Crew Energy Inc. - Announces 2013 Year End Reserves

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Crew Energy Inc. 
TSX SYMBOL:  CR 
FEBRUARY 18, 2014 
Crew Energy Inc. - Announces 2013 Year End Reserves 
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2014) - Crew Energy Inc. (TSX:CR) of
Calgary, Alberta ("Crew" or the "Company") is pleased to
announce the results of its independent reserve evaluation for the year ended
December 31, 2013 as prepared by Sproule Associates Ltd. ("Sproule"). 
2013 HIGHLIGHTS 
/T/ 
--  Achieved finding and development ("F&D") costs of $9.05 per boe on 
proved plus probable reserves, including changes in future development 
capital, resulting in a recycle ratio of 2.4 times;  
--  Achieved all-in finding, development and acquisition ("FD&A") costs of 
$9.65 per boe on proved plus probable reserves, including changes in 
future development capital, resulting in a recycle ratio of 2.3 times;  
--  Proved reserves increased 35% to 115.2 mmboe after production of 10.0 
mmboe and net acquisitions of 2.4 mmboe. Proved reserves per share also 
increased 35%;  
--  Proved plus probable reserves increased 29% to 197.3 mmboe after 
production of 10.0 mmboe and net acquisitions of 6.2 mmboe. Proved plus 
probable reserves per share increased 28%;  
--  Generated a proved plus probable reserve replacement ratio on production 
of 543% and a proved reserve replacement ratio on production of 401%;  
--  Crew's Septimus Montney program achieved F&D costs of $6.38 per boe on 
proved plus probable reserves, including changes in future development 
capital resulting in a recycle ratio of 3.1 times;  
--  Proved plus probable reserves at Crew's Septimus Montney property 
increased 82% year over year. Average proved plus probable undeveloped 
Montney natural gas reserves increased to 4.3 bcf per well from 3.2 bcf 
per well in 2012 and 2.6 bcf per well in 2011;  
--  Proved plus probable reserves at Crew's Lloydminster property increased 
18% over 2012 as a result of a successful 2013 drilling and recompletion 
program;  
--  Crew's net asset value increased 17% over 2012 to $13.99 per share 
(reserves net present value discounted at 10%). 
--  Crew achieved its targeted exit production range with December 2013 
production averaging 29,300 boe per day while fourth quarter production 
averaged 28,682 boe per day. 
/T/ 
RESERVES 
The reserves data set forth below is based upon an independent reserves
assessment and evaluation prepared by Sproule with an effective date of
December 31, 2013 (the "Sproule Report"). The following presentation
summarizes the Company's crude oil, natural gas liquids and natural gas
reserves and the net present values before income tax of future net revenue for
the Company's reserves using forecast prices and costs based on the
Sproule Report. The Sproule Report has been prepared in accordance with
definitions, standards, and procedures contained in the COGE Handbook and NI
51-101. The reserves evaluation was based on Sproule forecast escalated pricing
and foreign exchange rates at December 31, 2013 as outlined in the table herein
entitled "Price Forecast".  
All evaluations and summaries of future net revenue are stated prior to any
provisions for interest costs or general and administrative costs and after the
deduction of estimated future capital expenditures for wells to which reserves
have been assigned. It should not be assumed that the estimates of future net
revenues presented in the tables below represent the fair market value of the
reserves. There is no assurance that the forecast prices and cost assumptions
will be attained and variances could be material. The recovery and reserve
estimates of our crude oil, natural gas liquids and natural gas reserves
provided herein are estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and natural gas
liquids reserves may be greater than or less than the estimates provided
herein. Reserves included herein are stated on a company gross basis (working
interest before deduction of royalties without including any royalty interests)
unless noted otherwise. In addition to the detailed information disclosed in
this news release, more detailed information will be included in the
Company's Annual Information Form (the "AIF") which will be
filed on the Company's profile at www.sedar.com in March 2014.  
See "Information Regarding Disclosure on Oil and Gas Reserves and
Operational Information" for additional cautionary language, explanations
and discussions and "Forward Looking Information and Statements" for
a statement of principal assumptions and risks that may apply.  
Reserves Summary 
In 2013, the Company's total proved plus probable reserves increased to
197.3 mmboe while proved reserves increased to 115.2 mmboe. The year over year
growth in proved plus probable reserves of 29% was achieved after 10.0 mmboe of
2013 production. Of the increase in proved plus probable reserves, pool
extensions and improved recoveries accounted for 25.6 mmboe which was
concentrated at Crew's Septimus Montney property in northeast British
Columbia. In the Sproule Report, approximately 298 undeveloped locations are
booked in Crew's four core areas out of an inventory of over 2,500
potential drilling locations. 
