CALGARY, ALBERTA, Oct. 27, 2009 (Marketwire) -- Canext Energy Ltd. ("Canext" or "the Company") (TSX VENTURE:CXZ) announces that the Board of Directors have initiated a process to evaluate various strategic alternatives for the Company. These alternatives may include a sale, merger, major asset disposition, major financing, or any other alternative to assist in unlocking additional value for the benefit for all shareholders.
Canext has retained National Bank Financial Inc. to act as its financial advisor to assist in the review process.
The Company does not expect to update its progress with respect to the review of the alternatives until the Board of Directors authorizes any transaction or if required by applicable disclosure requirements. There can be no assurances that any transaction will occur or, if one is undertaken, any certainty with regard to its terms or timing.
In conjunction with the review, the Company has updated its reserve information. The following tables summarize the Company's reserve information as prepared in accordance with National Instrument ("NI") 51-101 by Trimble Engineering Associates Ltd ("Trimble Report") with an effective date of September 30, 2009.
Reserves Summary - Company working interest before royalties using forecasted prices as at September 30, 2009
Light and
Medium Oil NGL's Gas BOE 6:1
mstb mstb mmscf mstboe
----------------------------------------------------------------------------Proved Developed
Producing 370 126 6,787 1,628
Proved Developed Non
Producing 36 13 1,591 313
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Total Proved
Developed 406 139 8,378 1,941
Proved Undeveloped 227 58 5,835 1,258
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Total Proved 633 197 14,213 3,199
Probable 419 132 13,515 2,804
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Total Proved +
Probable 1,052 329 27,728 6,002
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(Tables may not add due to rounding.)
The Company's Proved plus Probable reserves are down from 6,554 mstboe at the start of the year due to production of 279 mstboe, property dispositions of 149 mstboe and revisions to previous estimates of 123 mstboe. The revisions to previous estimates for Proved reserves were positive 1.1 % while the revisions for P + P reserves were negative 1.9 %.
