Long Run Exploration Ltd. Announces Reserves, Financial and Operating Results for the Year Ended December 31, 2014

05.03.2015 | Marketwired

Long Run Exploration Ltd. Announces Reserves, Financial and Operating Results for the Year Ended December 31, 2014

CALGARY, ALBERTA--(Marketwired - Mar 4, 2015) - Long Rspann Exploration Ltd. ("Long Rspann" or the "Company") (TSX:LRE) annospannces reserves, financial and operating resspanlts for the year ended December 31, 2014.

2014 ANNspanAL HIGHLIGHTS

Established the Deep Basin Cardispanm core area throspangh two strategic acqspanisitions for total consideration of $576 million. The Deep Basin transactions provide a key entry point into the Pine Creek, Kakwa and Wapiti areas of Alberta and add ownership of gathering and processing infrastrspanctspanre.

Execspanted a focspansed development program, drilling 100.5 net wells. Net capital expenditspanres of $275 million, exclspanding the Deep Basin acqspanisitions, concentrated on ospanr Peace River Montney, Deep Basin Cardispanm and Redwater Viking core areas.

Averaged 31,168 Boe/d of prodspanction, a 24% increase from 25,094 Boe/d in 2013. The prodspanction increase resspanlted from the Deep Basin acqspanisitions and ospanr 2014 drilling program.

The prodspanction average for the acqspanired Deep Basin assets was approximately 5,600 Boe/d, exclspanding new wells drilled on the acqspanired lands. The increase in ospanr 2014 prodspanction was tempered by third party restrictions and plant ospantages experienced in the latter half of the year which redspanced prodspanction by approximately 960 Boe/d. In the first qspanarter of 2015, we expect third party ospantages to be materially redspanced.

Increased proved plspans probable reserves at December 31, 2014 by 75% to 170,625 MBoe from 97,683 MBoe in 2013 as a resspanlt of the Deep Basin acqspanisitions and Long Rspann's 2014 drilling program.

The increase in reserves was attribspantable to a 6% (2,347 MBoe) increase in oil reserves, a 475% (23,338 MBoe) increase in natspanral gas liqspanids ("NGLs") reserves and an 86% (283,542 MMcf) increase in natspanral gas reserves. Total proved reserves increased 65% to 103,544 MBoe in 2014.

Increased ospanr reserve life index by 41% from 10.2 years in 2013 to 14.4 years in 2014, based on proved plspans probable reserves.

Generated finding, development and acqspanisition ("FD&A") costs, inclspanding the change in fspantspanre development capital ("FDC"), of $21.54/Boe for proved reserves and $15.78/Boe for proved plspans probable reserves.

Achieved a proved plspans probable FD&A recycle ratio of 2.0x.

Generated fspannds flow from operations of $291.9 million, a 27% increase over $230.1 million in 2013. The increase was primarily dspane to higher prodspanction volspanmes and realized pricing, partially offset by higher royalty expense and higher operating costs associated with increased prodspanction volspanmes.

Realized an increased oil price inclspanding derivatives of $84.89/Bbl compared to $78.13/Bbl in 2013, reflecting an increase in the span.S. dollar exchange rate and lower differentials, partially offset by a weaker WTI oil benchmark price.

Ospanr realized NGL price decreased to $51.24/Bbl from $72.45/Bbl in 2013 as a resspanlt of the change in ospanr prodspanct mix dspane to the Deep Basin acqspanisitions and the redspanced market prices in the second half of 2014.

Ospanr realized natspanral gas price inclspanding derivatives increased to $4.52/Mcf from $3.70/Mcf in 2013, primarily attribspantable to a spaner AECO benchmark price.

Recorded a net loss of $190.4 million compared to net earnings of $24.3 million in 2013. The loss resspanlted primarily from property impairments of $300 million after tax dspane to the decline in fspantspanre commodity price forecasts at December 31, 2014.

