March 30, 2012 at 21:28 PM EDT
Trafina Reports 2011 Reserves and Expanded Strategic Review Process

CALGARY, ALBERTA--(Marketwire - March 30, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Trafina Energy Ltd. (TSX VENTURE:TFA.A) ("Trafina" or the "Company") announces that its 2011 independent reserves evaluation has been prepared by McDaniel & Associates Consultants Ltd. ("McDaniel") in a report dated March 28, 2012 and effective December 31, 2011 (the "McDaniel Report"). The net present value of the Company's proved plus probable reserves (discounted at 10 percent) was reduced by 25 percent as a result of lower gas prices, operating challenges at the Company's Rangeview/Divide properties in southwest Saskatchewan and the sale of several minor properties, offset slightly by the addition of the Company's McMullen property in northeast Alberta. Year-over-year proved plus probable oil reserves increased by 71 percent to 1,369 Mbbl as a result of the planned transitioning from a gas weighted to an oil weighted company. Proved plus probable oil reserves now represent 81 percent of the Company's total reserve base. Although the Company disposed of non-core capital intensive assets during 2011 in favour of focusing on its heavy oil play at McMullen, year-over-year total proved plus probable reserves remained fairly flat at 1,689 Mboe.

Strategic Review

The board of directors has directed management to expand its review of strategic alternatives in order to identify, examine and consider all options available to the Company, in order to prudently determine the optimal course of action for the Company and its shareholders including equity issuance, farm-outs, joint ventures, and a partial sell down of its McMullen project.

Summary of Year-End 2011 Reserves

In 2011 Trafina recorded proved plus probable reserves additions of 90 Mboe resulting from acquisitions, dispositions, drilling, technical revisions, including economic factors and net of production. The Company's December 31, 2011 reserves were evaluated in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities by McDaniel in the McDaniel Report.

Summary of Reserves

(based on forecast prices and costs)

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Light/Medium

Crude Oil & Liquids Heavy Oil Natural Gas Total

------------------------------------------------

(Mbbl) (Mbbl) (MMcf) (Mboe)

------------------------------------------------

Total Proved 218 358 1,155 769

Total Probable 275 518 762 920

Total Proved Plus Probable 493 876 1,917 1,689

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Summary of Net Present Values of Future Net Revenue

(based on forecast prices and costs) (before income tax) (M$)

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Discounted At

-------------------------------------------------

0% 5% 10% 15% 20%

-------------------------------------------------

Total Proved 2,569 2,081 1,605 1,163 764

Total Probable 18,131 14,942 12,410 10,375 8,720

Total Proved Plus Probable 20,670 17,023 14,014 11,537 9,483

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McDaniel Commodity Price Assumptions

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Light Sweet Oil Alberta Bow River

Edmonton Par Hardisty Crude AECO/NIT-Spot

($CDN/bbl) ($CDN/bbl) ($CDN/MMBTU)

-----------------------------------------------------

2012 99.00 82.00 3.50

2013 99.00 82.00 4.20

2014 101.50 84.10 4.70

2015 102.30 84.70 5.10

2016 103.20 85.50 5.55

2017 104.20 88.30 5.90

2018 105.10 87.10 6.25

2019 106.00 87.80 6.45

2020 106.90 88.60 6.70

2021 109.20 90.40 6.85

Thereafter Approx +2%/yr Approx +2%/yr Approx +2%/yr

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Trafina's proved plus probable reserve life index, based on fourth quarter 2011 average production, is 13.3 years.

Additional information relating to Trafina's operations in 2011 and its statement of reserves data (and related report of qualified reserve evaluators, management and board of Trafina) will be included in the Company's audited financial statements and accompanying management's discussion and analysis for the year ended December 31, 2011, and in its annual information form for the year ended December 31, 2011, respectively, which the Company expects will be filed on SEDAR on or about April 24, 2012.

McMullen Update

The Company is pleased with results to date at its McMullen property located in northeast Alberta. In 2011, the Company drilled, completed and placed on production four Wabasca heavy oil wells. Six months of field production coupled with extensive production data collected from adjacent wells directly north of the Company's property, has provided valuable information. Production and zonal characteristics suggest that further development using slant well drilling, as well as additional vertical test well locations, may significantly extend potential development of the Company's extensive land base westward. The Company has received approval to drill up to 24 slant wells and is expected to apply for an additional eight slant well locations shortly after breakup. Formation water production is normal and is part of the total production phase. Therefore, the Company has commenced application for a salt water disposal well with approval expected in approximately six to eight months. A Company-owned disposal well will dramatically reduce field operating costs. The Company has also commenced its application to the Alberta Crown for oil sands royalty rate reduction. Once approved, the Crown royalty rate as a percentage of oil sales is expected to be below five percent.

About Trafina

Trafina is a junior oil and gas company based in Calgary, Alberta. The Company's core areas of operations are in the McMullen area of Alberta with other operated and non-operated production in Wetaskiwin. Trafina's shares trade on the TSX Venture Exchange under the stock symbol TFA.A and warrants trade under the stock symbol TFA.WT.A.

Basis of Presentation and Cautionary Statement: Information in this press release expressed in boes is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Estimated values of future net revenue do not represent fair market value.

Forward Looking Statements: This news release contains forward looking statements and forward looking information regarding, among other things, estimated reserves and future net revenue, the expanded review of strategic alternatives and the results thereof, management's focus on growing its oil reserves and production and the anticipated number of slant and vertical wells to be drilled, potential development westward and the results of the salt water disposal well and the oil sands royalty rate reduction applications. There can be no assurance regarding the outcome of the expanded review of strategic alternatives or with respect to the Company's plans to further develop McMullen including that the applications for a salt water disposal well and Crown royalty reduction will be approved on the terms proposed or at all. Forward looking information is based on management's expectations regarding future growth, results of operations, production, future commodity prices and foreign exchange rates, future capital and other expenditures (including the amount, nature and sources of funding thereof), plans for an results of drilling, environmental matters, business prospects and opportunities and future economic conditions. Statements relating to reserves involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and can be profitably produced in the future. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Forward looking statements involves significant known and unknown risks and uncertainties. Reference is made to Trafina's revised annual information form for the year ended December 31, 2010 dated April 8, 2011 and management's discussion and analysis for the nine months ended September 30, 2011 for a description of some of the risks that could affect the Company's future results and could cause results to differ materially from those expressed in the Company's forward looking statements. The forward looking statements contained in this news release are made as at the date hereof and, except as required by applicable securities laws, Trafina does not undertake any obligation to update publicly or otherwise any such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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