Northeast British Columbia Montney 
At Crew's Septimus Montney property, proved plus probable reserves
increased 82% to 84.7 mmboe. The majority of this increase occurred in the
proved producing category recognizing better type well performance as a result
of improved completion techniques and infrastructure enhancements. At Septimus,
average proved plus probable undeveloped Montney reserves increased to 4.3 bcf
per well from 3.2 bcf per well in 2012 and 2.6 bcf per well in 2011. Crew
currently has 69 undeveloped locations booked at Septimus at an average proved
plus probable reserve booking of 772 mboe per location (15% ngls), with 52 of
those locations booked in the proved undeveloped category. The Company plans on
drilling 14 net wells targeting liquids rich natural gas in northeast British
Columbia in 2014. 
At Tower, Crew drilled one well in 2013 and has booked proved plus probable
reserves per well of 155 mboe (60% liquids) from six (4.6 net) locations.
Evolving drilling and completion practices continue to improve the estimated
ultimate recoveries of this play.  The Company has over 130 sections of land
that are prospective for Montney oil production.  
Deep Basin, Alberta 
Proved plus probable reserves are unchanged after accounting for production.
Crew plans to drill one Falher well in 2014 while the well drilled in 2012
continues to produce at over 10 mmcf per day surpassing the previously booked
type curve. The Company has 98 undeveloped Cardium locations booked in this
area. 
Princess, Alberta 
Proved plus probable reserves decreased 5% to 22.7 mmboe after accounting for
production. The Company's limited 2013 capital spending at Princess was
focused on waterflood optimization in the Pekisko and drilling on Crew's
developing Mannville play. Crew currently has 40 undeveloped locations booked
at Princess with 22 of those locations booked in the Mannville. The average
undeveloped proved plus probable reserve booking in the Mannville oil play is
95 mboe per well. Crew plans to drill 16 net wells targeting Mannville oil in
2014. 
Lloydminster, Alberta/Saskatchewan 
Proved plus probable reserves increased 18% to 12,452 mboe, reflecting the
successful 2013 drilling and recompletion program. Crew currently has 62
undeveloped locations booked at Lloydminster with 22 of those locations
horizontal. The average undeveloped proved plus probable horizontal booking is
61 mbbls per location with vertical undeveloped proved plus probable reserve
booking at 42 mbbls per location.  Crew plans to drill 14 net horizontal and 11
net vertical wells at Lloydminster in 2014. 
The following table provides summary reserve information based upon the Sproule
Report and using the published Sproule (2013-12-31) price forecast.  
/T/ 
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Natural Gas   Natural Barrels of oil 
Oil (3)        Liquids       gas  equivalent(2)
---------------------------------------------------------------------------- 
Gross(1)       Gross(1)  Gross(1)       Gross(1) 
(mbbl)         (mbbl)    (mmcf)         (mboe)
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Proved                                                                      
 Producing                    10,015          6,185   165,775         43,829
 Non-producing                 2,410            181     4,733          3,379
 Undeveloped                   7,566         11,790   291,966         68,017
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Total proved                  19,990         18,155   462,474        115,224
Probable                      14,430         13,195   326,722         82,078
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Total proved plus probable    34,420         31,350   789,198        197,302
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Notes:                                                                      
(1) "Gross" reserves means Crew's working interest (operating and non-       
operating) share before deduction of royalties and without including any 
royalty interest of the Company.                                        
(2) Oil equivalent amounts have been calculated using a conversion rate of   
six thousand cubic feet of natural gas to one barrel of oil.            
(3) Includes light, medium, and heavy oil. See the Company's AIF for         
detailed product type categorization.                                   
