Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Solara Exploration Ltd., Valuation and Financial Data 7
Solara Exploration Ltd., Share Price Performance 7
Share Price Performance, Q1, 2011-Q1, 2012 7
Solara Exploration Ltd., Key Valuation Metrics 8
Key Valuation Metrics, Q1, 2011-Q1, 2012 8
Solara Exploration Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 9
Results of Oil & Gas Operations Per boe Produced, Q1, 2011-Q1, 2012 9
Solara Exploration Ltd., Quarterly E&P Costs Trends 10
Upstream Capital Expenditure, Q1, 2011-Q1, 2012 10
Solara Exploration Ltd., Quarterly Production Trends 11
Solara Exploration Ltd., Total Oil and Gas Production 11
Total Crude Oil and Natural Gas Production Trend, Q1, 2011-Q1, 2012 11
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2011-Q1, 2012 12
Solara Exploration Ltd., Crude Oil Production 13
Total Crude Oil Production Trend, Q1, 2011-Q1, 2012 13
Crude Oil Production, By Country/Region, Q1, 2011-Q1, 2012 14
Solara Exploration Ltd., Natural Gas Production 15
Total Natural Gas Production Trend, Q1, 2011-Q1, 2012 15
Natural Gas Production, By Country/Region, Q1, 2011-Q1, 2012 16
Solara Exploration Ltd., Valuation and Financial Data, 2007-2011 17
Solara Exploration Ltd., Share Price Performance, 2007-2011 17
Share Price Performance, 2007-2011 17
Key Valuation Metrics, 2007-2011 18
Solara Exploration Ltd., Production and Reserves Trends 19
Total Oil and Gas, Reserves and Production 19
Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 19
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 20
Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 22
Crude Oil/Liquids Production and Reserve 23
Crude Oil/Liquids Production and Reserve Trend, 2007-2011 23
Crude Oil Production and Reserves By Country/Region, 2007-2011 24
Crude Oil/Liquids Reserve Changes, 2007-2011 26
Natural Gas Production and Reserve 27
Natural Gas Production and Reserve Trend, 2007-2011 27
Natural Gas Production and Reserves, By Country/Region, 2007-2011 28
Natural Gas Reserve Changes, 2007-2011 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 32
Solara Exploration Ltd., E&P Costs Trends 34
Allocation of the Upstream Capital Expenditure 34
Upstream Capital Expenditure, 2007-2011 34
Exploration and Development Costs, By Country/Region, 2007-2011 35
Oil and Gas Cost Per boe, $/boe 37
Oil and Gas Cost Per boe, $/boe, 2007-2011 37
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 39
Solara Exploration Ltd., Reserve Replacement Ratio 41
Oil and Gas Production Replacement Ratio 41
Oil and Gas Production Replacement Ratio, 2007-2011 41
Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 43
Solara Exploration Ltd., Results of Oil & Gas Operations Trend 47
Oil and Gas Revenue and Expenses 47
Oil and Gas Revenue and Expenses, 2007-2011 47
Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 48
Oil and Gas Revenue and Expenses, Per boe 52
Oil and Gas Revenue and Expenses, By boe, 2007-2011 52
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 53
Oil and Gas Performance Metrics 57
Solara Exploration Ltd., Land Holdings and Well Data 58
Developed and Undeveloped Acreage 58
Gross and Net Developed and Undeveloped Acreage, 2007-2011 58
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 59
Well Statistics 62
Producible Oil and Gas Well, 2007-2011 62
Producible Oil and Gas Well, By Country/Region, 2007-2011 63
Exploration and Development Wells Drilled, 2007-2011 67
Exploration and Development Wells Drilled, By Country/Region, 2007-2011 68
Recent Developments 69
Solara Exploration Ltd. - Recent Developments 69
May 31, 2012: Solara Exploration Reports Revenue Of CAD1.5m In Q1 2012 69
Mar 29, 2012: Solara Exploration Completes Equipping And Tie-in Of Cardium Horizontal Well In Alberta 69
Jan 24, 2012: Solara Exploration Provides Update On Recently Completed Cardium Horizontal Well 69
Dec 09, 2011: Solara Exploration Provides Operational Update 69
Nov 30, 2011: Solara Exploration Reports Revenues Of CAD1.4m In Q3 2011 70
Nov 01, 2011: Solara Exploration Provides Update On Wells At Sylvan Lake Area In Alberta 71
Oct 19, 2011: Solara Exploration Completes Testing Operations At Leduc D3 Well In Sylvan Lake, Alberta 71
Oct 12, 2011: Solara Exploration Provides Operational Update 72
Sep 20, 2011: Solara Exploration Announces Drilling And Completion Update 72
Sep 13, 2011: Solara Exploration Announces Drilling And Operational Update 73
Appendix 74
Methodology 74
Coverage 74
Secondary Research 74
Primary Research 74
Data Information Sources 75
Company Source 75
SEC/Other Regulatory Filings 75
Other Sources 75
Expert Panel Validation 75
Data Definition 75
Oil and Gas Reserves 75
Units of Measure 76
About GlobalData 76
Disclosure 76
Disclaimer 76
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Tables
Table 1: Solara Exploration Ltd., Share Price Performance, Q1, 2011-Q1, 2012 7
