Business
Compton reports 20% increase in reserves
Compton reports 20% increase in reserves.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, March 11 /CNW/ - Compton Petroleum Corporation (TSX - CMT,\nNYSE - CMZ) is pleased to announce reserves for the year ended December 31,\n2006.\n\n\nDuring 2006 Compton achieved solid reserve additions, primarily through\nthe drill bit, at highly competitive finding and development costs. The\nCompany successfully completed its 342 well drilling program, replacing 348%\nof its 2006 production at an all-in Finding, Development, and Acquisition cost\n("FD&A") of $8.84/boe, excluding change in future capital, and $13.56/boe,\nincluding change in future capital.\n\n\nErnie Sapieha, Compton's President and Chief Executive Officer,\ncommented, "Our 2006 reserve additions of 42 MMboe, after production,\nrepresent an increase to 1.93 boe of reserves per common share outstanding\nfrom 1.65 boe per share in 2005. Over the last ten years, Compton has\ndelivered a compound annual growth rate of 35% on our reserves at consistently\nlow FD&A costs, without ever having had a material negative reserve revision.\nDuring this period, we've grown from a high risk, pure exploration company to\na strong intermediate producer with low risk, high quality development assets\nready for a large scale, accelerated drilling program."\n\n\nReserves\n\n\nNetherland, Sewell & Associates Inc. ("NSAI"), independent reserve\nevaluators, has completed its assessment of Compton's petroleum and natural\ngas reserves in accordance with National Instrument 51-101.\n\n\n-------------------------------------------------------------------------\nAs at December 31,\n (mmboe, except where noted) 2006 2005 % Increase\n-------------------------------------------------------------------------\nTotal proved plus probable reserves 249 207 20%\nTotal proved reserves 147 126 17%\nReserve value, proved + probable:\n 8% DCF (millions) $3,312 $2,842 17%\n 10% DCF (millions) $2,849 $2,493 14%\n-------------------------------------------------------------------------\n\n\nReserve Summary: Company Interest Before Royalties(1)\n\n-------------------------------------------------------------------------\n Crude oil 2006 2005\n Natural sulphur Total Total\n gas & ngls (mboe) % of (mboe) %\nAs at December 31, (bcf) (mbbls) (6:1) Proved (6:1) Proved\n-------------------------------------------------------------------------\nProv...