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Berens Energy Ltd. Releases December 31, 2008 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.\nNEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nSymbol: BEN - TSX\n\n\nCALGARY, Feb. 26 /CNW/ - Berens Energy Ltd. ("Berens") is pleased to\nreport strong year-over-year reserve growth and finding and development costs\nfrom our 2008 drilling program. Highlights of the year end reserves are as\nfollows:\n\n\n- Proved and probable reserves grew 22 percent to 11.0 million barrels\n with growth coming entirely through the drill bit.\n\n- On a per share basis, proved plus probable reserves increased from\n 96.8 boe per 1,000 shares to 117.3 boe per 1000 shares, also a\n 22 percent increase as capital spending was equal to cash flow for\n the year and a nominal number of shares were issued in 2008.\n\n- 2008 production replacement was 230 percent with new reserves on a\n proved plus probable basis.\n\n- Finding and development costs for the year were $10.52 per boe\n including future development capital on a proved plus probable basis,\n an 18 percent improvement compared to $12.85 per boe in 2007. On a\n three year rolling average basis proved plus probable finding and\n development costs were $14.54 per boe.\n\n- Total capital, including land and future development capital and\n including reserve revisions generates an all in finding and\n development cost of $12.09 per boe for the year and results in a 2008\n corporate recycle ratio of 2.4 times.\n\nRESERVES\n--------\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"). The tables\nbelow summarize Berens' working interest reserves on a gross basis (before\ndeduction for royalties) as at December 31, 2008 using forecast prices and\ncosts based on the GLJ January 1, 2009 price forecast.\n\n\n SUMMARY OF OIL AND GAS RESERVES(1)\n\n-------------------------------------------------------------------------\nWORKING INTEREST OIL and NATURAL\n RESERVES LIQUIDS GAS\n-------------------------------------------------------------------------\n 2008 2007 Percent 2008 2007 Percent\nRESERVES CATEGORY (Mbbl) (Mbbl) Change (MMcf) (MMcf) C...