Reserves and Production


Valeura currently produces oil and natural gas from relatively shallow conventional reservoirs on its lands in the Thrace Basin of Turkey.  As of Q1 2019, the Company’s production was 4,488 Mcf/d natural gas and 20 bbl/d crude oil (total 768 boe/d).  This production is transported and treated by Valeura’s owned infrastructure and sold to local customers, generating an ongoing stream of cash flow.


Valeura’s crude oil and natural gas reserves were independently evaluated as at December 31, 2018 by DeGolyer and MacNaughton. Total Proved Plus Probable (2P) reserves were 7,350 Mboe, with an NPV of US$87.5 million. 

  1. See “Reader Advisories” in the Company’s press release dated March 14, 2019, announcing year-end 2018 results.
  2. D&M’s valuations for reserves in Turkey are prepared in US$ and have been converted for purposes of this illustration to Cdn$ assuming a $Cdn/$US exchange rate of 0.80 for the year-end 2017 and 0.73 for the year-end 2018 values.
  3. The forecast prices used in the calculations of the present value of future net revenue for year-end 2017 are based on the D&M December 31, 2018 forecast prices.
  4. Due to rounding, summations in the table may not add.