Boulder Energy Ltd. Announces 2015 Year End Reserves

CALGARY, ALBERTA--(Marketwired - March 9, 2016) - BOULDER ENERGY LTD. ("Boulder" or the "Company") (TSX:BXO)(OTCQX:BLLDF) is pleased to report its 2015 year end oil and gas reserves.

RESERVES HIGHLIGHTS

• Total proved ("TP") reserves of 26.1 million boe (71% oil and NGLs) and total proved plus probable ("P+P") reserves of 34.6 million boe (71% oil and NGLs).
• Approximately 75.5 percent of P+P reserves are in the TP category.
• Approximately 40.1 percent of P+P reserves are producing (P+P Developed Producing).
• P+P reserves include 81 future drills, including 74 proved undeveloped locations and 7 probable locations.
• Future development costs of $222.2 million (TP) and $247.9 million (P+P) (undiscounted).

The evaluation of Boulder's petroleum and natural gas reserves as at December 31, 2015 was prepared by the Company's independent reserve engineering firm, Sproule Associates Limited ("Sproule") and was conducted pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR on or before March 30, 2016. Financial information presented above is based on management prepared financial statements for the year ended December 31, 2015 which are in the process of being audited by Boulder's independent auditors and, accordingly, such financial information is subject to change based on the results of the audit. See "Reader Advisory - Unaudited Financial Information" below.

RESERVES INFORMATION

The Company's oil and gas properties are located in the Brazeau area of west central Alberta and Peace River Arch area of northwestern Alberta, which feature light crude oil, natural gas and natural gas liquids. On May 15, 2015, Boulder Energy Ltd. and DeeThree Exploration Ltd. ("DeeThree") completed a corporate reorganization pursuant to a Plan of Arrangement (the "Reorganization"). The Reorganization resulted in the acquisition by Boulder of DeeThree's oil and natural gas properties located in the Brazeau and Peace River Arch areas and Boulder commenced active oil and natural gas operations upon close of the Arrangement on May 15, 2015.

The following table represents the Company's reserves effective as at December 31, 2015 as evaluated by Sproule. The evaluation of Boulder's petroleum and natural gas reserves was conducted pursuant to NI 51-101 and COGEH reserves definitions.

Summary of Reserves as at December 31, 2015
(Forecast Pricing)

	Gross Company Share Reserves(2)(4)(5)
	Light Crude Oil (mbbls)	Natural Gas (mmcf)	NGLs (mbbls)	BOE(3) (mboe)
Proved
Developed producing	6,749	20,522	874	11,043
Developed non-producing	252	3,655	156	1,017
Undeveloped	9,445	21,114	1,089	14,053
Total Proved(1)	16,446	45,292	2,118	26,113
Total Probable(1)	5,297	14,968	676	8,467
Total Proved plus Probable(1)	21,742	60,260	2,794	34,580

Notes:
	(1)	Total values may not add due to rounding.
	(2)	"Gross" Company reserves are the Company's total working interest share before the deduction of any royalties and without including any royalty interests of the Company.
	(3)	In the case of BOEs, using BOEs derived by converting gas to oil equivalent in the ratio of six thousand cubic feet of gas to one barrel of oil (6 MCF:1 bbl). See "Reader Advisory - BOE Presentation" and "Reader Advisory - Information Regarding Disclosure on Oil and Gas Reserves" below.
	(4)	Based on Sproule published price forecasts effective December 31, 2015. See "Pricing Assumptions" below.
	(5)	The Company's reserves are developed with horizontal wells completed with multi-stage fracturing techniques.

Summary of Before Tax Net Present Values as at December 31, 2015
(Forecast Pricing)

The following table summarizes the Net Present Value of the Company's share of oil and natural gas reserves effective as at December 31, 2015.

	Net Present Value Before Income Taxes Discounted At
	0% ($M)	5% ($M)	10% ($M)	15% ($M)	20% ($M)
Proved
Developed producing	309,847	229,553	182,046	151,449	130,293
Developed non-producing	22,130	14,286	9,937	7,337	5,678
Undeveloped	358,256	228,174	154,122	108,335	78,014
Total Proved(1)(2)(3)(4)	690,232	472,013	346,105	267,122	213,985
Total Probable(1)(2)(3)(4)	279,418	176,150	125,742	96,838	78,228
Total Proved plus Probable(1)(2)(3)(4)	969,650	648,163	471,847	363,959	292,213

Notes:
	(1)	Total values may not add due to rounding.
	(2)	Based on Sproule published price forecasts effective December 31, 2015. See "Pricing Assumptions" below.
	(3)	Includes abandonment and reclamation costs as defined in NI 51-101.
	(4)	It should not be assumed that the net present values of future net revenues estimated by Sproule represent fair market value of the reserves. There is no assurance that the forecast price and cost assumptions will be attained and variances could be material. See "Reader Advisory - Information Regarding Disclosure on Oil and Gas Reserves" below.

