Topaz reports first quarter 2024 results, strong royalty acreage development activity and declares second quarter dividend – Canadian Energy News, Top Headlines, Commentaries, Features & Events – EnergyNow

First Quarter 2024 Highlights

• Topaz’s undeveloped lands continue to attract a strong, consistent level of development activity.  12% of the total wells drilled across the WCSB⁽⁹⁾ were spud on Topaz royalty acreage during the first quarter of both 2024 and 2023.  Since the beginning of 2021, the total number of gross wells drilled across Topaz’s royalty acreage represents 13% of the wells drilled across the WCSB⁽⁹⁾.  Over that same time, Topaz’s heavy oil royalty production has increased significantly from 50 bbl/d to 2,877 bbl/d, the majority of which is attributed to growth from the Clearwater play.
• Based on operator drilling plans, 9 to 11 rigs will remain active across Topaz’s royalty acreage through spring break-up⁽³⁾, a record level as spring conditions typically restrict most development activity.  Royalty acreage activity is expected to resume with 25 to 29 planned drilling rigs following break-up⁽³⁾.
• Topaz generated total revenue and other income of $78.2 million, 54% of which was derived from oil and liquids royalties, 23% from natural gas royalties, and 23% from Topaz’s infrastructure portfolio.
• Cash flow of $67.9 million or $0.47 per diluted share,⁽²⁾ was generated from 19,192 boe/d⁽⁴⁾ (30% oil and liquids) average royalty production and 99% infrastructure asset capacity utilization.
• FCF⁽¹⁾ of $66.3 million or $0.46 per diluted share⁽²⁾ was allocated to dividends and debt reduction.  Topaz paid a $0.32 per share first quarter dividend ($1.28 per share annualized⁽¹²⁾) which represents a 6.4% trailing annualized yield to the Q1 2024 average share price⁽¹⁰⁾.  Topaz reduced net debt⁽¹⁾ $20.5 million or 6% during the quarter.
• Topaz confirms its previously announced guidance estimates for 2024e of 18,800 to 19,600 boe/d⁽³⁾⁽⁴⁾ royalty production and $69.0 to $71.0 million⁽³⁾ of processing revenue and other income.
• For the balance of 2024e, Topaz’s dividend is sustainable down to very low commodity prices ($0.01 per mcf natural gas and US$50.00 per bbl crude oil^(3)(13)).

First Quarter 2024 Update

Financial Overview

• Topaz generated $78.2 million total revenue and other income, 77% of which from royalty assets that generated a 99% operating margin⁽¹⁾ and 23% from infrastructure assets that generated an 89% operating margin⁽¹⁾.
• Cash flow of $67.9 million or $0.47 per diluted share⁽²⁾ was lower than the prior quarter, driven by 3% lower commodity pricing including wider crude oil differentials, and lower royalty production attributed to extreme January weather conditions and Topaz’s last scheduled royalty rate reversion.  The decrease was offset by a $0.6 million higher hedging gain, 12% stronger WCS differential pricing, and 6% lower interest expense.
• Topaz paid $46.4 million in dividends (68% payout ratio⁽¹⁾), and generated $19.9 million of Excess FCF⁽¹⁾ which was allocated to debt repayment.
• Topaz exited Q1 2024 with $322.3 million of net debt⁽¹⁾, $20.5 million or 6% lower than the end of 2023.  As at April 29, 2024, Topaz has $650.0 million of available credit capacity⁽⁶⁾ which provides financial flexibility for strategic growth opportunities.

Royalty Activity

• First quarter average royalty production of 19,192 boe/d⁽⁴⁾ (30% oil and liquids) achieved the midpoint of Topaz’s 2024e guidance range.  The estimated gross operator production across Topaz’s royalty acreage in Q1 2024 represented approximately 8% of total WCSB production⁽⁸⁾.
• During the quarter, operators spud 145 gross wells (5.0 net)⁽⁷⁾ and reactivated 6 gross wells across Topaz’s royalty acreage, compared to 147 gross wells spud (5.0 net) and 10 gross wells reactivated during the prior quarter.  At the end of the first quarter, 95 of the 145 gross wells drilled in Q1 2024 had not yet been brought on production, compared to 87 out of 147 at the end of Q4 2023.
• During Q1 2024, Topaz’s total realized royalty production price was $34.55 per boe, 3% lower than the prior quarter, driven by lower crude oil and natural gas liquids market pricing.  The majority of Topaz’s royalty agreements do not permit standard royalty deductions which enhances Topaz’s commodity exposure and profitability.  For Q1 2024, Topaz’s realized natural gas price represents 100% of the AECO 5A benchmark price and Topaz’s realized heavy crude oil price represents 97% of the WCS heavy oil benchmark price.
• Topaz estimates that operators invested $0.5 billion to $0.6 billion of development capital across the Company’s royalty acreage in Q1 2024.  Drilling activity (145 gross wells spud⁽⁷⁾) was diversified across Topaz’s portfolio as follows: 53 Clearwater, 35 NEBC Montney, 25 Deep Basin, 15 Peace River, 6 Central Alberta and 11 SE Saskatchewan/Manitoba.  Clearwater drilling activity increased 26% from the prior quarter.

