This website is owned and operated by Petrolifera Petroleum Limited ("Petrolifera") and may be changed or updated from time to time without notice. Your use of Petrolifera's website acknowledges your acceptance and consent to the practices described in this disclaimer and agree to hold Petrolifera and its affiliates harmless from and against any and all claims, expenses, damages, costs or any loss of any kind arising out of using this website or any material contained in or obtained through this website.
The material contained in this website is deemed to be provided in Alberta and is subject to Alberta law. All monetary amounts mentioned on this website are in Canadian dollars unless otherwise stated. Website is provided as a service only.
The material contained in this website is for informational purposes only and does not constitute a solicitation or an offering of securities in any jurisdiction. Material available in or through this website (e.g. annual reports, interim reports, AIFs or press releases) is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Petrolifera and should not be used for the purpose of making investment decisions concerning Petrolifera securities.
Website Protected by Copyright and Trademark
The material found on this website may be used for non-commercial, personal or educational purposes only, may be downloaded to any single computer provided that this material is not modified and that copyright or trademark notices are not deleted. Any other use of this material including unauthorized downloading, retransmission or republication without Petrolifera's written permission is prohibited and may result in legal action.
Except as otherwise noted, the logos, icons, graphics, designs, names, trade names, trademarks or service marks displayed on this website belong to Petrolifera or other third parties and may not be used without Petrolifera's written permission.
This privacy statement does not apply to linked websites. Each website should be checked for the privacy statement applicable to it. Petrolifera is not responsible for the privacy practices in place on linked websites that Petrolifera does not control.
Third Party Websites
Petrolifera provides links to third party websites for your convenience only. The inclusion of these links does not imply that Petrolifera monitors, investigates, verifies or endorses these websites, and accordingly, their use is at your own risk.
Internet Software or Computer Viruses
Due to technical difficulties inherent in the Internet, Internet software or transmission problems could produce inaccurate or incomplete copies of material contained on this website when displayed or downloaded onto your computer. Computer viruses or other destructive programs may also be inadvertently downloaded from the website. Petrolifera recommends that you install appropriate anti-virus or other protective software.
Exclusion of Liability
Although Petrolifera updates this website with material it believes to be accurate at the time it is posted, Petrolifera does not warrant the accuracy, completeness, timeliness or currency of the material at all times. Petrolifera expressly disclaims any liability for errors or omissions in the material contained in this website. All material and information contained in this website is provided on an as-is and as-available basis. Your use of this website is at your own risk.
In addition, no warranty of any kind, whether implied, expressed or statutory, including but not limited to, warranties as to non-infringement of intellectual- property rights or third-party rights, title, latent defects, uninterrupted service, merchantability, fitness for a particular purpose and freedom from computer viruses is given by Petrolifera in conjunction with the use of this website, the materials contained in this website or software algorithms. The material on this website is not intended to provide tax, business, investment or legal advice to any individual or entity. Petrolifera expressly disclaims liability for errors or omissions in any software algorithms. In no event shall Petrolifera be liable for any damages (including without limitation direct, indirect, special, moral, incidental or consequential damages), claims, expenses, costs, loss of profits, loss of opportunities or loss of information arising from the use of this website including, but not limited to, the use of or reliance on material contained in or obtained through this website; any inaccuracy or omission in such material or failure to keep the material current; use of any third party websites linked to this website; any internet software or software algorithms used in connection with this website or computer viruses or other destructive programs encountered as a result of using this website; inability to use this website due to, among others, interruption, delay in operation or transmission, defect, computer virus or line or system failure; and any other matter connected with this website, even if Petrolifera is made aware of the possibility of such claims, expenses, damages, costs or losses.
Internet E-Mail
As the Internet is not a fully secure medium and any communication may be lost, intercepted, corrupted or altered, Petrolifera is not liable for any damages related to communications (personal, confidential or otherwise) to or from this website. You agree that with respect to any material provided to Petrolifera through this website, Petrolifera has no obligation of any kind concerning such material; the material is non-confidential and non-proprietary; Petrolifera shall be free to use, disclose, distribute, copy or reproduce the material to others and shall be free to use any ideas, concepts, know-how or techniques of any kind contained in the material for any purpose whatsoever; and the material is truthful legal and does not violate the rights of others.
Forward Looking Information
This website contains information that constitutes "forward looking information" within the meaning of applicable securities legislation. This information includes, but is not limited to, the Company's objectives and strategies, location of drilling prospects, plans for drilling, exploration, development and production and the timing associated therewith, the anticipated product types associated with various prospects, the estimated amounts and timing of capital expenditures, estimates of reserves and future net revenues, outlook on oil and gas prices, estimates of future sales and production, anticipated operating costs, anticipated future debt levels, royalty rates and exchange rates, strategies for reducing the company's financial exposure to high cost exploration and drilling activities and eliminate residual commitments in Argentina including, planned farm-out and/or joint ventures arrangements and reimbursement of sunk costs or other expectations, beliefs, plans, goals, objectives, assumptions or statements about future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimated", "forecasts", or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved).