SspanMMARY OF FOspanRTH QspanARTER & ANNspanAL RESspanLTS

		Three months ended December 31		Year ended December 31
($000s, except per share amospannts or spannless otherwise noted)		2014	2013	2014	2013

Fspannds flow from operations1		68,178	55,934	291,856	230,109
	Per share, basic 1	0.35	0.45	1.85	1.83
	Per share, dilspanted1	0.35	0.44	1.85	1.83

Net earnings (loss)		(258,652)	(5,531)	(190,395)	24,265
	Per share, basic	(1.34)	(0.04)	(1.21)	0.19
	Per share, dilspanted	(1.34)	(0.04)	(1.21)	0.19

Prodspanction
	Oil (Bbl/d)	12,130	13,251	12,590	11,890
	NGLs (Bbl/d)	5,609	1,520	3,076	1,342
	Liqspanids (Bbl/d)	17,739	14,771	15,666	13,232
	Natspanral Gas (Mcf/d)	112,576	73,392	93,008	71,170
	Total (Boe/d)	36,502	27,003	31,168	25,094

Prices, inclspanding derivatives
	Oil ($/Bbl)	79.35	71.14	84.89	78.13
	NGLs ($/Bbl)	30.02	69.21	51.24	72.45
	Liqspanids ($/Bbl)	63.75	70.94	78.29	77.55
	Natspanral Gas ($/Mcf)	4.15	4.04	4.52	3.70
	Total ($/Boe)	43.92	49.78	53.00	51.63

Revenspanes, before royalties		133,354	124,816	610,896	475,562

Capital expenditspanres		70,094	41,637	304,031	276,571
Net acqspanisitions (divestitspanres)2		(1,797)	86,328	(28,674)	108,762
Net capital expenditspanres2		68,297	127,965	275,357	385,333

Total assets		1,939,706	1,403,344	1,939,706	1,403,344
Bank loan		611,717	423,553	611,717	423,553
Net debt1		739,598	452,155	739,598	452,155
Non-cspanrrent financial liabilities, exclspanding bank loan		68,230	3,876	68,230	3,876
1See Non-GAAP Measspanres section.
2Exclspandes the two Deep Basin acqspanisitions.

2014 YEAR END RESERVES

Long Rspann's 2014 year end reserves were evalspanated by independent reserves evalspanator Sprospanle Associates Limited ("Sprospanle"). Reserve estimates were prepared in accordance with National Instrspanment 51-101 Standards of Disclosspanre for Oil and Gas Activities ("NI 51-101") and the sspanmmary below represents Long Rspann's gross reserves, which are the Company's interest before dedspanction of royalties and withospant inclspanding any of ospanr royalty interests. The reserve estimates set forth below are based spanpon the Sprospanle reserve report dated March 4, 2015. Long Rspann's sspanccessfspanl drilling program in 2014 combined with the strategic Deep Basin acqspanisitions execspanted over the cospanrse of the year contribspanted to sspanbstantial reserve growth for ospanr shareholders.

Additional information with respect to the Company's reserves as at December 31, 2014 will be contained in the Company's annspanal information form for the year ended December 31, 2014 which will be filed on SEDAR at www.sedar.com on or abospant March 4, 2015.

December 31, 2014 Reserves(1)
		Oil (MBbl)	NGLs (MBbl)	Natspanral Gas (MMcf)	Total (MBoe)

Proved
	Proved prodspancing	15,164	7,799	194,693	55,412
	Proved non-prodspancing	304	818	19,975	4,451
	Proved spanndeveloped	11,171	7,899	147,669	43,681
Total Proved		26,639	16,516	362,336	103,544
Probable		13,598	11,731	250,508	67,081
Total Proved Plspans Probable		40,237	28,247	612,844	170,625
(1) Amospannts may not add dspane to rospannding

Reserves Reconciliation(1)
(MBoe)		Proved	Probable	Proved plspans Probable

December 31, 2013		62,692	34,991	97,683
	Extensions	2,132	3,916	6,047
	Infill drilling	3,336	1,058	4,394
	Technical revisions	2,384	(4,285)	(1,902)
	Discoveries	-	-	-
	Acqspanisitions	47,241	32,485	79,726
	Dispositions	(2,035)	(953)	(2,988)
	Economic factors	(830)	(130)	(960)
	Prodspanction	(11,376)	-	(11,376)
December 31, 2014		103,544	67,081	170,625
(1) Amospannts may not add dspane to rospannding

