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Berens Energy Ltd. - Releases December 31, 2007 Reserve Information and Operating Update
/NOT FOR DISTRIBUTION INTO THE UNITED STATES OF AMERICA OR TO U.S. NEWSWIRE SERVICES OR FOR DISSE...
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, Feb. 20 /CNW/ - Berens Energy Ltd. ("Berens") is pleased to\nreport strong year-over-year reserve growth per share of 16 percent and\nfinding and development costs of $13.00 per boe based on unaudited capital\nspending estimates for the year ended December 31, 2007. The update on\ndrilling in early 2008 is also positive.\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, 2007 were\n9,016,000 boe an increase of 16 percent compared to proved plus probable\nreserves at December 31, 2006. On a per share basis proved plus probable\nreserves also grew 16 percent to 96.8 boe/1000 shares outstanding from\n83.5 boe/1000 shares outstanding. Reserves growth came entirely from the\nsuccessful 2007 exploration and development drilling program. The table below\nsummarizes Berens' working interest reserves on a gross basis (before\ndeduction for royalties) as at December 31, 2007 using forecast prices and\ncosts based on the GLJ January 1, 2008 price forecast.\n\n\n SUMMARY OF OIL AND GAS RESERVES(1)\n\n-------------------------------------------------------------------------\n OIL NATURAL\nWORKING INTEREST RESERVES and LIQUIDS GAS\n-------------------------------------------------------------------------\n 2007 2006 Percent 2007 2006 Percent\nRESERVES CATEGORY (Mbbl) (Mbbl) Change (MMcf) (MMcf) Change\n-------------------------------------------------------------------------\n\nPROVED\n Developed Producing 1,050 743 +41% 21,855 18,770 +16%\n Developed Non-Producing 82 148 -44% 1,440 4,266 -66%\n Undeveloped 198 100 +98% 4,746 3,381 +40%\n-------------------------------------------------------------------------\nTOTAL PROVED 1,330 991 +34% 28,041 26,417 +6%\n-------------------------------------------------------------------------\nPROBABLE 665 496 +34% 14,085 11,256 +25%\n---------------------------------------...