CALGARY, AB, April 25, 2024 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its reserves report and financial and operational results for the year ended December 31, 2023. 2023 HIGHLIGHTS Disposed of two non-core non-operated assets in 2023 for gross proceeds of $2.1 million at $20,000 per flowing barrel of oil equivalent per day ("boe/d") reducing corporate asset retirement obligations by $2.4 million; Paid a $1.5 million return of capital distribution (approx. $0.1279 per common share), to Clearview's shareholders with a record date of September 23, 2023; Reconfirmed the Company's credit facility with its lender at $10.0 million with the next scheduled review set for June 30, 2024; Achieved a proved developed producing finding and development cost of $11.82/boe in 2023 and $5.39/boe over the last 3 years; and Generated $0.3 million in carbon credits, more than offsetting the Company's carbon tax obligations. FINANCIAL and OPERATIONAL RESULTS Production for the year ended December 31, 2023 was down 16% to average 1,671 boe/d versus the comparative year of 2022 at 1,981 boe/d.  The decrease was primarily due to the disposition of 108 boe/d in the first quarter of 2023 and natural declines of approximately 12% being partially offset by the successful drilling of one gross (0.67 net) light oil Cardium well in Wilson Creek in the third quarter of 2023. Natural gas liquids production decreased 15% compared to the prior year and consistent with an 18% decrease in natural gas production. Adjusted funds flow(1) for the year ended December 31, 2023 was $3.7 million (approx. $0.32 per share(3)), a decrease of 61% compared to 2022, primarily due to lower realized sales prices for all of the Company's production and lower production volumes, resulting in a decrease in revenue of $16.4 million.  The decrease in revenue for 2023 was offset by lower royalties due to the sliding scale nature of Crown royalties, lower operating costs due to dispositions undertaken in 2022 and in the first quarter of 2023 as well as reduced spending on workovers and spending efficiencies on repairs and maintenance.  Capital expenditures(2) for 2023 were $5.3 million, which included the drilling of a light oil well for $3.9 million.  Clearview incurred decommissioning expenditures of $0.8 million during 2023. Upon approval from the Company's shareholders in September 2023, the Company funded a distribution to Clearview's shareholders in the form of a return of capital of $0.1279 per common share in December 2023. Clearview had net debt(1) outstanding of $3.7 million at December 31, 2023, which included bank debt of $1.7 million, a working capital deficit of $0.8 million and the Company's convertible debentures of $1.2 million. Notes (1) "Adjusted funds flow" and "net debt" are capital management measures that do not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures or ratios of other entities.  See "Non-IFRS Measures" contained within this press release. (3) Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. FINANCIAL and OPERATING HIGHLIGHTS Financial            Three months ended        Year ended ($ thousands except per share amounts) Dec. 31 2023 Dec. 31 2022 % Change Dec. 31 2023 Dec. 31 2022 % Change Oil and natural gas sales 6,931 8,572 (19) 24,824 41,176 (40) Adjusted funds flow (1) 220 2,044 (89) 3,736 9,681 (61) Per share – basic (2) 0.02 0.18 (89) 0.32 0.83 (61) Per share – diluted (2) 0.02 0.18 (89) 0.32 0.83 (61) Cash provided by operating activities 150 1,667 (91) 2,327 8,530 (73) Per share – basic 0.01 0.14 (93) 0.20 0.73 (73) Per share - diluted 0.01 0.14 (93) 0.20 0.73 (73) Net earnings (loss) (1,486) (6,406) (77) (4,011) (2,549) 57 Per share – basic (0.13) (0.55) (74) (0.34) (0.22) 70 Per share - diluted (0.13) (0.55) (74) (0.34) (0.22) 70 Net debt (1) 3,724 539 591 Average shares outstanding 11,731 11,679 - 11,720 11,674 - (1) Capital management measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. (2) Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. Production            Three months ended        Year ended Dec. 31 2023 Dec. 31 2022 % Change Dec. 31 2023 Dec. 31 