press release
Company Announcement COPENHAGEN, Denmark; March 29, 2023 –Genmab A/S (Nasdaq:GMAB) -In accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523, this document discloses the data of the transactions made in Genmab A/S (Nasdaq: GMAB) by managerial employees and their closely associated persons. The vesting of the restricted stock units granted to Jan G. J. van de Winkel and Anthony Pagano will be subject to forward looking performance criteria and consequently represent the maximum opportunity available if the performance targets have been significantly exceeded. The company’s managerial employees and their closely associated persons have given Genmab A/S power of attorney on their behalf to publish trading in Genmab shares by the company’s managerial employees and their closely associated persons. About Genmab Genmab is an international biotechnology company with a core purpose guiding its unstoppable team to strive towards improving the
Constitution of the Board of Directors in Genmab A/S, Grant of Restricted Stock Units to Management and Employees and Grant of Warrants to Employees in Genmab29.3.2023 22:10:21 CEST | Press release
Company Announcement COPENHAGEN, Denmark; March 29, 2023 –Genmab A/S (Nasdaq:GMAB) Following Genmab A/S’ Annual General Meeting held on March 29, 2023, the Company’s Board of Directors met to constitute itself. Ms. Deirdre P. Connelly was appointed Chair and Ms. Pernille Erenbjerg was appointed Deputy Chair. It was decided to grant90,054restricted stock units to members of managementand employees of the Company and the Company’s subsidiaries and16,276warrants to the employees of the Company andthe Company’s subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a right and obligation to receive one share in Genmab A/S of nominally DKK 1. The vesting of the restricted stock units granted to the members of executive management will be subject to forward looking performance criteria and consequently represent the maximum opportunity available if the performance targets have been significantly exceeded. The fair value of each restricted stock unit is equa
US healthcare executive Dr. Ninfa Saunders, DHA, MVA, MSN, FACHE and other Board members to be nominated at general meeting; Chris Lindop not standing for re-election.29.3.2023 22:02:33 CEST | Press release
March 29, 2023 Announcement no. 2 US healthcare executive Dr. Ninfa Saunders, DHA,MVA, MSN, FACHEand other Board members to be nominated at general meeting; Chris Lindop not standing for re-election. COPENHAGEN, DENMARK and BOSTON, MA, USA, March 29, 2023, (GLOBE NEWSWIRE) – The Board of Directors of BioPorto A/S (BioPorto or Company) (CPH:BIOPOR) announces that Chris Lindop, Chairman of the Board of Directors, has for personal reasons decided not to stand for re-election at the upcoming ordinary general meeting. The Board plans to appoint current Vice Chairman, John McDonough, as the new Chairman following the AGM on April 27, 2023. “I am proud to have helped shepherd BioPorto through this period of significant change and opportunity,” said Mr. Lindop. “I am very confident in the Board, Management, and entire team as they commercialize NGAL tests for Acute Kidney Injury (AKI) in Europe and pursue approval of the first authorized AKI biomarker in the US.” The Board also announces that