(4) May not add due to rounding.                                             
/T/ 
Reserves Values 
The estimated before tax future net revenues associated with Crew's
reserves effective December 31, 2013 and based on the Sproule Report and the
published Sproule (2013-12-31) future price forecast are summarized in the
following table: 
/T/ 
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(MM$)                         0%         5%        10%        15%        20%
---------------------------------------------------------------------------- 
Proved                                                                      
  Producing              932,722    749,116    633,020    553,488    495,649
  Non-producing          102,317     80,409     65,937     55,769     48,281
  Undeveloped          1,095,908    647,576    406,710    264,723    174,885 
-------------------------------------------------------
Total proved           2,130,947  1,477,102  1,105,668    873,980    718,816
Probable               2,064,605  1,116,771    712,425    500,738    373,551 
-------------------------------------------------------
Total proved plus                                                           
 probable              4,195,552  2,593,873  1,818,094  1,374,718  1,092,367
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Notes:                                                                      
(1) The estimated future net revenues are stated before deducting future     
estimated site restoration costs and are reduced for estimated future    
abandonment costs and estimated capital for future development           
associated with the reserves.                                           
(2) See the Company's AIF for the after-tax present values of future net     
revenue attributed to Crew's reserves.                                  
(3) May not add due to rounding.                                             
/T/ 
Price Forecast 
The Sproule (2013-12-31) price forecast is summarized as follows: 
/T/ 
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$US/$Cdn              Edmonton   Western Natural gas            
Year        Exchange       WTI @     light    Canada    AECO/NIT   Westcoast 
Rate     Cushing crude oil    Select        spot   Station 2
---------------------------------------------------------------------------- 
(US$/bbl)  (C$/bbl)  (C$/bbl)  (C$/mmbtu)  (C$/mmbtu)
2014           0.940       94.65     92.64     77.81        4.00        3.95
2015           0.940       88.37     89.31     75.02        3.99        3.94
2016           0.940       84.25     89.63     75.29        4.00        3.95
2017           0.940       95.52    101.62     85.36        4.93        4.88
2018           0.940       96.96    103.14     86.64        5.01        4.96
2019           0.940       98.41    104.69     87.94        5.09        5.04
2020           0.940       99.89    106.26     89.26        5.18        5.13
2021           0.940      101.38    107.86     90.60        5.26        5.21
2022           0.940      102.91    109.47     91.96        5.35        5.30
2023           0.940      104.45    111.12     93.34        5.43        5.38
2024           0.940      106.02    112.78     94.74        5.52        5.47
2025 +         0.940     1.5%/yr   1.5%/yr   1.5%/yr     1.5%/yr     1.5%/yr
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Notes:                                                                      
(1) Inflation is accounted for at 1.5% per year.                             
/T/ 
Reserves Reconciliation 
The following summary reconciliation of Crew's gross reserves compares
changes in the Company's reserves as at December 31, 2013 to the reserves
as at December 31, 2012 based on the Sproule (2013-12-31) future price
forecast.  
/T/ 
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Oil  
Oil       NGL's    Natural Gas  Equivalent 
TOTAL PROVED             (mbbls) (1)     (mbbls)         (mmcf)      (mboe) 
----------------------------------------------------------------------------
Opening Balance               20,617      14,483        299,922      85,087 
Extensions & Improved                                                       
 Recovery                      2,601         841         47,372      11,337 
Infill Drilling                1,008       1,388         84,175      16,425 
Technical Revisions             (441)      2,074         52,366      10,361 
Acquisitions                       0         556         14,785       3,020 
Dispositions                     (68)       (102)        (2,625)       (608)
Economic Factors                  78          (1)        (2,790)       (387)
Production                    (3,805)     (1,084)       (30,731)    (10,011)
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Closing Balance               19,990      18,155        462,474     115,224 
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Oil  
Oil       NGL's    Natural Gas  Equivalent 
PROVED PLUS PROBABLE     (mbbls) (1)     (mbbls)         (mmcf)      (mboe) 
----------------------------------------------------------------------------
Opening Balance               34,691      25,794        554,945     152,976 
Extensions & Improved                                                       
 Recovery                      4,519       2,462        111,933      25,636 
Infill Drilling                1,849       2,027        123,148      24,401 
Technical Revisions           (2,800)        939         (1,631)     (2,132)
Acquisitions                       0       1,393         37,003       7,560 
Dispositions                    (166)       (202)        (5,872)     (1,347)
Economic Factors                 132          20            403         219 
Production                    (3,805)     (1,084)       (30,731)    (10,011)
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Closing Balance               34,420      31,349        789,198     197,302 
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Notes:                                                                      
(1) Includes light, medium, and heavy oil. See the Company's AIF for         
detailed product type categorization.                                   
(2) May not add due to rounding                                              
/T/ 
Capital Program Efficiency  
During 2013, Crew's capital expenditures (unaudited), net of acquisitions
and dispositions, resulted in proved plus probable reserve additions of 54.3
mmboe at a net FD&A cost of $9.65 per boe including changes in future
development capital ("FDC"). Proved reserve additions in 2013 were
40.1 mmboe which were added at a net FD&A cost of $12.28 per boe including
changes in FDC.  