Information relating to oil and gas reserves contained on or through this website and elsewhere is deemed to be forward looking information as it involves the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. The estimation of reserves includes assumptions regarding factors such as initial production rates, production decline rates, ultimate recovery of reserves, timing and amount of capital expenditures, marketability of production, future prices of crude oil and natural gas, operating costs, well abandonment and salvage values, royalties and other government levies that may be imposed during the producing life of the reserves. These assumptions were based on price forecasts prepared by the Company's independent qualified reserves evaluator (GLJ) for use as at the dates of the applicable report and many of these assumptions are subject to change and are beyond the control of the Company. Details of these assumptions are contained in the company's Annual Information Form for the year ended December 31, 2009. Actual production, sales and cash flows derived therefrom will vary from the evaluation and such variations could be material. The present value of estimated future net cash flows referred to herein should not be construed as the current market value of estimated crude oil, natural gas liquids and natural gas reserves attributable to the company's properties. Actual future net revenue will be affected by factors such as the amount and timing of actual production, supply and demand for crude oil and natural gas, curtailments or increases in consumption by purchasers and changes in governmental regulations or taxation.
Forward looking information contained on or through this website and elsewhere is based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated by Petrolifera. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas and market demand; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates and reserves life; the uncertainty of estimates and projections relating to production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; and health, safety and environmental risks); uncertainties as to the availability and cost of financing; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action); uncertainties relating to the litigation process, such as possible discovery of new evidence or acceptance of novel legal theories and the difficulties of predicting the decisions of judges and juries; general economic conditions; the effect of acts of, or actions against international terrorism; fluctuations in oil and gas prices and foreign currency exchange rates; and the possibility that government policies may change or governmental approvals may be delayed or withheld. We caution that the foregoing list of risks and uncertainties is not exhaustive. The company's ability to complete its capital program and repay outstanding indebtedness is dependent upon completion of planned farm-out arrangements and recovery of sunk costs, stabilization of production in Argentina and stabilized or improved commodity prices. Petrolifera may have to bring participants into its acreage holdings and planned evaluation activities on less attractive terms than might otherwise have been the case due to the combination of tighter economic conditions and the influence of contractual commitments and deadlines on the terms of trade. There can be no assurance that the company will be successful in its efforts to secure planned farm-outs and/or joint venture arrangements.
Additional information on these and other factors which could affect Petrolifera's operations or financial results are included in Petrolifera's Annual Information Form for the year ended December 31, 2009 under the headings "Risk Factors" and "Forward Looking Information" and in Petrolifera's Annual Report under the headings "Management's Discussion and Analysis", "Business Risks ", "Liquidity and Capital Resources", and "Outlook". You can access the Annual Report from this website. In addition, information is available in Petrolifera's other reports on file with Canadian securities regulatory authorities.
Forward looking information is based on the estimates and opinions of Petrolifera's management at the time the information is disclosed. Petrolifera assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change unless required by law.
Non-GAAP Financial Measures
Included on this website are references to financial measures commonly used in the oil and gas industry such as cash flow, cash flow per share and netbacks. These financial measures are not defined by generally accepted accounting principles in Canada. Consequently these are referred to as non-GAAP measures. Cash flow, as commonly used, appears as a separate caption on the Company's cash flow statement and is reconciled to both net income and cash flow from operations. Cash flow is used by the Company to assess operating results between years and between peer companies with different accounting policies. Netbacks are calculated by dividing related revenue and costs by total boe sold. The most comparable measure to netbacks calculated in accordance with Canadian GAAP would be net earnings (loss). The Company's management uses netbacks as a performance measurement of operating efficiency and the prevailing royalty regime. A high ratio of netback to selling price is a positive indicator. Reconciliations of cash flow and netback to net income (loss) can be found in the Company's Management Discussion and Analysis.
Reported cash flow and netbacks may not be comparable to similarly titled measures reported by other companies. Neither Cash flow nor netback should be considered an alternative to, or more meaningful than, in the case of cash flow, cash provided by operating, investing and financing activities or net income (loss) and, in the case of netback, net income (loss) as determined in accordance with Canadian GAAP as an indicator of the Company's performance or liquidity.
Other Oil and Gas Information
Throughout this website, the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil and is based on an energy equivalence conversion method. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead. Future net revenues do not represent fair market value.