Pricing Assumptions

The reserve evaluation was based on Sproule's forecast pricing and foreign exchange rates, as at December 31, 2015, as outlined in the following table.

Summary of Pricing Assumptions as of December 31, 2015(1) Forecast Prices
	Canadian Light Sweet Crude 40° API ($Cdn/Bbl) (4)	Natural Gas Alberta AECO-C Spot ($Cdn/ MMBtu) (5)	Edmonton Pentanes Plus ($Cdn/ bbl)	Edmonton Butane ($Cdn/ bbl)	Edmonton Propane ($Cdn/ bbl)	Exchange Rate(2) ($US/ $CDN)
Forecast(3)
2016	55.20	2.25	59.10	39.09	9.09	0.75
2017	69.00	2.95	73.88	51.43	13.64	0.80
2018	78.43	3.42	83.98	58.46	25.84	0.83
2019	89.41	3.91	95.73	66.64	35.35	0.85
2020	91.71	4.20	98.19	68.35	42.30	0.85
2021	93.08	4.28	99.66	69.38	42.94	0.85
Thereafter Escalation Rate of 1.5% (crude oil) and 1.76% (natural gas)

Notes:
	(1)	This summary table identifies benchmark reference pricing schedules that might apply to a reporting issuer.
	(2)	The exchange rate used to generate the benchmark reference prices in this table.
	(3)	As at December 31, 2015.
	(4)	The price received for the Company's oil, which is considered to be light crude oil, has historically corresponded very closely to Canadian Light Sweet 40° API ($Cdn/Bbl).
	(5)	The price received for the Company's natural gas has historically corresponded to AECO-C Spot pricing ($Cdn/MMBtu), adjusted for heat value and transportation.

2015 YEAR END REPORTING

The Company will report its 2015 year end results on March 22, 2016.

Reader Advisories

Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or the Boulder's future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. 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. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Boulder believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

In particular, this press release contains forward-looking statements, pertaining to the following: projections of market prices and costs, supply and demand for oil and natural gas, the quantity of reserves, oil and natural gas production levels, the success of the enhanced oil recovery scheme, capital expenditure programs, treatment under governmental regulatory and taxation regimes, expectations regarding Boulder's ability to raise capital and to continually add to reserves through acquisitions and development, projections of market prices and costs, timing of filing of Boulder's annual information form and annual financial statements for the year ended December 31, 2015. .

With respect to forward-looking statements contained in this press release, Boulder has made assumptions regarding, among other things: prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; the legislative and regulatory environments of the jurisdictions where Boulder carries on business or has operations; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and Boulder's ability to obtain additional financing on satisfactory terms.

Although Boulder believes that the assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because no assurance can be given that they will prove to be correct. Boulder's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: volatility in the market prices for oil and natural gas; uncertainties associated with estimating reserves; uncertainties associated with Boulder's ability to obtain additional financing on satisfactory terms; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel. Readers are cautioned that the foregoing list of factors is not exhaustive. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on Boulder's future operations and such information may not be appropriate for other purposes. Additional information on these and other factors that could affect Boulder's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

This forward-looking information represents Boulder's views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. Boulder has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Unaudited Financial Information. Certain financial and operating information included in this press release are based on estimated unaudited financial results for the year ended December 31, 2015 and are subject to the same limitations as discussed under "Forward- Looking Statements" set out above. These estimated amounts are subject to change upon the completion of the audited financial statements for the year ended December 31, 2015 and changes could be material. Boulder anticipates filings its audited financial statements and related management's discussion and analysis for the year ended December 31, 2015 on SEDAR on March 22, 2016.

Information Regarding Disclosure on Oil and Gas Reserves. The reserves data set forth above is based upon an independent reserves assessment and evaluation prepared by Sproule with an effective date of December 31, 2015 (the "Sproule Report"). The 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. All reserve references in this press release are "Company share reserves". Company share reserves are the Company's total working interest reserves before the deduction of any royalties and including any royalty interests of the Company. The Sproule Report has been prepared in accordance with the standards contained in the COGEH and the reserve definitions contained in NI 51-101. All evaluations and reviews of future net cash flows 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 above 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 the Company's 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. All future net revenues are estimated using forecast prices, arising from the anticipated development and production of the Company's reserves, net of the associated royalties, operating costs, development costs, and abandonment and reclamation costs and are stated prior to provision for interest and general and administrative expenses. Future net revenues have been presented on a before tax basis. Estimated values of future net revenue disclosed herein do not represent fair market value. The reserve data provided in this press release only represents a summary of the disclosure required under NI 51-101. Additional disclosure will be provided in the Company's Annual Information Form filed on www.sedar.com on or before March 30, 2016.

BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas 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.