Executives, experts, and influencers join the Yahoo Finance team to discuss what's moving the world of finance.
Executives, experts, and influencers join the Yahoo Finance team to discuss what's moving the world of finance.
CameraFi Live, an Android Live Streaming App, released DSLR Vertical Streaming Feature to support broadcasts in a high-quality portrait mode.
Cannae Holdings, Inc. (NYSE:CNNE) ("Cannae" or the "Company") today announced that it has entered into a forward purchase agreement with Austerlitz Acquisition Corporation II ("ASZ") in which Cannae intends to purchase ASZ’s Class A ordinary shares in an aggregate share amount equal to 12,500,000 Class A ordinary shares, plus an aggregate of 3,125,000 redeemable warrants to purchase one Class A ordinary share at $11.50 per share, for an aggregate purchase price of $125.0 million, or $10.00 per Class A ordinary share, in a private placement to occur concurrently with the closing of an initial business combination by ASZ. Additionally, Cannae will invest $26.0 million in ASZ for 17.3 million private placement warrants at the initial public offering. ASZ recently priced its initial public offering of 120,000,000 units at a price of $10.00 per unit. ASZ has granted the underwriters of the offering a 45-day option to purchase up to an additional 18,000,000 units at the public offering price. The units are listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "ASZ.U". Each unit consists of one of ASZ’s Class A ordinary shares and one-fourth of one warrant. Each whole warrant entitles the holder to one of ASZ’s Class A ordinary shares at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "ASZ" and "ASZ WS," respectively.
LeBron James' son, Bronny, tore his meniscus while practicing with Sierra Canyon several weeks ago.
Growing up, February came chock full of goodness: Martin Luther King Jr., Shirley Chisholm, Frederick Douglass, W.E.B. Du Bois, Booker T. Washington, Mary McCleod Bethune, Rosa Parks, plus everyone who lived during the Harlem Renaissance. There was so much to cram into 28 (or 29) days, that often, these whole entire lives were reduced to […]
MedMen Announces Investment from AWH into MedMen’s New York Operations
Austerlitz Acquisition Corporation II (the "Company") today announced the pricing of its initial public offering of 120,000,000 units at a price of $10.00 per unit. The Company has granted the underwriters of the offering a 45-day option to purchase up to an additional 18,000,000 units at the public offering price. The units will be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "ASZ.U" beginning February 26, 2021. Each unit consists of one of the Company's Class A ordinary shares and one-fourth of one warrant. Each whole warrant entitles the holder to one of the Company's Class A ordinary shares at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "ASZ" and "ASZ WS", respectively.
NEW YORK (AP) _ Shake Shack Inc. (SHAK) on Thursday reported a loss of $19.4 million in its fourth quarter. The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
via YouTubeLess than two weeks after Senate Minority Leader Mitch McConnell declared that there was “no question—none—that President Trump is practically and morally responsible for provoking” the insurrectionist attack on the U.S. Capitol—while simultaneously voting to acquit on impeachment—he told Fox News on Thursday evening that he would “absolutely” support Trump if he is the Republican nominee in 2024.Ahead of Trump’s big speech at CPAC on Sunday, Fox anchor Bret Baier asked McConnell to weigh in on the widespread assumption that the former president will be the frontrunner should he decide to run again.At first, McConnell hedged a bit, saying, "There's a lot to happen between now and ‘24” and adding, “I’ve got four members, I think, that are planning on running for president, plus some governors and others.” With no incumbent Republican running, McConnell said, “It should be a wide open race and fun for you all to cover.”But when Baier then asked him directly if he would support Trump should he become the nominee, McConnell answered, “The nominee of the party? Absolutely.”Earlier in the interview—McConnell’s first since the Capitol riot—when Baier confronted his guest with the cognitive dissonance between the remarks he made on the floor of the Senate 12 days ago and his renewed embrace of Trump, McConnell told him, “My point is what happened in the past is not something relevant now, we’re moving forward. We’ve got a new administration.”From there, the anchor read aloud from the long statement Trump released just over a week ago excoriating McConnell, calling him, among other things, a “dour, sullen, unsmiling political hack” and warning, “if Republican Senators are going to stay with him, they will not win again.”All McConnell could say in response was, “The Republican Party is actually in very good shape,” talking up the GOP’s success everywhere but the presidential race and refusing to lay any of the blame for the Georgia runoff results at the feet of Trump.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
Brazil's telecoms regulator Anatel approved rules on Thursday for a spectrum auction for 5G networks this year without any curbs on China's Huawei Technologies Co as an equipment supplier. Right-wing Brazilian President Jair Bolsonaro last year criticized the Chinese company and was under pressure from the former Trump administration to ban Huawei from the country's fifth-generation technology market on security concerns. Brazil's telecom companies insisted on a free market, complaining that excluding Huawei would cost billions of dollars to replace the equipment of the Chinese company that supplies 50% of the current 3G and 4G networks.