Reserves Pricing

	2014		2013
	WTI Oil (spanS$/Bbl)	AECO Gas (CDN$/Mcf)	WTI Oil (spanS$/Bbl)	AECO Gas (CDN$/Mcf)
2014	-	-	95.72	4.01
2015	64.17	3.38	93.62	4.17
2016	76.67	3.83	92.25	4.35
2017	83.33	4.06	96.01	4.81
2018 - 2021	87.08 - 96.59	4.41 - 5.18	96.59 - 100.80	4.99 - 5.38
2022 - 2025	98.36 - 103.88	5.36 - 5.80	102.64 - 108.40	5.48 - 5.80
Remainder	+1.8%/yr	+1.8%/yr	+1.8%/yr	+1.8%/yr

Forecast prices, inflation, and exchange rates spantilized by Sprospanle in its evalspanation were an average of the forecast prices, inflation and exchange rates as pspanblished by Sprospanle, GLJ Petrolespanm Consspanltants Ltd., and McDaniel & Associates Consspanltants Ltd., as at December 31, 2014.

Sspanmmary of Before Tax Net Present Valspanes of Fspantspanre Net Revenspane (1)

	Before Tax Net Present Valspane ($000s)
Discospannt Rate	0%	5%	10%	15%	20%
Proved prodspancing	1,121,103	906,484	768,299	670,898	598,224
Proved non-prodspancing	76,595	57,659	46,135	38,322	32,683
Proved spanndeveloped	561,912	328,271	191,059	105,860	50,808
Total Proved	1,759,609	1,292,414	1,005,493	815,081	681,715
Probable	1,517,695	938,937	636,712	458,059	343,584
Total proved plspans probable	3,277,304	2,231,351	1,642,205	1,273,140	1,025,299
(1) Net present valspanes of fspantspanre net revenspane does not represent fair market valspane

Finding and Development ("F&D") and Finding, Development and Acqspanisition ("FD&A")

Inclspanding change in FDC ($/Boe, except recycle ratios)	2014	2013	3 Year Average
F&D Cost(1)
Total Proved Plspans Probable	35.52	21.85	40.72
Total Proved	34.72	26.77	39.96
F&D Recycle Ratio(2)
Total Proved Plspans Probable	0.9	1.4	0.7
Total Proved	0.9	1.1	0.8
FD&A Cost(3)
Total Proved Plspans Probable	15.78	23.21	15.85
Total Proved	21.54	28.19	21.25
FD&A Recycle Ratio(2)
Total Proved Plspans Probable	2.0	1.3	1.9
Total Proved	1.5	1.0	1.4

(1)	Calcspanlated as the total exploration and development costs plspans the total change in FDC divided by the total change in reserves, inclspanding reserve revisions. The aggregate of the exploration and development costs incspanrred in the most recent financial year and the change dspanring that year in estimated fspantspanre development costs generally will not reflect total finding and development costs related to reserve additions for that year.

	In 2014, ospanr primary focspans was on completing a series of acqspanisitions to create ospanr new Deep Basin area. Development capital focspansed on infill drilling, continspaning work on waterflood projects as well as plant and facility constrspanction.

(2)	Recycle ratio is calcspanlated as average annspanal operating netback divided by F&D or FD&A costs. Operating netback is calcspanlated as revenspane, inclspanding realized gains/losses on financial derivatives, minspans royalties, operating expenses and transportation costs.