Table 2: Solara Exploration Ltd., Key Valuation Metrics, Q1, 2011-Q1, 2012 8
Table 3: Solara Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q1, 2011-Q1, 2012 9
Table 4: Solara Exploration Ltd., Upstream Capital Expenditure, Q1, 2011-Q1, 2012 10
Table 5: Solara Exploration Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2011-Q1, 2012 11
Table 6: Solara Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q1, 2011-Q1, 2012 12
Table 7: Solara Exploration Ltd., Total Crude Oil Production, MMbbl, Q1, 2011-Q1, 2012 13
Table 8: Solara Exploration Ltd., Crude Oil Production, By Country/Region, MMbbl, Q1, 2011-Q1, 2012 14
Table 9: Solara Exploration Ltd., Total Natural Gas Production, Bcf, Q1, 2011-Q1, 2012 15
Table 10: Solara Exploration Ltd., Natural Gas Production, By Country/Region, Bcf, Q1, 2011-Q1, 2012 16
Table 11: Solara Exploration Ltd., Share Price Performance, 2007-2011 17
Table 12: Solara Exploration Ltd., Key Valuation Metrics, 2007-2011 18
Table 13: Solara Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 19
Table 14: Solara Exploration Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011 21
Table 15: Solara Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011 22
Table 16: Solara Exploration Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 23
Table 17: Solara Exploration Ltd., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011 25
Table 18: Solara Exploration Ltd., Crude Oil Reserve Changes, MMbbl, 2007-2011 26
Table 19: Solara Exploration Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 27
Table 20: Solara Exploration Ltd., Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 29
Table 21: Solara Exploration Ltd., Natural Gas Reserve Changes, Bcf, 2007-2011 30
Table 22: Solara Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2007-2011 31
Table 23: Solara Exploration Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 33
Table 24: Solara Exploration Ltd., Upstream Capital Expenditure, $m, 2007-2011 34
Table 25: Solara Exploration Ltd., Exploration and Development Costs, By Country/Region, $m, 2007-2011 36
Table 26: Solara Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 37
Table 27: Solara Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011 40
Table 28: Solara Exploration Ltd., Oil and Gas Production Replacement Ratio, %, 2007-2011 41
Table 29: Solara Exploration Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 46
Table 30: Solara Exploration Ltd., Revenue and Expenses, $m, 2007-2011 47
Table 31: Solara Exploration Ltd., Revenue and Expenses, By Country/Region, $m, 2007-2011 51
Table 32: Solara Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 52
Table 33: Solara Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 56
Table 34: Solara Exploration Ltd., Oil and Gas Performance Metrics, 2007-2011 57
Table 35: Solara Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 58
Table 36: Solara Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 61
Table 37: Solara Exploration Ltd., Producible Oil and Gas Wells, 2007-2011 62
Table 38: Solara Exploration Ltd., Producible Oil and Gas Wells, By Country/Region, 2007-2011 66
Table 39: Solara Exploration Ltd., Exploratory and Developed Wells, 2007-2011 67
Table 40: Solara Exploration Ltd., Exploratory and Developed Wells, By Country/Region, 2007-2011 68
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Figures
Figure 1: Solara Exploration Ltd., Share Price Performance, CAD/Share, Q1, 2011-Q1, 2012 7
Figure 2: Solara Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2011-Q1, 2012 8
Figure 3: Solara Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q1, 2011-Q1, 2012 9
Figure 4: Solara Exploration Ltd., Upstream Capital Expenditure, $m, Q1, 2011-Q1, 2012 10
Figure 5: Solara Exploration Ltd., Total Crude Oil and Natural Gas, Production, MMboe, Q1, 2011-Q1, 2012 11
Figure 6: Solara Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q1, 2011-Q1, 2012 12
Figure 7: Solara Exploration Ltd., Total Crude Oil Production, MMbbl, Q1, 2011-Q1, 2012 13
Figure 8: Solara Exploration Ltd., Crude Oil Production, By Country/Region, MMbbl, Q1, 2011-Q1, 2012 14
Figure 9: Solara Exploration Ltd., Total Natural Gas Production, Bcf, Q1, 2011-Q1, 2012 15
Figure 10: Solara Exploration Ltd., Natural Gas Production, By Country/Region, Bcf, Q1, 2011-Q1, 2012 16
Figure 11: Solara Exploration Ltd., Share Price Performance, CAD/Share, 2007-2011 17
Figure 12: Solara Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2007-2011 18
Figure 13: Solara Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 19
Figure 14: Solara Exploration Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011 20
Figure 15: Solara Exploration Ltd., Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011 20
Figure 16: Solara Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011 22
Figure 17: Solara Exploration Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 23