The efficiency of the Company's capital program for the year ended
December 31, 2013 and historical comparatives are summarized below.  
/T/ 
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Three Year     
2013              2012           2013-2011    
---------------------------------------------------------------------------- 
Proved            Proved            Proved 
plus              plus              plus 
Proved Probable   Proved Probable   Proved Probable
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Exploration and                                                             
 Development                                                                
 expenditures(2)                                                            
($ thousands)           220,034  220,034  258,791  258,791  854,699  854,699
----------------------------------------------------------------------------
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Acquisitions/                                                               
 (Dispositions) (1)                                                         
($ thousands)            40,218   40,218  (96,557) (96,557) 485,988  485,988
----------------------------------------------------------------------------
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Change in future                                                            
 development capital                                                        
(2) ($ thousands)                                                           
 - Exploration and                                                          
  Development           211,741  215,403  167,932  168,815  421,667  561,083
 - Acquisitions/                                                            
  Dispositions           21,101   48,815  (34,940)(119,180)  94,177  136,760
----------------------------------------------------------------------------
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Reserves additions with                                                     
 revisions and economic                                                     
 factors (Mboe)                                                             
 - Exploration and                                                          
  Development            37,736   48,124   22,777   36,504   77,902  115,534
 - Acquisitions/                                                            
  Dispositions            2,412    6,213   (3,090) (10,579)  20,272   35,624
---------------------------------------------------------------------------- 
40,148   54,337   19,687   25,925   98,174  151,158
----------------------------------------------------------------------------
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Finding & Development                                                       
 Costs(2 & 3)($/boe)                                                         
- with revisions and                                                       
  economic factors        11.44     9.05    18.73    11.71    16.27    12.25 
Finding, Development &                                                      
 Acquisition Costs (3 &                                                     
 4) ($/boe)                                                                  
- with revisions and                                                       
  economic factors        12.28     9.65    15.00     8.17    18.82    13.49 
Recycle Ratio(5)                                                            
 (F,D,&A)                   1.8      2.3      1.5      2.7                   
Reserves Replacement        401%     543%     193%     254%                  
Reserve Life Index                                                          
 based on annualized                                                        
 2013 fourth quarter                                                        
 production (years)        11.0     18.9      8.6     15.5                  
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(1) Acquisition costs related to the 2011 corporate acquisition of Caltex    
reflects the consideration paid for the shares acquired plus the net     
debt assumed, both valued at closing and does not reflect the fair       
market value allocated to the acquired oil and gas assets under          
International Financial Reporting Standards ("IFRS"). Acquisition costs  
in 2013 related to the announced Montney acreage acquisition referenced  
in the July 9, 2013 press release.                                      
(2) The aggregate of the exploration and development costs incurred in the   
most recent financial year and the change during that year in estimated  
future development costs generally will not reflect total finding and    
development costs related to reserve additions for that year.           
(3) Calculation includes changes in future development costs.               
(4) Crew calculates FD&A costs which incorporate both the costs and          
associated reserve additions related to acquisitions net of any          
dispositions during the year. Since acquisitions and divestitures have   
had a significant impact on Crew's annual reserve replacement costs, the 
Company believes that FD&A costs provide a meaningful portrayal of       
Crew's cost structure.                                                  
(5) The 2013 recycle ratio is calculated using the Company's Q4 2013         
operating net back of $22.12 per boe (unaudited) which includes          
commodity related hedging gains and losses for the quarter.              
/T/ 
Future Development Capital 
The following table provides a summary of future development capital based upon
the Sproule Report. 
/T/ 
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Total   Total Proved
Future Development Capital ($thousands)                Proved     + Probable
----------------------------------------------------------------------------
2014                                                  141,312        183,702
2015                                                  118,176        233,412
2016                                                  155,716        228,795
2017                                                  136,566        178,547
2018                                                   33,910         33,979
Remainder                                             100,926        136,865
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Total undiscounted                                    686,606        995,300
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/T/ 
Net Asset Value 
The following table provides a calculation of Crew's estimated net asset
value at December 31, 2013 based on the estimated future net revenues
associated with Crew's proved plus probable reserves before income tax as
presented in the Sproule Report and including Crew's internal assessment
of undeveloped land values. 