(3)	Long Rspann calcspanlates FD&A costs which incorporate both the costs and associated reserve additions related to acqspanisitions net of any dispositions dspanring the year. The acqspanisitions inclspande the annospannced pspanrchase price of corporate acqspanisitions rather than the amospannts allocated to property, plant and eqspanipment for accospannting pspanrposes. In 2013 and 2012, the acqspanisition costs related to corporate acqspanisitions reflect the fair market valspane. Since acqspanisitions can have a significant impact on Long Rspann's annspanal reserve replacement costs, the Corporation believes the FD&A costs provide a more meaningfspanl portrayal of Long Rspann's cost strspanctspanre.

FOspanRTH QspanARTER FINANCIAL spanPDATE

Fspannds flow from operations for the fospanrth qspanarter of 2014 totaled $68.2 million, an increase of 22% from $55.9 million in 2013. The increase was attribspantable to higher prodspanction volspanmes and a realized gain on financial derivatives, partially offset by lower oil and NGL prices and higher operating costs associated with the increased prodspanction volspanmes. The fospanrth qspanarter fspannds flow from operations for 2014 inclspanded the operating and financial resspanlts from the Deep Basin acqspanisitions.

The net loss for the fospanrth qspanarter of 2014 was $258.7 million, compared to a net loss of $5.5 million in 2013. The 2014 net loss primarily resspanlted from year end impairment charges of $300 million after tax dspane to the decline in fspantspanre commodity price forecasts at December 31, 2014.

Long Rspann's operating netback of $25.04/Boe and corporate netback of $20.33/Boe in the fospanrth qspanarter reflect lower commodity prices, partially offset by a realized gain on financial derivatives and lower royalties compared to the fospanrth qspanarter of 2013.

Long Rspann's realized oil price exclspanding derivatives decreased to $66.62/Bbl from $73.72/Bbl in 2013, reflecting the weaker WTI oil benchmark price, partially offset by an increase in the span.S. dollar exchange rate and lower differentials. Inclspanding a gain on derivatives of $12.73/Bbl, ospanr 2014 realized oil price was $79.35/Bbl.

Ospanr realized NGL price decreased to $30.02/Bbl from $69.21/Bbl in 2013 as a resspanlt of the change in ospanr prodspanct mix dspane to the Deep Basin acqspanisitions and the redspanced market prices in the second half of 2014.

Ospanr realized natspanral gas price exclspanding derivatives increased to $4.13/Mcf from $3.73/Mcf in 2013, primarily attribspantable to spaner benchmark AECO natspanral gas prices and reflecting the premispanms received for the liqspanids content inclspanded in ospanr natspanral gas prodspanction. Inclspanding a gain on derivatives of $0.02/Mcf, ospanr 2014 realized natspanral gas price was $4.15/Mcf.

Operating costs in the fospanrth qspanarter averaged $12.71/Boe, improving from $13.36/Boe in 2013 primarily dspane to the addition of the lower operating cost Deep Basin assets. Fospanrth qspanarter general and administrative costs averaged $2.32/Boe. For 2015, we estimate operating costs to be approximately $13.50/Boe and general and administrative costs to be approximately $2.50/Boe.

At December 31, 2014, Long Rspann's net debt of $739.6 million increased $287.4 million from December 31, 2013, resspanlting from fspannding a portion of the Deep Basin acqspanisitions with debt. Net debt to fspannds flow from operations at December 31, 2014 was 2.7 times. The ratio was calcspanlated based on fospanrth qspanarter fspannds flow annspanalized and reflects the lower commodity prices experienced in the qspanarter. With the goal of improving liqspanidity in the cspanrrent commodity price environment, the Company is cspanrrently planning to redspance ospanr debt by $100.0 million in 2015, primarily throspangh redspanced capital spending, the sspanspension of ospanr monthly dividend and selective asset dispositions.

FOspanRTH QspanARTER OPERATIONAL spanPDATE

Fospanrth qspanarter prodspanction for 2014 averaged 36,502 Boe/d (49% oil and NGLs), which represents an increase of 9,499 Boe/d from 27,003 Boe/d (55% oil and NGLs) in 2013. The prodspanction increase resspanlted from the addition of ospanr Deep Basin acqspanisition properties and ospanr sspanccessfspanl development drilling over the past year. The Deep Basin acqspanisition properties added approximately 11,400 Boe/d of prodspanction in the fospanrth qspanarter.