Figure 18: Solara Exploration Ltd., Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011 24
Figure 19: Solara Exploration Ltd., Oil Production, By Country/Region, MMbbl, 2007-2011 24
Figure 20: Solara Exploration Ltd., Crude Oil Reserve Changes, MMbbl, 2011 26
Figure 21: Solara Exploration Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 27
Figure 22: Solara Exploration Ltd., Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011 28
Figure 23: Solara Exploration Ltd., Gas Production, By Country/Region, Bcf, 2007-2011 28
Figure 24: Solara Exploration Ltd., Natural Gas Reserve Changes, Bcf, 2011 30
Figure 25: Solara Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2007-2011 31
Figure 26: Solara Exploration Ltd., Gas Reserve Life Index, By Country/Region, Years, 2007-2011 32
Figure 27: Solara Exploration Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-2011 32
Figure 28: Solara Exploration Ltd., Oil Reserve Life Index, By Country/Region, Years, 2007-2011 33
Figure 29: Solara Exploration Ltd., Upstream Capital Expenditure, $m, 2007-2011 34
Figure 30: Solara Exploration Ltd., Development Costs, By Country/Region, $m, 2007-2011 35
Figure 31: Solara Exploration Ltd., Exploration Costs, By Country/Region, $m, 2007-2011 35
Figure 32: Solara Exploration Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 37
Figure 33: Solara Exploration Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 39
Figure 34: Solara Exploration Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 39
Figure 35: Solara Exploration Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 40
Figure 36: Solara Exploration Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 41
Figure 37: Solara Exploration Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 43
Figure 38: Solara Exploration Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 43
Figure 39: Solara Exploration Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 44
Figure 40: Solara Exploration Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 44
Figure 41: Solara Exploration Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 45
Figure 42: Solara Exploration Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 45
Figure 43: Solara Exploration Ltd., Revenue and Expenses, $m, 2007-2011 47
Figure 44: Solara Exploration Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 48
Figure 45: Solara Exploration Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 48
Figure 46: Solara Exploration Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 49
Figure 47: Solara Exploration Ltd., Oil & Gas Revenue, By Country/Region, $m, 2007-2011 49
Figure 48: Solara Exploration Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 50
Figure 49: Solara Exploration Ltd., Production Costs, By Country/Region, $m, 2007-2011 50
Figure 50: Solara Exploration Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 51
Figure 51: Solara Exploration Ltd., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 52
Figure 52: Solara Exploration Ltd., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 53
Figure 53: Solara Exploration Ltd., Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 53
Figure 54: Solara Exploration Ltd., Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 54
Figure 55: Solara Exploration Ltd., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 54
Figure 56: Solara Exploration Ltd., Total DD&A per boe, By Country/Region, $/boe, 2007-2011 55
Figure 57: Solara Exploration Ltd., Total Revenue per boe, By Country/Region, $/boe, 2007-2011 55
Figure 58: Solara Exploration Ltd., Oil and Gas Performance Metrics, 2007-2011 57
Figure 59: Solara Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 58
Figure 60: Solara Exploration Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 59
Figure 61: Solara Exploration Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 59
Figure 62: Solara Exploration Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 60
Figure 63: Solara Exploration Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 60
Figure 64: Solara Exploration Ltd., Producible Oil and Gas Wells, 2007-2011 62
Figure 65: Solara Exploration Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 63
Figure 66: Solara Exploration Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 63
Figure 67: Solara Exploration Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 64
Figure 68: Solara Exploration Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 64
Figure 69: Solara Exploration Ltd., Net Productive Gas Wells, By Country/Region, Number, 2007-2011 65
Figure 70: Solara Exploration Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 65
Figure 71: Solara Exploration Ltd., Net Productive Oil Wells, By Country/Region, Number, 2007-2011 66
Figure 72: Solara Exploration Ltd., Exploratory and Developed Wells, 2007-2011 67
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.