WASHINGTON — The Senate parliamentarian has dealt a potentially lethal blow to Democrats’ drive to hike the minimum wage, deciding that the cherished progressive goal must fall from a massive COVID-19 relief bill the party is trying to speed through Congress, Democratic Senate aides said Thursday. The finding by Elizabeth MacDonough, the chamber’s nonpartisan arbiter of its rules, comes as Democrats prepare for House approval Friday of an initial version of the $1.9 trillion package that still includes the minimum wage boost. It also forces Democrats to make politically painful choices about what to do next on the minimum wage, which has long caused internal party rifts. The Senate aides confirmed the parliamentarian's decision to The Associated Press on condition of anonymity because it hadn't yet been released. Progressives seeking to maximize Democratic control of the White House and Congress have wanted party leaders to push aggressively on the issue. The proposal would gradually raise the federal minimum wage to $15 over five years, well over the $7.25 in effect since 2009. But Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona have voiced opposition to including the minimum wage hike in the relief bill, and other moderates have expressed concerns, too. That suggests Democrats could well lack the strength they need for it to survive. Democrats control the 50-50 Senate with Vice-President Kamala Harris’ tiebreaking vote and can’t lose any of their senators to prevail. Republicans solidly oppose the hike to $15. Alan Fram, The Associated Press
(Jonathan Hayward/Canadian Press - image credit) The Supreme Court of Canada has dismissed an application for leave to appeal on a long-standing dispute over government funding for Catholic schools in Saskatchewan. Thursday's decision from Canada's highest court ends a 16-year court battle between Public Schools of Saskatchewan — an organization that represents 15 public school boards in the province and advocates for public education — and the Saskatchewan Catholic School Boards Association. The dismissal of the public school organization's application for leave to appeal means that non-Catholic students in the province will continue to receive government funding to attend Catholic schools in Saskatchewan. Tom Fortosky, executive director of the Saskatchewan Catholic School Boards Association, says the Supreme Court's decision comes as a relief. "[It's] a very emotional moment.... Really what we want to do now is just get back to doing what we do best, which is educating children," he said. Tom Fortosky says Catholic school board officials are grateful for the government's decision. The saga began in 2003, when the public Good Spirit School Division decided to close the only school in Theodore, Sask. The school had served both Catholic and non-Catholic students. In order to keep their school, local parents decided to start a new one under a separate school board. That new school division bought the existing school in the village and renamed it St. Theodore Roman Catholic School. The majority of students switched to the Catholic school system, despite not being Catholic. The Good Spirit division took the matter to court in 2005, arguing that the constitutional protection of Catholic schools does not include the right for those schools to receive government funding for non–Catholic students. Fortosky says that line of thinking is problematic for families. "From our perspective, this was about parental choice," he said. "If the funding didn't come with the child, there would be a practical barrier for parents who wish to choose a Catholic faith-based education for their children." The court battle launched in 2005 led to a landmark decision in 2017, in which Saskatchewan Court of Queen's Bench Justice Donald Layh ruled it was unconstitutional for the province to fund non-Catholic students at Catholic schools. Funding "non-minority faith students" in faith-based schools violated both the Charter of Rights and "the state's duty of religious neutrality," Layh wrote. The case made its way to Saskatchewan's Court of Appeal, which delivered a unanimous decision in March 2020, saying separate schools could receive provincial