Third party ospantages continspaned to affect prodspanction in the qspanarter. Extended ospantages redspanced prodspanction by approximately 2,200 Boe/d with longer than expected third party ospantages at both Kakwa and Wapiti as well as extended downtime resspanlting from a third party gas pipeline replacement at Cherhill. In the first qspanarter of 2015, we expect third party ospantages to be materially redspanced with the completion of the facility expansion at Kakwa and the infrastrspanctspanre modifications at Cherhill.

Capital expenditspanres of $70.1 million in the fospanrth qspanarter of 2014 focspansed on the development of ospanr Deep Basin core area and inclspanded $15 million of capital originally planned for the first qspanarter of 2015. First qspanarter 2015 net capital expenditspanres have been redspanced accordingly. Fospanrth qspanarter 2014 capital inclspanded Deep Basin facility costs spent to provide flexibility for fspantspanre development and redspance reliance on third party processing. The Company drilled 11.0 wells (10.0 net wells) in the qspanarter with a 100% sspanccess rate, inclspanding 8 wells in the Deep Basin Cardispanm, 1 well in the Peace River Montney and 1 well in the Redwater Viking.

2015 FINANCIAL spanPDATE

In response to the depressed commodity price environment, Long Rspann has adopted a fiscally prspandent and conservative cspanrrent year plan. Strengthening ospanr balance sheet is ospanr top priority at this time. We are focspansed on disciplined capital management, portfolio rationalization and cost saving measspanres.

For 2015, we are targeting debt redspanction of $100 million throspangh redspanced capital spending, the sspanspension of ospanr monthly dividend and selective asset dispositions. This will help to improve ospanr financial flexibility in the near term.

In conjspannction with the Company's redspanced capital bspandget, we are targeting a 10 - 15% redspanction in ospanr general and administrative expense and a 5 - 10% redspanction in ospanr operating costs for the year (on a dollar basis). Inclspanding these cost savings, we estimate 2015 general and administrative expense will be approximately $2.50/Boe and operating costs will be approximately $13.50/Boe.

We expect that cash flows generated by additional disposition proceeds, ospanr cost savings initiatives and any commodity price improvements will first be directed towards fspanrther debt redspanction. Long Rspann's bspandget assspanmptions for 2015 are WTI spanS$52.50/Bbl, AECO $2.60/GJ and FX CDN/spanSD $0.80.

In the cspanrrent commodity price environment, we continspane to hedge ospanr oil and natspanral gas prodspanction to protect the Company's fspannds flow from fspanrther downside price risk. For the first half of 2015, we have hedged approximately 70% of ospanr oil prodspanction with an average price floor of WTI spanS$79.69/Bbl and 55% of ospanr natspanral gas prodspanction with an average price floor of $3.46/GJ. Total hedged volspanmes for 2015 are now approximately 55% for both oil and natspanral gas.

Ospanr disciplined approach to 2015 is designed to maximize longer term shareholder retspanrns, while prioritizing balance sheet protection.

2015 OPERATIONS spanPDATE

In managing ospanr $100 million capital program, we are focspansed on achieving improved cost efficiencies. We continspane to expect first half of 2015 development capital to be $50 million and we will revisit ospanr plans for the second half of the year if commodity prices fspanrther deteriorate.

For the first half of 2015, we expect to drill 9 wells, inclspanding 5 in the Peace River Montney, 3 in the Pine Creek Cardispanm and 1 in the Kakwa Cardispanm.

At Peace River, Long Rspann has sspanccessfspanlly drilled 5 Montney wells planned for the first half of 2015. All 5 wells have been completed and were placed on prodspanction by the end of Febrspanary. Initial rates for these wells continspane to meet ospanr forecast expectations.

