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Berens Energy Ltd. - Releases December 31, 2006 Reserve Information and Operating Update
Berens Energy Ltd. - Releases December 31, 2006 Reserve Information and Operating Update.
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION INTO THE UNITED STATES OF AMERICA OR TO U.S.\n\n\nNEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nSymbol: BEN - TSX\n\n\nCALGARY, March 2 /CNW/ - Berens Energy Ltd. ("Berens") is pleased to\nreport information on its December 31, 2006 reserves evaluation and provide an\nupdate on recent drilling.\n\n\nRESERVES\n\n\nBerens' oil and gas reserves were independently evaluated by GLJ\nPetroleum Consultants ("GLJ"). The evaluation was completed using the reserves\ndefinitions in the Canadian Oil and Gas Evaluation Handbook and the Canadian\nSecurities Administrators National Instrument 51-101 ("NI 51-101"). Total\nworking interest proved plus probable reserves as at December 31, 2006 were\n7,765,000 boe comprised of 1,487,000 barrels of oil and natural gas liquids\nand 37,673 million cubic feet of natural gas. Total proved plus probable\nreserves grew 224 percent from December 31, 2005 to December 31, 2006. On a\nper share basis proved plus probable reserves grew 99 percent from\n41.9 boe/1000 shares outstanding to 83.5 boe/1000 shares outstanding. Proved\nplus probable reserves growth came equally from the exploration and\ndevelopment program which added 3.3 million boe and the acquisition of Berland\nExploration Ltd. in January 2006 which added 3.3 million boe. The following\ntable summarizes Berens' working interest reserves on a gross basis (before\ndeduction for royalties) as at December 31, 2006 using forecast prices and\ncosts based on the GLJ January 1, 2007 price forecast.\n\n\n SUMMARY OF OIL AND GAS RESERVES(1)\n\n-------------------------------------------------------------------------\nWORKING INTEREST\n RESERVES OIL and LIQUIDS NATURAL GAS\n-------------------------------------------------------------------------\n 2006 2005 Percent 2006 2005 Percent\nRESERVES CATEGORY (Mbbl) (Mbbl) Change (MMcf) (MMcf) Change\n-------------------------------------------------------------------------\nPROVED\n Developed\n Producing 743 180 +313% 18,770 6,819 +175%\n Developed\n Non-Producing 148 25 +492% 4,266 1,460 +192%\n Undeveloped 100 0 - 3,381 474 +613%\n-------------------------------------------------------------------------\nTOTAL PROVED 991 205 +383% 26,417 8,753 +202%\n-------------------------------------------------------------------------\nPROBABL...