government funding for students who are not Catholic. The appeal court said the trial judge made "fundamental errors of law," and said considering the matter as one involving funding for non-Catholics in a Catholic school was too narrow. The question should be considered in the context of two publicly funded school systems, the appeal court said. "It is an effect of this parallel public system of education that non-Catholic students may attend public, separate schools, but it is also an effect that Catholic students may attend public, secular schools," the 2020 decision said. Public Schools of Saskatchewan was seeking leave to appeal that decision at the Supreme Court. Dismissal Thursday's dismissal of the application came as a disappointment to Norm Dray, executive director of Public Schools of Saskatchewan. "What's happening is wrong for education in Saskatchewan.... We don't believe that there should be two systems that get government funding for all students," Dray said. Catholic schools are set up to educate Catholic students, he said, "and we have no trouble with with Catholic schools existing for that purpose." "What we don't accept is that they have a mandate to teach all students … [including] non-Catholics. And we don't believe they should get government funding for that." In a statement on Tuesday, Saskatchewan Premier Scott Moe said his government is pleased with the Supreme Court's decision. "Our government strongly supports parent and student choice in education, including Saskatchewan's public, separate and faith-based schools," said Moe.
TikTokThree days ago, a TikTok account going by @deeptomcruise began posting video clips of the Hollywood actor Tom Cruise doing everything from golfing, to tripping and telling a joke in what appears to be a men’s clothing store in Italy, to performing a magic trick with a coin. In each of the three videos, Cruise delivers his signature maniacal laugh—you know, the one he repeatedly unleashed in that batty Scientology recruitment video years back—before launching into some sort of bit, and in all of them, it looks just like Cruise. Only it’s not Cruise.There are a few giveaways, of course. @deeptomcruise appears to be much younger than the 58-year-old Xenu disciple, and many inches taller (the real Cruise is 5’6” on a good day). Also, his voice is hollow and scratchy, a la that scene in Face/Off where John Travolta-as-Nicolas Cage is trying to adjust his vocals to that Cage-ian timbre. Still, the Cruise TikToks managed to bewilder and horrify a number of people. As photographer Lauren White wrote, “Deep fakes are getting scary good and taking over TikTok. Every public figure should just be on there with a verified account—even if they don’t want to make content—to make it easier to identify their fakes.”@deeptomcruise is trading in “deepfakes,” a term combining “deep learning” and “fake” that MIT Sloan describes as “a specific kind of synthetic media where a person in an image or video is swapped with another person's likeness.” It’s quite alarming that even a fake Cruise is gaining popularity on TikTok, the social media destination of choice for Gen Z, given Cruise’s role as Scientology’s most famous recruiter—and a man who, according to Scientology whistleblower Leah Remini, personally punished fellow Scientologists. Why You Shouldn’t Praise Tom Cruise for Berating His Crew Over COVIDThe @deeptomcruise account has amassed 166K followers and counting. (TikTok did not respond to requests for comment, including whether deepfakes violated their terms of service, by publication.)MIT Sloan provided the following description of how one creates a “deepfake”:To make a deepfake video, a creator swaps one person’s face and replaces it with another, using a facial recognition algorithm and a deep learning computer network called a variational auto-encoder [VAE]. VAEs are trained to encode images into low-dimensional representations and then decode those representations back into images.For example, if you wanted to transform any video into a deepfake with Oscar-winning movie star Nicolas Cage, you’d need two auto-encoders—one trained on images of the actor’s face, and one trained on images of a wide diversity of faces.The images