Infrastructure Activity

• Topaz generated $17.9 million in processing revenue and other income which was 4% higher than the prior year.  During Q1 2024, Topaz incurred $1.9 million in operating expenses resulting in an 89% operating margin⁽¹⁾.  The infrastructure assets generated 99% utilization and Topaz incurred $1.0 million in maintenance-related capital expenditures (before capitalized G&A).
• Construction of the previously announced Clearwater Natural Gas Gathering Infrastructure continues to be advanced by the operator who has spent $15.3 million toward the project to date, and is expected to be completed by late 2024.  Following commissioning, Topaz will fund the final capital costs and generate incremental processing revenue.  The Clearwater Natural Gas Gathering Infrastructure is designed to conserve natural gas across Topaz’s existing West Marten Hills royalty acreage and is expected to increase Topaz’s existing royalty production revenue up to $0.5 million in 2025, meaningfully reduce CO₂ emissions in the area, and generate approximately $3.7 million in infrastructure processing revenue for Topaz in 2025^(3)(15).

Dividend 

• Topaz’s Board has declared the second quarter 2024 dividend at $0.32 per share which is expected to be paid on June 28, 2024, to shareholders of record on June 14, 2024.  The quarterly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.  The annualized dividend of $1.28 per share⁽¹²⁾ provides a 5.6% yield to Topaz’s current share price⁽¹¹⁾.
• Topaz’s 2024 estimated dividend is sustainable down to extremely low commodity prices ($0.01 per mcf natural gas and US$50.00 per bbl crude oil^(3)(13)) due to the Company’s high-margin, stable infrastructure income and hedging strategy.  Based on Topaz’s 2024 midpoint royalty production estimate, 18% of natural gas is hedged at a weighted average fixed price of C$3.17 per mcf and approximately 40% of oil and total liquids is protected to a weighted average floor price of C$102.54 per bbl using collar structures to maintain upside price participation⁽¹³⁾.

Guidance Outlook

2024e Guidance Estimates Confirmed

• Topaz confirms the Company’s previously announced 2024e guidance estimates, including average annual royalty production of 18,800 – 19,600 boe/d⁽³⁾⁽⁴⁾ and processing revenue and other income between $69.0 and $71.0 million⁽³⁾.  Topaz’s royalty production guidance anticipates operator-funded capital development between $2.2 billion and $2.8 billion and incorporates the impact of Topaz’s last contractually scheduled royalty rate reversion from 4% to 3%, effective January 1, 2024, on approximately 300 MMcf/d of gross natural gas production (approximately 500 boe/d to Topaz)⁽¹⁴ⁱⁱ⁾.
• For 2024e, the royalty production guidance range purposefully remains flexible and allows for operators to adjust capital spending in response to near-term supply/demand and resulting commodity price factors in the WCSB.  Topaz’s asset portfolio is diversified amongst oil and liquids-rich, natural gas-focused plays and is concentrated on the most commodity price-resilient activity areas.  Based on current commodity pricing⁽⁵⁾, Topaz expects to exit 2024e with net debt⁽¹⁾ between $240.0 and $250.0 million, before consideration of incremental acquisitions or the costs of the Clearwater Natural Gas Gathering Infrastructure.

Dividend Sustainability and Capital Allocation 

• Topaz’s 2024e dividend payout ratio⁽¹⁾ of 64%^(3)(14) remains at the lower end of the Company’s targeted long-term payout of 60-90% to maintain financial flexibility for acquisition growth opportunities. Topaz’s strategy is to continue to provide further dividend increases alongside sustainable organic and acquisition growth.
• Topaz’s year-end 2024e net debt to EBITDA⁽¹⁾ is estimated at 0.8 times⁽³⁾⁽⁵⁾ before consideration of acquisition activity, or 0.9 times⁽³⁾⁽⁵⁾ following the commissioning and estimated costs attributed to the Clearwater Natural Gas Gathering Infrastructure⁽¹⁵⁾.  The Company has a $700 million covenant-based unsecured credit facility, expandable to $1.0 billion, which provides financial flexibility and growth optionality⁽⁶⁾.