/T/ 
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5%       10%  
Discount  Discount 
----------------------------------------------------------------------------
($ thousands)                                                               
Proved plus probable reserves                           2,593,873 1,818,094 
Undeveloped Land (1)                                      297,330   297,330 
Long-term debt as at December 31, 2013 (2)               (343,311) (343,311)
Estimated working capital deficiency as at December 31,                     
 2013 (2&3)                                               (40,103)  (40,103)
Proceeds from dilutive stock options                       15,035    15,035 
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Net asset value                                         2,522,824 1,747,045  
Diluted Common shares outstanding (thousands)             124,891   124,891 
----------------------------------------------------------------------------
Net asset value per share                                  $20.20    $13.99 
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Notes:                                                                      
(1) Based upon an internal evaluation of the fair market value of the        
Company's undeveloped land holdings as at December 31, 2013, which       
evaluation was completed principally using industry activity levels,     
third party transactions and land acquisitions that occurred in          
proximity to the Company's undeveloped lands during the past year.      
(2) Figures include estimated information based on unaudited financial       
results that may change.                                                
(3) Working capital deficiency includes an estimate of the Company's         
accounts receivable less accounts payable and accrued liabilities as at  
December 31, 2013.                                                       
/T/ 
2014 Guidance 
In December, Crew provided details of the Company's 2014 budget including
forecast average production of 29,500 to 30,500 boe per day and exit production
of 31,500 to 32,500 boe per day based upon planned exploration and development
capital expenditures of $246 million to facilitate the initial phases of the
Company's five year Montney development plan. Crew achieved its exit
guidance with December 2013 average production of 29,300 boe per day and
average fourth quarter 2013 production of 28,682 boe per day.  Exploration and
development capital expenditures of $220 million were on budget in 2013. For
detailed information regarding our 2014 capital program, please see our press
release dated December 16, 2013. 
CAUTIONARY STATEMENTS 
Unaudited financial information 
Certain financial and operating information included in this press release for
the quarter and year ended December 31, 2013, including finding and development
costs and net asset value, are based on estimated unaudited financial results
for the quarter and year then ended, and are subject to the same limitations as
discussed under Forward Looking Information set out below. These estimated
amounts may change upon the completion of audited financial statements for the
year ended December 31, 2013 and changes could be material. 
Information Regarding Disclosure on Oil and Gas Reserves and Operational
Information 
Our oil and gas reserves statement for the year ended December 31, 2013, which
will include complete disclosure of our oil and gas reserves and other oil and
gas information in accordance with NI 51-101, will be contained within our
Annual Information Form which will be available on our SEDAR profile at
www.sedar.com. The recovery and reserve estimates contained herein are
estimates only and there is no guarantee that the estimated reserves will be
recovered. In relation to the disclosure of estimates for individual
properties, such estimates may not reflect the same confidence level as
estimates of reserves and future net revenue for all properties, due to the
effects of aggregation. The Company's belief that it will establish
additional reserves over time with conversion of probable undeveloped reserves
into proved reserves is a forward-looking statement and is based on certain
assumptions and is subject to certain risks, as discussed below under the
heading "Forward-Looking Information and Statements". 
In relation to the disclosure of net asset value ("NAV"), the NAV
table shows what is normally referred to as a "produce-out" NAV
calculation under which the current value of the Company's reserves would
be produced at forecast future prices and costs and do not necessarily
represent a "going concern" value of the Company. The value is a
snapshot in time and is based on various assumptions including commodity price
forecasts and foreign exchange rates that vary over time. It should not be
assumed that the future net revenues estimated by Sproule represent the fair
market value of the reserves, nor should it be assumed that Crew's
internally estimated value of its undeveloped land holdings represent the fair
market value of the lands. 
Resource Estimates 
This news release contains references to estimates of oil and gas classified as
Total Petroleum Initially In Place ("TPIIP") in the Septimus area of
Crew's operations in northeastern British Columbia which are not, and
should not be confused with, oil and gas reserves. Such estimates are based
upon independent resource evaluations effective as at April 30, 2013 and May
31, 2013, respectively, prepared in accordance with the Canadian Oil and Gas
Evaluation Handbook. Such estimates are subject to a number of cautionary
statements, assumptions, risks, positive and negative factors relevant to the
estimates and contingencies, the details of which were set forth in Crew's
previously disseminated press release dated July 9, 2013. Accordingly, readers
are referred to and encouraged to review the sections entitled "Montney
Resource Evaluation", "Definitions of Oil and Gas Resources and
Reserves" and "Information Regarding Disclosure on Oil and Gas
Reserves, Resources and Operational Information" in the July 9, 2013 press
release for applicable definitions, cautionary language, explanations and
discussion of resources estimated herein, all of which is incorporated herein
by reference.  
