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Bonterra Energy Corp. Announces Significant Year-end Corporate Reserves Growth and Updates Pembina Cardium Horizontal Well Results
Bonterra Energy Corp. Announces Significant Year-end Corporate Reserves Growth and Updates Pembin...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n\n\n\nFeb. 10, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 10 /CNW/ -- Bonterra Energy Corp. (\"Bonterra\" or \"the company\") (www.bonterraenergy.com) (TSX: BNE) is pleased to announce the results of its independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2009.Highlights:- Bonterra increased its reserve base in 2009 by 5.0 percent on a totalproved (TP) basis and 14.7 percent on a proved plus probable (P+P)basis to total 25.3 million barrels of oil equivalent (boe) (2008 -24.1 MMboe) and 35.8 million boe (2008 - 31.2 MMboe), respectively,through development of its Pembina Cardium horizontal drillingprogram, improved operations, and acquisitions (TP 151 Mboe; P+P 269Mboe), and offset by production (1,823 Mboe) and divestments (TP1,011 Mboe; P+P 1,152 Mboe).- A total of 4.1 million boe (TP) and 7.6 million boe (P+P) of reserveswere added which equates to 2.2 and 4.1 times 2009 production,respectively.- Reserves per share increased 8.7 percent to 1.99 boe per share atDecember 31, 2009 compared to 1.83 boe per unit in 2008 on a P+Pbasis.- Reserves split of 76% oil and ngl's and 24% natural gas on a TP basisand 77% oil and ngl's and 23% natural gas on a P+P basis.- Average daily production in 2009 totaled 4,994 boe per day, anincrease of 14.9 percent when compared with 2008 levels. Averagedaily production in the fourth quarter of 2009 totaled 4,879 boe perday, an increase of 6.4 percent when compared to the fourth quarterof 2008.- Bonterra's low decline production is supported by its high-qualityreserve base. The reserve life index (RLI) in 2009 remainedrelatively unchanged at 14.2 years on a TP basis and 20.1 years on aP+P basis versus the 2008 RLI of 14.2 years on a TP basis and 18.7years on a P+P basis.- Bonterra continues to focus on the efficient development of its assetbase. Finding, development and acquisition (FD&A) costs includingfuture development costs in 2009 continue to be among the lowest inthe industry. FD&A costs including acquisitions (and net ofdispositions) in 2009 were $13.25 per boe on a TP basis and $8.93 perboe on a P+P basis compared with the previous three year average(2006-2008) of $12.30 per boe on a TP basis and $9.45 per boe on aP+P basis.- A total of 2.2 million boe on a TP basis and 6.6 million boe on a P+Pbasis of net reserves have been assigned ...