Additional information

Additional information about Topaz, including the Consolidated Financial Statements and MD&A as at and for the three months ended March 31, 2024 are available on SEDAR+ at www.sedarplus.ca under the Company’s profile, and on Topaz’s website at www.topazenergy.ca.

Q1 2024 CONFERENCE CALL

Topaz will host a conference call tomorrow, Tuesday, April 30, 2024 starting at 9:00 a.m. MST (11:00 a.m. EST). To join the conference call without operator assistance, participants can register and enter their phone number at  https://emportal.ink/4akbl5E to receive an instant automated call back. Alternatively, participants can join by calling a live operator at 416-764-8659 or 1-888-664-6392 (North American toll free).  The conference call ID is 12063827.

2024 ANNUAL MEETING

Topaz will host its annual shareholder meeting on Thursday, May 2, 2024 at 9:00 a.m. MST (11:00 a.m. EST) at the Calgary Petroleum Club (now to be held in the McMurray Room) located at 310 5^th Avenue SW Calgary, Alberta.  If you were a shareholder of record of Topaz common shares at the close of business on March 18, 2024, you have received notice of, and are entitled to participate in, and vote at this meeting. We encourage you to vote your common shares and participate in the meeting.

ABOUT THE COMPANY

Topaz is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada’s largest and most active natural gas producer, Tourmaline Oil Corp. (“Tourmaline”), an investment-grade senior Canadian E&P company, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies, while maintaining its commitment to environmental, social and governance best practices. Topaz focuses on top-quartile energy resources and assets best positioned to attract capital in order to generate sustainable long-term growth and profitability.

The Topaz royalty and energy infrastructure revenue streams are generated primarily from assets operated by natural gas producers with some of the lowest greenhouse gas emissions intensity in the Canadian senior upstream sector, including Tourmaline, which has received awards for environmental sustainability and conservation efforts. Certain of these producers have set long-term emissions reduction targets and continue to invest in technology to improve environmental sustainability.

Topaz’s common shares are listed and posted for trading on the TSX under the trading symbol “TPZ” and it is included in the S&P/TSX Composite Index. This is the headline index for Canada and is the principal benchmark measure for the Canadian equity markets, represented by the largest companies on the TSX.

For further information, please visit the Company’s website at  www.topazenergy.ca.  Topaz’s SEDAR+ filings are available at www.sedarplus.ca.

NOTE REFERENCES

This news release refers to financial reporting periods in abbreviated form as follows: “Q1 2024” refers to the three months ended March 31, 2024; “Q4 2023” refers to the three months ended December 31, 2023; and “Q1 2023” refers to the three months ended March 31, 2023.  In addition, “2024e” refers to estimated amounts or results for the year ending December 31, 2024.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. These forward-looking statements relate to future events or the Company’s future performance. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to the following: Topaz’s future growth outlook, guidance and strategic plans; estimated annual average royalty production for 2024; estimated processing revenue and other income for 2024; anticipated 2024e net debt levels and 2024e net debt to EBITDA levels; dividend amounts, and the estimated dividend payout ratio; the sustainability of the dividend and the rationale for such sustainability; the maintenance of financial flexibility for strategic acquisition growth opportunities; the anticipated capital expenditure and drilling plans; the number of drilling rigs to be active on Topaz’s royalty acreage; the future declaration and payment of dividends and the timing and amount thereof; the costs and completion timing with respect to the Clearwater Natural Gas Gathering System; the forecasts described under the headings “Guidance Outlook – 2024e Guidance Estimates Confirmed” and “Sustainability and Capital Allocation” and the assumptions and estimates described under the heading “Note References” above; and the Company’s business as described under the heading “About the Company” above.

Forward‐looking statements are based on a number of assumptions including those highlighted in this news release including future commodity prices, capital expenditures, infrastructure ownership capacity utilization and operator development plans, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements.