Forward-looking information and statements 
This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue",
"estimate", "may", "will", "project",
"should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking information or
statements.  In particular, but without limiting the foregoing, this news
release contains forward-looking information and statements pertaining to the
following: the recognition of significant additional reserves under the heading
"Reserves", the volumes and estimated value of Crew's oil and
gas reserves; the life of Crew's reserves; the volume and product mix of
Crew's oil and gas production; future oil and natural gas prices and
Crew's commodity risk management program; future results from operations
and operating metrics, future development, exploration, acquisition and
development activities (including drilling plans) and related production
including 2014 average and exit production forecasts and reserves expectations. 
The recovery and reserve estimates of Crew's reserves and resources
provided herein are estimates only and there is no guarantee that the estimated
reserves or resources with be recovered. In addition, forward-looking
statements or information are based on a number of material factors,
expectations or assumptions of Crew which have been used to develop such
statements and information but which may prove to be incorrect. Although Crew
believes that the expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because Crew can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, among other things: that Crew will continue to conduct its
operations in a manner consistent with past operations; results from drilling
and development activities consistent with past operations; the quality of the
reservoirs in which Crew operates and continued performance from existing
wells; the continued and timely development of infrastructure in areas of new
production; the accuracy of the estimates of Crew's reserve volumes;
continued availability of debt and equity financing and cash flow to fund
Crew's current and future plans and expenditures; the impact of increasing
competition; the general stability of the economic and political environment in
which Crew operates; the general continuance of current industry conditions;
the timely receipt of any required regulatory approvals; the ability of Crew to
obtain qualified staff, equipment and services in a timely and cost efficient
manner; drilling results; the ability of the operator of the projects in which
Crew has an interest in to operate the field in a safe, efficient and effective
manner; the ability of Crew to obtain financing on acceptable terms; field
production rates and decline rates; the ability to replace and expand oil and
natural gas reserves through acquisition, development and exploration; the
timing and cost of pipeline, storage and facility construction and expansion
and the ability of Crew to secure adequate product transportation; future
commodity prices; currency, exchange and interest rates; regulatory framework
regarding royalties, taxes and environmental matters in the jurisdictions in
which Crew operates; and the ability of Crew to successfully market its oil and
natural gas products. 
The forward-looking information and statements included in this news release
are not guarantees of future performance and should not be unduly relied upon.
Such information and statement, including the assumptions made in respect
thereof, involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to defer materially from those anticipated
in such forward-looking information or statements including, without
limitation: changes in commodity prices; changes in the demand for or supply of
Crew's products, the early stage of development of some of the evaluated
areas; the potential for variation in the quality of the Montney formation;
unanticipated operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters; changes in
development plans of Crew or by third party operators of Crew's
properties, increased debt levels or debt service requirements; inaccurate
estimation of Crew's oil and gas reserve and resource volumes; limited,
unfavourable or a lack of access to capital markets; increased costs; a lack of
adequate insurance coverage; the impact of competitors; and certain other risks
detailed from time-to-time in Crew's public disclosure documents,
(including, without limitation, those risks identified in this news release and
Crew's Annual Information Form). 
The forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Crew does not assume any
obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws. 
BOE equivalent 
Barrel of oil equivalents or 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. Given that the value ration
based on the current price of crude oil as compared to natural gas is
significantly different than the energy equivalency of the 6:1 conversion
ratio, utilizing the 6:1 ratio may be misleading as an indication of value. 
Crew is a Calgary, Alberta based oil and gas exploration, development and
production company whose shares are traded on The Toronto Stock Exchange under
the trading symbol "CR". 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
Crew Energy Inc.
Dale Shwed
President and C.E.O.
(403) 231-8850
or
Crew Energy Inc.
John Leach
Senior Vice President and C.F.O.
(403) 231-8859
or
Crew Energy Inc.
Rob Morgan
Senior Vice President and C.O.O.
(403) 513-9628 
INDUSTRY:  Energy and Utilities - Oil and Gas  
SUBJECT:  DRO 
-0-
-0- Feb/18/2014 12:30 GMT
 
 
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