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Compton reports year-end 2008 reserves
CALGARY, March 4 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) reports estimated ...
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, March 4 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) reports estimated reserve volumes together with the net present value of\nits reserves as at December 31, 2008. Netherland, Sewell & Associates, Inc.,\nCompton's independent reserve evaluators, have completed an evaluation of 100%\nof the Company's petroleum and natural gas reserves as at December 31, 2008 in\naccordance with the provisions of National Instrument 51-101.\n\n\nSummary Results:\n\n- Discoveries, extensions and improved recoveries added 14.6 MMboe to\n proved reserves, which is 1.4 times 2008 production;\n- Proved developed producing reserves increased approximately 6 MMBoe\n or 7.3% before production and property sales;\n- Reserves decreased 16% on a proven and 20% on a proved plus probable\n basis from 2007, primarily due to dispositions, production and\n technical revisions\n- Finding and development (F&D) costs were $20.14 per boe in 2008 on a\n proved basis, which is lower than the three-year average, including\n revisions, of $28.07 per boe; and\n- Undeveloped land of 858,788 net acres is valued at $118 million.\n\n2008 Reserves\n-------------\n\n2008 Reserve Summary\nCompany Working Interest before Royalties\n\n-------------------------------------------------------------------------\nDecember 31, 2008\n Oil Gas NGL Sulphur Total\n MBbl MMcf MBbl MLt MBoe\n-------------------------------------------------------------------------\nProved\n Producing 4,433 440,375 8,087 1,928 87,844\n Non-producing 37 44,076 613 66 8,062\n Undeveloped 317 155,946 1,960 151 28,418\n-------------------------------------------------------------------------\nTotal Proved 4,786 640,396 10,660 2,145 124,324\nProbable 3,156 479,013 7,230 944 91,164\n-------------------------------------------------------------------------\nTotal Proved +\n Probable 7,942 1,119,409 17,889 3,089 215,488\n-------------------------------------------------------------------------\n\nNet Present Value of Reserves\n\n-------------------------------------------------------------------------\nDecember 31, 2008 Future net revenue before\n income taxes discounted\n at a rate of\n --------------------------------------\n 0% 10% 15%\n-------------------------------------------------------------------------\n ($000) ($000) ($000)\nProved\n Producing $ 3,050,340 $ 1,180,...