Such risks and uncertainties include, but are not limited to, the failure to complete acquisitions on the terms or on the timing announced or at all and the failure to realize some or all of the anticipated benefits of acquisitions including estimated royalty production, royalty production revenue and FCF per share growth, and the factors discussed in the Company’s recently filed Management’s Discussion and Analysis (See “Forward-Looking Statements” therein), 2023 Annual Information Form (See “Risk Factors” and “Forward-Looking Statements” therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or Topaz’s website (www.topazenergy.ca).

Statements relating to “reserves” are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as the Company’s dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things, FCF, financial requirements  for the Company’s operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors  beyond the Company’s control. Further, the ability of Topaz to pay dividends will be subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility.

Topaz does not undertake any obligation to update such forward‐looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Also included in this news release are estimates of the average royalty production range and processing revenue and other income range for the year ending December 31, 2024 and range of year-end exit net debt and net debt to EBITDA for 2024, which are based on, among other things, the various assumptions as to production levels and capital expenditures and other assumptions disclosed in this news release including under the heading “Guidance Outlook” and “Note References” above and are based on the following key assumptions: Topaz’s estimated capital expenditures (excluding acquisitions) of $4 to $5 million in 2024; the working interest owners’ anticipated 2024 capital plans attributable to Topaz’s undeveloped royalty lands; estimated average annual royalty production range of 18,800 to 19,600 boe/d in 2024; 2024 average infrastructure ownership capacity utilization of 95%; estimated timing of completion and commissioning of the Clearwater Natural Gas Gathering System on or before December 31, 2024; December 31, 2024 exit net debt range between $240 and $250 million, 2024 average commodity prices of: $2.04/mcf (AECO 5A), US$80.32/bbl (NYMEX WTI), US$16.54/bbl (WCS oil differential), US$4.35/bbl (MSW oil differential) and US$/CAD$ foreign exchange 0.74.

To the extent such estimates constitute financial outlooks, they were approved by management and the board of directors of Topaz on April 29, 2024 and are included to provide readers with an understanding of the estimated revenue, net debt and the other metrics described above for the year ending December 31, 2024 based on the assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes.

Certain financial terms and measures contained in this news release are “specified financial measures” (as such term is defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”)). The specified financial measures referred to in this news release are comprised of “non-GAAP financial measures”, “capital management measures” and “supplementary financial measures” (as such terms are defined in NI 52-112). These measures are defined, qualified, and where required, reconciled with the nearest GAAP measure below.

The non-GAAP financial measure used herein does not have a standardized meaning prescribed by GAAP. Accordingly, the Company’s use of this term may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that the non-GAAP financial measure should not be considered in isolation nor as an alternative to net income (loss) or other financial information determined in accordance with GAAP, as an indication of the Company’s performance.

This news release makes reference to the terms “acquisitions, excluding decommissioning obligations” and “operating margin”, which are considered non-GAAP financial measures under NI 52-112; defined as a financial measure disclosed by an issuer that depicts the historical or expected future financial performance, financial position, or cash flow of an entity, and is not disclosed in the financial statements of the issuer.

Capital management measures

Capital management measures are defined as financial measures disclosed by an issuer that are intended to enable an individual to evaluate the entity’s objectives, policies and processes for managing the entity’s capital, are not a component of a line item or a line item on the primary financial statements, and which are disclosed in the notes to the financial statements. The Company’s capital management measures disclosed in the Consolidated Financial Statements as at and for the three months ended March 31, 2024 include adjusted working capital, net debt (cash), free cash flow (FCF) and Excess FCF.

Supplementary financial measures

This news release makes reference to the terms “cash flow per basic or diluted share”, “FCF per basic or diluted share”, “EBITDA per basic or diluted share”, “FCF margin”, “operating margin percentage” and “payout ratio” which are all considered supplementary financial measures under NI 52-112; defined as a financial measure disclosed by an issuer that is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity, is not disclosed in the financial statements of the issuer, and is not a non-GAAP financial measure or non-GAAP financial ratio.

The following terms are financial measures as defined under the Company’s Syndicated Credit Facility, presented in the Consolidated Financial Statements as at and for the three months ended March 31, 2024: (i) consolidated senior debt, (ii) total debt, (iii) EBITDA and (iv) capitalization.

Management uses cash flow, FCF, FCF margin and Excess FCF for its own performance measures and to provide investors with a measurement of the Company’s efficiency and its ability to generate the cash necessary to fund or increase dividends, fund future growth opportunities and/or to repay debt; and furthermore, uses per share metrics to provide investors with a measure of the proportion attributable to the basic or diluted weighted average common shares outstanding.

