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Peyto Energy Trust announces 2006 year end reserve report
Peyto Energy Trust announces 2006 year end reserve report.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, Feb. 14 /CNW/ - Peyto Energy Trust (\"Peyto\") is pleased to\npresent the results and the analysis of the independent reserve report\neffective December 31, 2006. The evaluation encompassed 100% of the Trust's\nreserve assets and was conducted by Paddock Lindstrom and Associates (\"PLA\")\nin compliance with National Instrument 51-101.\n\n\nHighlights\n\n- Peyto has now completed its seventh consecutive year of reserves\n growth with proved producing, total proved and proved plus probable\n additional reserves increasing 11%, 7% and 7%, respectively from 2005\n to 2006.\n\n- The value of Peyto's proven assets, or the before tax net present\n value (NPV) discounted at 5% of the total proved reserves, grew 13%\n from $2.5 billion in 2005 to $2.9 billion in 2006. Adjusting for\n changes in debt and the number of units outstanding, this NPV/unit\n grew 6% to $23.08/unit.\n\n- The before tax NPV discounted at 5% of the proved plus probable\n additional reserves grew 14% from $3.2 billion in 2005 to\n $3.7 billion in 2006. Adjusting for changes in debt and the number of\n units outstanding, this NPV grew 9% to $30.75/unit.\n\n- The proved producing reserve life increased 9% from 11 years in 2005\n to 12 years in 2006, while the proved plus probable additional\n reserve life increased 5% from 19 years to 20 years. This growth in\n reserve life is in part due to the natural maturation of our tight\n gas wells but also reflects Peyto's unique ability to internally\n generate its own high quality investments.\n\n- Peyto replaced over 210% of its annual production with new proved\n producing reserves while replacing 220% with new proved plus probable\n additional reserves.\n\n- The distribution life (as defined herein) of the undiscounted proved\n producing assets increased from 19 years in 2005 to 23 years in 2006\n indicating that distributions are more sustainable today than a year\n ago.\n\nThe following table outlines the per unit growth in production, reserves\nand value for 2006.\n-------------------------------------------------------------------------\n %\n Dec. 31, Dec. 31, % Growth\n 2006 2005 Growth Growth Per Unit\n-------------------------------------------------------------------------\nUnits Outstanding\n (000's)(1) 105,537 103,451 2,086 2% -\nQ4 Production (boe/d) 22,550 22,245 30...