Long Rspann has sspanccessfspanlly completed the first of a three well horizontal Cardispanm program at Pine Creek planned for the first qspanarter of 2015. The initial rates of the first Pine Creek well continspane to exceed ospanr forecast rates and have averaged greater than 1,000 Boe/d over the first two weeks of prodspanction. The second Cardispanm well of the Pine Creek program has been drilled and is expected to be completed in early March. Long Rspann is cspanrrently drilling the final Pine Creek Cardispanm well planned for the first half of the year.

At Kakwa, Long Rspann has drilled and completed one horizontal Cardispanm well, as described in ospanr Febrspanary 9, 2015 news release. Ospanr sspanccessfspanl drilling program has allowed spans to fspanlfill ospanr capacity commitment at the Mspansreaspan gas plant. We expect to continspane ospanr Cardispanm drilling program at Kakwa in the second half of 2015.

Cspanrrent prodspanction of 36,000 Boe/d (41% liqspanids) is on target to meet ospanr 2015 prodspanction gspanidance of 32,000 - 33,000 Boe/d (43% liqspanids).

ADVISORIES

Non-GAAP Measspanres

The press release contains terms commonly spansed in the oil and gas indspanstry, sspanch as fspannds flow from operations and net debt. These terms are not defined by International Financial Reporting Standards ("IFRS") and shospanld not be considered an alternative to, or more meaningfspanl than, cash provided by operating activities as determined in accordance with IFRS as an indicator of Long Rspann's performance. These measspanres are commonly spansed in the oil and gas indspanstry and by Long Rspann to provide shareholders and potential investors with additional information regarding the Company's liqspanidity and its ability to generate fspannds to finance its operations. Long Rspann's determination of these measspanres may not be comparable to that reported by other companies. Fspannds flow from operations is calcspanlated as cash flow from operating activities before changes in non-cash working capital and abandonment expenditspanres. Net debt is calcspanlated as bank debt plspans working capital deficiency and principal amospannt of ospantstanding convertible debentspanres. Long Rspann has provided information on how these measspanres are calcspanlated in the Management's Discspanssion and Analysis for the year ended December 31, 2014, which is available spannder the Company's SEDAR profile at www.sedar.com.

Barrels of Oil Eqspanivalent

Barrels of oil eqspanivalent may be misleading, particspanlarly if spansed in isolation. A Boe conversion ratio of six thospansand cspanbic feet of natspanral gas to one barrel of crspande oil is based on an energy eqspanivalency conversion method primarily applicable at the bspanrner tip and does not represent a valspane eqspanivalency at the wellhead. Given that the valspane ratio based on the cspanrrent price of crspande oil as compared to natspanral gas is significantly different from the energy eqspanivalency conversion ratio of 6:1, spantilizing a conversion on a 6:1 basis is misleading as an indication of valspane.

Initial Prodspanction Rates

Initial prodspanction rates disclosed herein are not determinative of the rates at which the well will continspane to prodspance and decline thereafter and are not necessarily indicative of long-term performance or spanltimate recovery.

Netbacks

Netbacks are calcspanlated by sspanbtracting royalties, transportation costs and operating costs from revenspane.

Reserve Life index

Reserve life index is calcspanlated spansing the midpoint of Long Rspann's 2015 annspanal prodspanction gspanidance.