Cash flow is a GAAP measure which is derived of cash from operating activities excluding the change in non-cash working capital and is presented in the consolidated statements of cash flows.  FCF is a capital management measure presented in the notes to the consolidated financial statements and is defined as cash flow, less capital expenditures.  The supplementary financial measure “FCF margin”, is defined as FCF divided by total revenue and other income (expressed as a percentage of total revenue and other income).  The capital management measure “Excess FCF”, is defined as FCF less dividends paid.  The supplementary financial measures “cash flow per basic or diluted share” and “FCF per basic or diluted share” are calculated by dividing cash flow and FCF, respectively, by the basic or diluted weighted average common shares outstanding during the period.

A summary of the reconciliation from cash from operating activities (per the consolidated statements of cash flows) to cash flow (per the consolidated statements of cash flows), cash flow per basic or diluted share, FCF, Excess FCF, FCF per basic or diluted share and FCF margin is set forth below:

Operating margin and operating margin percentage

Operating margin (infrastructure assets) is a non-GAAP financial measure derived from processing revenue and other income, less operating expenses. Operating margin percentage (infrastructure assets) is a supplemental financial measure, calculated as operating margin (infrastructure assets), expressed as a percentage of total processing revenue and other income. Operating margin (royalty assets) is a non-GAAP financial measure derived from royalty production revenue, less marketing expenses. Operating margin percentage (royalty assets) is a supplemental financial measure, calculated as operating margin (royalty assets), expressed as a percentage of total royalty production revenue. Operating margin and operating margin percentage are used by management to analyze the profitability of its infrastructure assets and royalty assets.  A summary of the reconciliation of operating margin and operating margin percentage, for infrastructure and royalty assets, are set forth below:

Operating margin and operating margin percentage (royalty assets)

Management uses the terms “adjusted working capital” and “net debt” to measure the Company’s liquidity position and capital flexibility, as such these terms are considered capital management measures. “Adjusted working capital” is calculated as current assets less current liabilities, adjusted for financial instruments and work in progress capital costs.  “Net debt” is calculated as total debt outstanding less adjusted working capital.

A summary of the reconciliation from working capital, to adjusted working capital and net debt is set forth below:

EBITDA, as defined under the Company’s Syndicated Credit Facility and disclosed in note 7 of the Consolidated Financial Statements as at and for the three months ended March 31, 2024, is considered by the Company as a capital management measure which is used to evaluate the Company’s operating performance, and provides investors with a measurement of the Company’s cash generated from its operations, before consideration of interest income or expense.  “EBITDA” is calculated as consolidated net income or loss from continuing operations, excluding extraordinary items, plus interest expense, income taxes, and adjusted for non-cash items and gains or losses on dispositions.

EBITDA per basic or diluted share is a supplementary financial measure that is calculated by dividing EBITDA by the basic or diluted weighted average common shares outstanding during the period and provides investors with a measure of the proportion of EBITDA attributed to the basic or diluted weighted average common shares outstanding.

A summary of the reconciliation of net income (per the consolidated statements of net income and comprehensive income), to EBITDA, is set forth below:

“Payout ratio”, a supplementary financial measure, represents dividends paid, expressed as a percentage of cash flow and provides investors with a measure of the percentage of cash flow that was used during the period to fund dividend payments. Payout ratio is calculated as cash flow divided by dividends paid.

A summary of the reconciliation from cash flow to payout ratio is set forth below:

“Acquisitions, excluding decommissioning obligations”, is considered a non-GAAP financial measure, and is calculated as: acquisitions (per the consolidated statements of cash flows) plus non-cash acquisitions but excluding non-cash decommissioning obligations.

A summary of the reconciliation from acquisitions (per the consolidated statements of cash flow) to acquisitions, excluding decommissioning obligations is set forth below:

Per barrel of oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1).  Barrel of oil equivalents (boe) 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.  In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this news release to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the Company’s future performance and future performance may not compare to the Company’s performance in previous periods and therefore such metrics should not be unduly relied upon.

Certain information contained in this news release relating to the Company’s public issuer counterparties which include Tourmaline and others, and the nature of their respective businesses is taken from and based solely upon information published by such issuers. The Company has not independently verified the accuracy or completeness of any such information.

This news release makes reference to Tourmaline’s credit rating. Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.

This news release includes references to actual and estimated average royalty production. The following table is intended to provide supplemental information about the product type composition for each of the production figures that are provided in this news release:

SOURCE Topaz Energy Corp

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