Business
Reserves update
Reserves update.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n Nostra Terra Oil and Gas Company plc\n (\"Nostra Terra\", \"NTOG\" or the \"Company\")\n\n Reserve Estimates and Valuation of Boxberger and Hoffman,\n Oil and Gas Properties in Kansas, USA.\n\n2 September 2009\n\nThe Board of NTOG are pleased to present the findings of an updated reserve\nreport for the Boxberger and Hoffman properties in Kansas, USA. NTOG entered\ninto definitive agreements on 20 August 2009 with Hewitt Petroleum, Inc.\n(\"HPI\") for the purchase and exploration of the Boxberger and Hoffman\nproperties as previously announced on 21 August 2009 and 15 July 2009.\nHighlights from the reserve reports on each property are found below.\n\n\nBoxberger - Reserve Summary\n\nThe Boxberger property and wells are located in the Gorham Field, one of the\nlargest fields in Kansas, having produced almost 100,000,000 barrels of oil\nsince its discovery in 1926. Highlights of the recent reserve summary on the\nwells (on which NTOG has a 50% working interest in) include:\n\n · 1,659,191 BBLS oil proven reserves (1,430,982 Proved Developed, Producing +\n 228,209 Proved Developed, Behind Pipe);\n · 804.708 MMCF gas proven reserves (694.026 Proved Developed, Producing +\n 110.682 Proved Developed, Behind Pipe);\n · the report excludes any probable reserves; and\n · the present value of the property attributable to NTOG, at a 10% discount\n factor, is US$18.5 million (based on oil @ $60.00 per barrel).\n\n\nHoffman - Reserve Summary\n\nThe Hoffman property and wells are located in the Trapp Field, having produced\nover 250,000,000 barrels of oil since its discovery. Estimates of recovery\nefficiency from the original oil in place on the property are in the range of\n12.5 to 35.0 percent. Highlights of the recent reserve summary on the wells (on\nwhich NTOG has a 25% working interest in) include:\n\n · 834,000 BBLS oil proven reserves (all Proved Developed, Behind Pipe);\n · 404.490 MMCF gas proven reserves (80.898 Proved Developed, Producing +\n 323.592 Proved Developed, Behind Pipe);\n · the report excludes any probable reserves; and\n · the present value of the property attributable to NTOG, at a 10% discount\n factor, is US$3,349,298 (based on oil @ $60.00 per barrel).\n\nFurther data regarding the properties can be found on the Company's website\n(www.ntog.co.uk).\n\n\"Both properties fit within NTOG's plan of acquiring and ...