of faces used for both training sets can be curated by applying a facial recognition algorithm to video frames to capture different poses and lighting conditions that naturally occur.Once this training is done, you combine the encoder trained on the diverse faces with the decoder trained on Nicolas Cage’s faces, resulting in the actor’s face on someone else’s body.Leah Remini Wants to Expose Tom Cruise’s Dark SideThis technology sprung up on Reddit in 2017, and has resulted in a number of viral fake news clips pushed by the troll-ish followers of former President Trump, including one of Nancy Pelosi appearing to slur her speech.In August of 2019, a deepfake video went viral of Bill Hader slowly morphing into Tom Cruise during a 2008 David Letterman appearance. Its creator, a Slovakian 3D artist who went by “Tom,” told The Guardian that he’d made about twenty deepfake videos using an open-source program, with each taking him between 3-5 days to create.“It’s an arms race: someone is creating deepfakes, someone else is working on other technologies that can detect deepfakes,” Tom said. “I don’t really see it as the end of the world like most people do.”Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
CALGARY — A judge has sentenced a man with a benign brain tumour, who lost consciousness while driving and killed a Calgary woman, to 27 months in prison. James Beagrie, 48, was originally charged with criminal negligence causing death after his truck hit Anjna Sharma, a mother of three, who had been on a walk during a work break in May 2017. Beagrie pleaded guilty last fall to a lesser charge of dangerous driving causing death. Court heard he had been told by his doctor not to drive and, three months before killing Sharma, blacked out and got into a single-vehicle crash. "I would describe this offence in two words -- tragic and senseless," Alberta Court of Queen's Bench Justice Richard Neufeld said in his sentencing decision Thursday. "Mr. Beagrie ignored all of those warnings and drove anyway, and he will live with that for the rest of his life. It's exactly that type of behaviour that must be denounced and deterred so other lives can be saved." Neufeld said Beagrie deserved a sentence of 30 months, but he lowered it to 27 months because of the man's "precarious medical condition." "In my view, justice without compassion is not justice at all ... he is on borrowed time himself. A sentence of 2 1/2 years may turn out to be a life sentence," said Neufeld. The Crown had asked that Beagrie serve 2 1/2 years in prison. His defence lawyer suggested two years. The judge also ordered Beagrie be banned from driving for 7 1/2 years after his release. "If you do recover, as I hope you will, you will have served your debt to society and will deserve a chance after a period of time to return to normalcy," Neufeld said. "This ordeal does not need to define the rest of your life, just as I truly hope that it will not define the rest of the lives and happiness of the Sharma family in the years to come." On Monday, Beagrie apologized in court and promised not to drive when he get out of prison, unless it's a matter of "life and limb.'' This report by The Canadian Press was first published Feb. 25, 2021. -- Follow @BillGraveland on Twitter Bill Graveland, The Canadian Press
Angel Reese scored 17 points and Diamond Miller added 16 as No. 8 Maryland moved one game closer to a third consecutive Big Ten regular-season title with an 88-59 road rout of Purdue on Thursday. The Terps (18-2, 14-1 Big Ten) have a one-game conference lead on Indiana with two games remaining after their seventh consecutive victory. Reese also grabbed a team-high nine rebounds as Maryland dominated the boards 50-26.
While Western sanctions may not help, China and South East Asia's influence may have some sway.
A $35 bowl at a garage sale turned out to be an “exceptionally rare” discovery.
Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the fourth quarter (4Q20) and twelve-month (FY20) period ended December 31, 2020. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).
Both stars, in a Hollywood Reporter roundtable, agreed that streaming services were here to stay and, in some ways, had saved dramatic films.