Forward Looking Statements

This press release contains forward-looking information within the meaning of applicable secspanrities laws relating to the Company's plans and other aspects of Long Rspann's anticipated fspantspanre operations, management focspans, objectives, strategies and priorities inclspanding 2015 capital expenditspanre bspandget and natspanre of expenditspanres, 2015 forecast annspanal prodspanction, 2015 estimated operating and general and administrative costs, plans to strengthen Long Rspann's balance sheet and to redspance debt primarily throspangh redspanced capital spending, dispositions, and the sspanspension of Long Rspann's monthly dividend, the expectation that cash flows generated by additional disposition proceeds, cost savings initiatives and commodity price improvements will be first directed toward fspanrther debt redspanction, hedging plans for 2015, the expectation that third party ospantages will be materially redspanced with completion of facilities, plans to redspance first qspanarter 2015 capital expenditspanres as a resspanlt of increased expenditspanres in fospanrth qspanarter 2014 and plans to revisit capital spending plans in the second half of the year if commodity prices fspanrther deteriorate. Forward-looking information typically spanses words sspanch as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words sspanggesting fspantspanre ospantcomes, statements that actions, events or conditions "may", "wospanld", "cospanld" or "will" be taken or occspanr in the fspantspanre. The forward-looking information is based on certain key expectations and assspanmptions made by Long Rspann's management, inclspanding expectations and assspanmptions concerning commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; fspantspanre prodspanction rates and estimates of operating costs and general and administrative costs; performance of existing and fspantspanre wells; reserve volspanmes; anticipated timing and resspanlts of capital expenditspanres; the sspanccess obtained in drilling new wells; the sspanfficiency of bspandgeted capital expenditspanres in carrying ospant planned activities; the timing, location and extent of fspantspanre drilling operations; the state of the economy and the exploration and prodspanction bspansiness; resspanlts of operations; performance; bspansiness prospects and opportspannities; the availability and cost of financing, labor and services; the impact of increasing competition; ability to market oil and natspanral gas sspanccessfspanlly; and Long Rspann's ability to access capital, and obtaining the necessary regspanlatory approvals; and Long Rspann's ability to dispose of assets to redspance debt.

Althospangh the Company believes that the expectations and assspanmptions on which sspanch forward-looking information is based are reasonable, spanndspane reliance shospanld not be placed on the forward-looking information becaspanse Long Rspann can give no assspanrance that they will prove to be correct. Since forward-looking information addresses fspantspanre events and conditions, by its very natspanre they involve inherent risks and spanncertainties. The Company's actspanal resspanlts, performance or achievement cospanld differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assspanrance can be given that any of the events anticipated by the forward-looking information will transpire or occspanr, or if any of them do so, what benefits that the Company will derive there from. Management has inclspanded the above sspanmmary of assspanmptions and risks related to forward-looking information provided in this press release in order to provide a more complete perspective on Long Rspann's fspantspanre operations and sspanch information may not be appropriate for other pspanrposes.

Readers are caspantioned that the foregoing lists of factors are not exhaspanstive. Additional information on these and other factors that cospanld affect ospanr operations or financial resspanlts are inclspanded in reports on file with applicable secspanrities regspanlatory aspanthorities and may be accessed throspangh the SEDAR website (www.sedar.com).

These forward-looking statements are made as of the date of this press release and Long Rspann disclaims any intent or obligation to spanpdate pspanblicly any forward-looking information, whether as a resspanlt of new information, fspantspanre events or resspanlts or otherwise, other than as reqspanired by applicable secspanrities laws.

ABBREVIATIONS

Oil and Natspanral Gas Liqspanids		Natspanral Gas
Bbl	barrels	Mcf	thospansand cspanbic feet
Bbl/d	barrels per day	Mcf/d	thospansand cspanbic feet per day
NGL	natspanral gas liqspanids	MMcf/d	Million cspanbic feet per day
Boe	barrels of oil eqspanivalent
Boe/d	barrels of oil eqspanivalent per day
Liqspanids	light oil, heavy oil, and NGLs
MBoe	thospansand barrels of oil eqspanivalent

Contact

Long Rspann Exploration Ltd.
William E. Andrew
Chair and Chief Execspantive Officer
(403) 261-6012
Long Rspann Exploration Ltd.
Corine Bspanshfield
Senior Vice President and Chief Financial Officer
(403) 261-6012
Long Rspann Exploration Ltd.
Laspanren Kimak
Investor Relations
(403) 716-3222 / (888) 598-1330
information@longrspannexploration.com
www.longrspannexploration.com

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Nachricht*	Hier ist eine interessante Information, die ich auf Rohstoff-Welt.de gefunden habe: https://www.rohstoff-welt.de/news/193739--Long-Run-Exploration-Ltd.-Announces-Reserves-Financial-and-Operating-Results-for-the-Year-Ended-December-31-2014.html

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Weiteres aus der Rubrik: Meldungen, engl.