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Hallador Energy Co (HNRG) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Hallador Energy Co

CIK: 788965 Ticker: HNRG

 
Exhibit 99

 

 

February 12, 2014

 

Mr. W. Anderson Bishop
Hallador Energy Company
1660 Lincoln Street, Suite 2700
Denver, Colorado 80264
 
Dear Mr. Bishop:
 
In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2013, to the Savoy Energy, L.P. (Savoy) interest in certain oil and gas properties located in Michigan. We completed our evaluation on or about the date of this letter. It is our understanding that Hallador Energy Company (Hallador) owns a 45.26 percent equity interest in Savoy and that the 45.26 percent share of the reserves included in this report constitutes all of the proved reserves owned by Hallador in Southern Michigan wells in the Trenton Black-River formation. The estimates in this report have been prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission (SEC) and conform to the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas, except that per-well overhead expenses are excluded for operated properties and future income taxes are excluded for all properties. Definitions are presented immediately following this letter. This report has been prepared for Hallador's use in filing with the SEC; in our opinion the assumptions, data, methods, and procedures used in the preparation of this report are appropriate for such purpose.
 

We estimate the net reserves and future net revenue to the Hallador interest in the Savoy Trenton Black- River properties, as of December 31, 2013, to be:

 
                 
 
Category
 
OIl
(Barrels)
 
Net Reserves NGL
(Barrels)
 
Gas
(MCF)
 
Future Net Revenue ($)
Total  
 
Present Worth
     at 10% ($)       
 
Proved Developed Producing
Proved Developed Non- Producing
 
 
629,450
116,180
 
 
50,910
  9,182
 
 
376,156
   73,457
 
 
52,674,800 
9,610,000
 
 
40,429,100  
7,501,300
Proved Undeveloped
 
   632,647
 
39,323  
 
320,530  
 
  51,490,300   
 
38,507,900    
                     
   Total Proved     1,378,277        99,415      770,143      113,775,100        86,438,300 
 

The oil reserves shown include crude oil and condensate. Oil and natural gas liquids (NGL) volumes are expressed in barrels that are equivalent to 42 United States gallons. Gas volumes are expressed in thousands of cubic feet (MCF) at standard temperature and pressure bases.
 
 
The estimates shown in this report are for proved reserves. As requested, probable and possible reserves that exist for these properties have not been included. This report does not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped
 
 
 

The following information was filed by Hallador Energy Co (HNRG) on Friday, February 28, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheet
Consolidated Balance Sheet (parentheticals)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Operations
Consolidated Statement Of Stockholders’ Equity
(1) Summary Of Significant Accounting Policies (details) - The Table Below (in Thousands) Reflects The Changes To Our Aro:
(1) Summary Of Significant Accounting Policies
(1) Summary Of Significant Accounting Policies (details)
(1) Summary Of Significant Accounting Policies (tables)
(10) Self Insurance
(10) Self Insurance (details)
(11) Ohio River Terminal
(11) Ohio River Terminal (details)
(12) Liability Extinguishment
(12) Liability Extinguishment (details)
(2) Bill And Hold
(2) Bill And Hold (details)
(3) Income Taxes (in Thousands) (details) - Deferred Tax Assets And Liabilities
(3) Income Taxes (in Thousands) (details) - Expected Income Tax
(3) Income Taxes (in Thousands)
(3) Income Taxes (in Thousands) (tables)
(4) Stock Compensation Plans
(4) Stock Compensation Plans (details)
(5) Bank Debt
(5) Bank Debt (details)
(6) Equity Investment In Savoy (details) - Condensed Balance Sheet - Savoy
(6) Equity Investment In Savoy (details) - Condensed Statement Of Operations - Savoy
(6) Equity Investment In Savoy (details) - Savoy: Costs Incurred Are As Follows
(6) Equity Investment In Savoy (details) - Savoy: Oil And Gas Reserves 1
(6) Equity Investment In Savoy (details) - Savoy: Oil And Gas Reserves 2
(6) Equity Investment In Savoy (details) - Savoy: Oil And Gas Reserves 2 (parentheticals)
(6) Equity Investment In Savoy (details) - Savoy: Oil And Gas Reserves 3
(6) Equity Investment In Savoy
(6) Equity Investment In Savoy (details)
(6) Equity Investment In Savoy (tables)
(7) Equity Investment In Sunrise Energy (details) - Condensed Balance Sheet - Sunrise
(7) Equity Investment In Sunrise Energy (details) - Condensed Statement Of Operations - Sunrise
(7) Equity Investment In Sunrise Energy
(7) Equity Investment In Sunrise Energy (details)
(7) Equity Investment In Sunrise Energy (tables)
(8) Employee Benefits
(8) Employee Benefits (details)
(9) Other Long-term Assets And Other Income
(9) Other Long-term Assets And Other Income (details) - (9) Other Long-term Assets And Other Income
(9) Other Long-term Assets And Other Income (tables)
Accounting Policies, By Policy (policies)
Document And Entity Information
Ticker: HNRG
CIK: 788965
Form Type: 10-K Annual Report
Accession Number: 0000788965-14-000008
Submitted to the SEC: Fri Mar 07 2014 7:14:41 AM EST
Accepted by the SEC: Fri Mar 07 2014
Period: Tuesday, December 31, 2013
Industry: Bituminous Coal And Lignite Mining

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