CALGARY, Alberta, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is pleased to provide a summary of its 2020 year-end reserves evaluation and an updated operational outlook. The highlights and reserves summary below set forth Razor’s gross reserves at December 31, 2020, as evaluated by Sproule Associates Limited (“Sproule”), qualified reserves evaluators, in an independent report dated February 19, 2021 (the “Sproule Report”). The figures in the following tables have been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the “COGEH”) and the reserve definitions contained in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). 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 April 8, 2021. Razor's 2020 annual audited consolidated financial statements have not been completed. Certain financial and operating information included in this news release are based on management's estimates only and are subject to audit and may be subject to change upon completion of the Company’s annual audited consolidated financial statements. See “Reader Advisories – Unaudited Financial Information”. HIGHLIGHTS Proved Developed (“PD”) reserves value discounted at 10% (“NPV10”) before tax is $75.8 million. Considering year over year commodity price change the decrease is 3% over year-end 2019. The PD reserves category is comprised of Proved Developed Producing (“PDP”) and Proved Developed Non-Producing (“PDNP”) reserves.PDP reserves value discounted at 10% (“NPV10”) before tax is $26.6 million whereas PDNP reserves value discounted at 10% (“NPV10”) before tax is $49.2 million.PD reserve volumes are 11,884 Mboe (90% oil and liquids), which represent a decrease of 17% over year-end 2019. Whereas the PDP reserve volumes are 7,416 Mboe, a decrease of 33% over year-end 2019, the PDNP reserve volumes are 4,468 Mboe, an increase of 38% over year-end 2019. This shift in reserve volume categories from PDP to PDNP is a result of Razor’s disciplined and proactive approach to preserving value through minimal capital expenditures on repair, maintenance and workovers during the low commodity price cycle experienced in 2020. As commodity prices improve, the PDNP wells will be reactivated, placed onstream and moved back to the PDP reserves category.Total Proved (“1P”) reserves were 13,525 Mboe, which represents a decrease of 17% over year-end 2019.Total Proved plus Probable (“2P”) reserves were 17,319 Mboe, which represents a decrease of 17% over year-end 2019.The Company’s Reserve Life Index (1) is 5.9 years for PDP, 9.4 years for PD, 10.7 years for 1P and 13.8 years for 2P reserves based on December 2020 field-reported production of 3,450 boepd. The Abandonment, Decommissioning and Reclamation (“ADR”) cost, discounted at year-end 2020, was $34.2 million, an increase of $1.7 million from year-end 2019 ($32.5 million). The Inactive Well Compliance (“IWC”) cost, discounted at year-end 2020, was $31.4 million, an increase of $2.6 million from year-end 2019 ($28.8 million). (1) “Reserve life index” does not have standardized meaning. See “Reader Advisories - Oil and Gas Metrics” contained in this news release. OPERATIONAL OUTLOOK Razor is excited with news it shared last week regarding the multi-year amendment of its existing non-revolving term loan facility and a new term loan and royalty transaction which enhances liquidity. The Company remains focused on advancing its conventional oil and gas base business and reducing indebtedness while responsibly closing out its proportionate share of end-of-life inventory. Razor continues to enjoy its solid reserves base, comprised of 85% light and medium oil and natural gas liquids, which has a stable, annual base decline of 12%. In 2020, the Company took a disciplined and proactive approach to preserving value through minimal capital expenditures on well repair, maintenance and workovers in response to low commodity prices due to the supply/demand imbalance resulting from COVID-19. With renewed liquidity, and recent upward trend in commodity prices, Razor has initiated its 46 well reactivation program which will continue throughout 2021 and into 2022. The Company anticipates bringing approximately 1,500 boepd onstream (primarily light oil and natural gas liquids) from this program at similar declines to its existing reserve base. Once reactivated, the PDNP reserves from these wells will shift back to the PDP reserves category. Currently, Razor’s commitment under the AER’s ABC program is $3.1 million per year. In addition, the Company has been granted $3.5 million in aggregate to round five from Alberta’s Site Rehabilitation Program (“SRP”) through its relationships with trusted service providers. Razor has spent $655 thousand to date under the SRP through well abandonments, reclamation and remediation activities. Since the Company began operations in February 2017, Razor has spent a cumulative $7.3 million on end-of-life activities. Concurrently, Razor’s subsidiary company, FutEra Power, continues to advance development of its 21 megawatt co-produced geothermal and natural gas hybrid power project in Swan Hills. FutEra anticipates construction to commence during the second quarter of 2021 with plans to deliver power to the grid by first quarter of 2022. 