2022 % Change Oil – bbl/d 458 393 17 381 427 (11) Natural gas liquids – bbl/d 459 402 14 402 472 (15) Total liquids – bbl/d 917 795 15 783 899 (13) Natural gas – mcf/d 5,534 6,125 (10) 5,327 6,492 (18) Total – boe/d 1,839 1,816 1 1,671 1,981 (16) Realized sales prices (1)            Three months ended        Year ended Dec. 31 2023 Dec. 31 2022 % Change Dec. 31 2023 Dec. 31 2022 % Change Oil – $/bbl 97.04 101.75 (5) 97.16 113.47 (14) NGLs – $/bbl 38.60 53.22 (27) 41.65 59.81 (30) Natural gas – $/mcf 2.39 5.19 (54) 2.67 5.56 (52) Total – $/boe 40.97 51.30 (20) 40.70 56.95 (29) (1) Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. Netback analysis (1)            Three months ended       Year ended Barrel of oil equivalent ($/boe) Dec. 31 2023 Dec. 31 2022 % Positive (Negative) Dec. 31 2023 Dec. 31 2022 % Positive (Negative) Realized sales price 40.97 51.30 (20) 40.70 56.95 (29) Royalties (6.08) (7.70) 21 (5.24) (9.80) 47 Processing income 0.52 0.72 (28) 0.44 0.71 (38) Transportation (2.17) (1.97) (10) (2.13) (1.74) (22) Operating (19.03) (25.03) 24 (20.13) (21.19) 5 Operating netback (2) 14.21 17.32 (18) 13.64 24.93 (45) Realized gain (loss) – financial instruments 1.02 (0.22) 564 0.22 (6.96) 103 General and administrative (4.20) (3.94) (7) (4.58) (3.72) (23) Other (costs) income  (9.35) - (100) (2.59) - (100) Transaction costs - (0.49) 100 (0.04) (0.11) 64 Cash finance costs (2) (0.38) (0.43) 12 (0.53) (0.77) 31 Corporate netback (2) 1.30 12.24 (89) 6.12 13.37 (54) (1) % Positive (Negative) is expressed as being positive (better performance in the category) or negative (reduced performance in the category) in relation to operating netback, corporate netback and net earnings. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures or ratios of other entities.  See "Non-IFRS Measures" contained within this press release. YEAR END 2023 RESERVE INFORMATION McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent petroleum engineering firm, has evaluated 100% of Clearview's crude oil, natural gas and natural gas liquids reserves (all located in Canada) as at December 31, 2023 and prepared a reserves report dated March 21, 2024 (the "McDaniel Report") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Consistent with the prior year's reserve report, the Company used a three consultant (McDaniel, GLJ Petroleum Consultants Ltd. and Sproule) average commodity price forecast dated January 1, 2024 ("Price Forecast") in the evaluation.  Full reserves data disclosure as required under NI 51-101 will be included in Clearview's Annual Information Form to be filed on SEDAR+ by April 29, 2024. RESERVES The following table is a breakdown of the Company's reserves information, estimated using the Price Forecast and forecast costs, as detailed in the McDaniel Report at December 31, 2023. Reserves Light & MediumCrude Oil ConventionalNatural Gas(3)  Natural GasLiquids(4) Total OilEquivalent(5) Reserves Category Gross(1) (Mbbl) Net(2)(Mbbl) Gross(1) (MMcf) Net(2)(MMcf) Gross(1) (Mbbl) Net(2)(Mbbl) Gross(1) (Mboe) Net(2)(Mboe) Proved      Developed Producing 1,005 875 13,434 12,120 984 805 4,229 3,700      Non-Producing 52 45 576 514 36 29 183 159      Undeveloped 2,164 1,836 13,357 11,994 729 604 5,120 4,439 Total Proved 3,221 2,756 27,367 24,628 1,749 1,438 9,532 8,298 Probable 1,606 1,245 22,749 20,190 1,705 1,407 7,102 6,016 Total Proved + Probable 4,827 4,000 50,116 44,818 3,454 2,845 16,633 14,314 (1) Gross reserves are defined as the working interest share of reserves prior to the deduction of interests owned by others (burdens).  Royalty interest reserves are not included in Gross reserves. (2) Net reserves are defined as the working, net carried, and royalty interest reserves after deduction of all applicable burdens/royalties. (3) Includes solution gas. (4) Includes ethane, propane, butane, pentane, and condensate. (5) Oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil (6:1). NET PRESENT VALUE OF FUTURE NET REVENUE The estimated future net revenues associated with Clearview's reserves at December 31, 2023, based on the Price Forecast, are summarized in the following table.