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Solana Resources Limited ("Solana" or the "Company") - Exceptional Reserves Additions - Mid 2007 Reserves Update
Solana Resources Limited ("Solana" or the "Company") - Exceptional Reserves Additions - Mid 2007 Reserves Update.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)\nis pleased to announce a mid-year 2007 third party reserves update of its\nColombian assets wherein total proved plus probable oil reserves have\nincreased by 3.6 mmbbls or 390%. This mid-year update follows Solana's\nparticipation, during the first half of 2007, in the Costayaco and Juanambu\nnew field discoveries, Putumayo Basin, southern Colombia. This evaluation has\nan effective date of June 30, 2007 and was completed by DeGolyer and\nMacNaughton, Solana's independent reserves engineers. The reserves stated\nherein are based on forecast prices and costs and reflect Solana's interest\nnet of all royalties. Degolyer and MacNaughton's reserve report evaluates\nSolana's Guepaje, Yalea, Guayuyaco, Juanambu and Costayaco properties but does\nnot include any resources associated with the exploration properties in\nSolana's 11 Colombian blocks.\n\n\nHighlights of the DeGolyer & MacNaughton report, with comparisons to the\nDecember 31, 2006 reserves report, are:\n\n\n- Total proved oil reserves increased by 180% to 2.0 million barrels.\n- Total proved plus probable oil reserves increased by 390% to 4.5\n million barrels.\n- Total proved, probable and possible oil reserves increased by 825% to\n 8.6 million barrels.\n- Total proved plus probable net present value ("NPV") at 10% discount\n (before taxes) of US$ 127 million, an increase of 500%.\n- Total proved, probable and possible NPV10% (before taxes) of US$ 219\n million, an increase of over 900%.\n\nCompany Net Reserves - June 30, 2007\n\n-------------------------------------------------------------------------\n Gas\n Oil (mbbls) (mcf)\n -----------------------------------------------------\nReserve Category Yalea Guayuyaco Juanambu Costayaco TOTAL Guepaje\n-------------------------------------------------------------------------\n\nProved\n - Producing 58 145 - - 203 1,938\n - Non Producing - 319 231 811 1,361 -\n - Undeveloped - 107 - 348 455 -\n-------------------------------------------------------------------------\nTotal Proved 58 571 231 1,159 2,019 1,938\n\nProbable 8 156 331 2,007 2,502 253\n-------------------------------------------------------------------------\nTotal Proved\n + Probable 66 727 562 3,166 4,521 2,191\n\nPossible - - 512 3,544 4,056 -\n---------------------...