2020 INDEPENDENT RESERVES EVALUATION Sproule carried out an independent reserves evaluation effective December 31, 2020, which was prepared in accordance with definitions, standards and procedures contained in the COGEH and in NI 51-101. The reserves evaluation was based on Sproule forecast pricing and foreign exchange rates at December 31, 2020 as outlined herein. Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without the inclusion of any royalty interest) unless otherwise noted. RESERVES SUMMARY Summary of Gross Oil and Gas Reserves at December 31, 2020(1), (2), (3), (4) Light and MediumCrude OilHeavy Crude OilConventionalNatural GasNatural GasLiquidsBarrels of OilEquivalent GrossGrossGrossGrossGross (Mbbl)(Mbbl)(MMcf)(Mbbl)(Mboe)Proved Developed Producing4,9401934,1261,5957,416Developed Non-Producing2,8911037841,3434,468Undeveloped1,178291445981,641Total Proved9,0095875,3553,03613,525Probable2,6371441,3777833,793Total Proved plus Probable11,6467316,7323,81917,319 Net Present Value of Future Net Revenue Before Income Taxes Discounted at (% per Year) (M$) 0% 5% 10% 15% 20% Proved Developed Producing-109,463 7,172 26,553 29,075 28,079 Developed Non-Producing84,169 62,960 49,199 39,730 32,904 Undeveloped32,005 25,137 19,756 15,568 12,284 Total Proved6,712 95,269 95,508 84,372 73,267 Probable86,027 54,611 37,709 27,525 20,853 Total Proved plus Probable92,738 149,880 133,216 111,898 94,120 Notes: (1)The tables summarize the data contained in the Sproule Report and as a result may contain slightly different numbers due to rounding.(2)Gross reserves mean the total working interest (operating or non-operating) share of remaining recoverable reserves owned by Razor before deductions of royalties payable to others and without including any royalty interests owned by Razor.(3)Based on Sproule's December 31, 2020 escalated price forecast. See “Summary of Pricing and Inflation Rate Assumptions – Forecast Prices and Costs”.(4)The net present value of future net revenue attributable to the Company's reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures, well ADR and IWC costs. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company's reserves estimated by Sproule represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company's oil, NGL and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Reconciliation of Company Gross Reserves by Principal Product Type (1), (2) The following table sets forth the reconciliation of the Company’s reserves at Forecast Prices and Costs: Light and Medium Crude Oil Heavy Oil FactorsGross ProvedDevelopedProducing(Mbbl) GrossProved(Mbbl) Gross Proved +Probable (Mbbl) Gross ProvedDevelopedProducing(Mbbl) GrossProved(Mbbl) Gross Proved+ Probable(Mbbl) December 31, 20197,029 10,432 13,325 209 555 682 Acquisitions258 303 379 - - - Category Change- - - - - - Disposition- - - - - - Extensions/Infill Drilling- - - - - - Economic Factors(557)(1,260)(1,476)(22)(30)(37)Technical Revision(1,019)304 189 29 86 110 Production(771)(771) (771)(24)(24)(24)December 31, 20204,940 9,009 11,647 193 587 731 Natural Gas Liquids Conventional Natural Gas FactorsGrossProvedDevelopedProducing(Mbbl) GrossProved(Mbbl) Gross Proved +Probable (Mbbl) Gross ProvedDevelopedProducing(MMcf) Gross Proved(Mmcf) Gross Proved+ Probable(Mmcf) December 31, 20192,246 3,122 3,981 9,956 12,892 16,575 Acquisitions128 145 181 342 363 434 Category Change- - - - - - Disposition- - - - - - Extensions/Infill Drilling- - - - - - Economic Factors(177)(361)(514)(452)(501)(780)Technical Revision(299 432 473 (4,386)(6,003)(8,163)Production(302)(302)(302 )(1,335)(1,335)(1,335)December 31, 20201,595 3,036 3,819 4,126 5,355 6,732 Barrels of Oil Equivalent FactorsGross ProvedDevelopedProducing(Mboe) GrossProved(Mboe) Gross Proved +Probable (Mboe) December 31, 201911,144 16,258 20,750 Acquisitions442 508 633 Category Change- - - Disposition- - - Extensions/Infill Drilling- - - Economic Factors(832)(1,744)(2,157)Technical Revision(2,020)(178)(589)Production(1,319)(1,319)(1,319)December 31, 20207,416 13,525 17,319 Notes:(1)The tables summarize the data contained in the Sproule Report and as a result may contain slightly different numbers due to rounding.(2)Conventional Natural Gas includes associated and non-associated gas. Future Development Costs The following table sets forth development costs deducted in the estimation of Razor’s future net revenue attributable to the reserve categories noted below: Forecast Prices and Costs (M$)YearTotal Proved ReservesProved plus Probable 202112,52624,580202225,53525,535202300Thereafter2,5252,525Total Undiscounted40,58552,639Total Discounted at 10%36,00947,826 The future development costs are estimates of capital expenditures required in the future for Razor to convert proved developed and undeveloped non-producing plus probable reserves to proved developed producing reserves. The undiscounted future development costs are $40.6 million for proved reserves and $52.6 million for proved plus probable reserves, in each case based on forecast prices and costs. Summary of Pricing and Inflation Rate Assumptions – Forecast Prices and Costs The forecast cost and price assumptions assume increases in wellhead selling prices and include inflation with respect to future operating and capital costs. Crude oil and natural gas benchmark reference pricing, inflation and exchange rates utilized by Sproule at December 31, 2020 were as follows: YearExchange Rate(CAD/USD)WTI CushingOklahoma 40 API(USD/bbl)Canadian LightSweet 40 API(CAD/bbl)Hardisty BowRiver25 API(CAD/bbl)Natural GasAECO(CAD/mmbtu) 20210.7746.0054.5540.032.8620220.7748.0057.1442.422.7820230.7753.0063.6448.392.6920240.7754.0664.9149.182.7520250.7755.1466.2150.162.8020260.7756.2467.5351.172.8620270.7757.3768.8852.192.9120280.7758.5270.2653.232.972029+0.77+2.0%/yr.+2.0%/yr.+2.0%/yr.+2.0%/yr. 2020 CAPITAL EXPENDITURES Razor spent $237 thousand of capital on production-add activities during the year ended December 31, 2020. During 2020, the Company also incurred $538 thousand on end-of-life abandonment and reclamation activities under the Alberta Energy Regulator’s (“AER”) Area Based Closure (“ABC”) program prior to the AER suspending it in mid-2020 for the remainder of the year in response to low commodity prices. ABOUT RAZORRazor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker “RZE”. www.razor-energy.com Razor also has two other active subsidiaries in FutEra Power Corp. (“FutEra”) and Blade Energy Services Corp. (“Blade”). ABOUT FUTERAFutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently it is developing a 21 megawatt co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta.www.futerapower.com ABOUT BLADEOperating in west central Alberta, Blade’s primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services.www.blade-es.com For additional information please contact: Doug BaileyPresident and Chief Executive OfficerORKevin BraunChief Financial Officer Razor Energy Corp.800, 500-5th Ave SWCalgary, Alberta T2P 3L5Telephone: (403) 262-0242www.razor-energy.com READER ADVISORIES Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include but is not limited to: Razor’s business strategy, objectives, strength and focus; the ability of the Company to achieve drilling success consistent with management’s expectations; and future development costs associated with oil and gas reserves. 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. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Razor, including expectations and assumptions concerning the success of future drilling, development, completion and reactivation activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Razor's properties, the successful application of drilling, completion and seismic technology, prevailing weather and break-up conditions, commodity prices, price volatility, price differentials and the actual prices received for the Company’s products, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and Razor’s ability to acquire additional assets. Although Razor believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Razor can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; variability in geothermal resources; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), constraint in the availability of services, electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries, regulatory and political risks, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Razor’s annual information form for the year ended December 31, 2019 which is available on SEDAR at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and Razor undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Razor’s prospective results of operations, production, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Razor’s future business operations. Razor disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Oil and Gas Metrics. This press release contains a number of oil and gas metrics, including “future development costs”, “reserves life index” and “reserve replacement” 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. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. Future development costs are calculated as the sum of development capital plus the change in future development costs for the period. Reserves life index is calculated as total Company share reserves divided by annual production. Reserve replacement is calculated by dividing reserve volume additions by annual production and expressed as a percentage. Boe Disclosure. The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. Unaudited Financial Information. Certain financial and operating information included in this press release for the year ended December 31, 2020, are based on estimated unaudited financial results for the year then ended, and are subject to the same limitations as discussed under Forward Looking Information set out above. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2020 and changes could be material. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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