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Peyto Energy Trust announces 2008 year end reserves and distribution adjustment
SYMBOL: PEY.UN - TSX CALGARY, Feb. 13 /CNW/ - Peyto Energy Trust ("Peyto" or "the Trust") present...
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, Feb. 13 /CNW/ - Peyto Energy Trust ("Peyto" or "the Trust")\npresents the results and analysis of the independent reserve report effective\nDecember 31, 2008. The evaluation encompassed 100% of the Trust's reserve\nassets and was conducted by Paddock Lindstrom and Associates Ltd. ("PLA") in\ncompliance with National Instrument 51-101 and in accordance with the COGE\n(Canadian Oil and Gas Evaluation) Handbook.\n\n\nHighlights\n\n- After ten years of exploration and development in Alberta's Deep\n Basin, Peyto has now invested $1.54 billion to find and develop over\n 900 BCFe of high quality natural gas reserves.\n\n- Of the 900 BCFe, over 290 BCFe has been recovered to date, generating\n $1.45 billion in cashflow, funding over $800 million in cumulative\n distributions ($7.96/unit) and over $475 million in government\n royalties.\n\n- For the year ending December 31, 2008, Peyto invested $139 million of\n capital to build approximately 25 MMCFe/d (4,200 boe/d) of new\n production. That new production has associated Proved Producing\n reserves of 65 BCFe. For the year, the Proved Producing Finding,\n Development and Acquisition ("FD&A") cost, inclusive of additions,\n revisions and production was $2.88/MCFe ($17.30/boe). For the last\n three years, the average FD&A cost has been $2.65/MCFe ($15.88/boe).\n\n- The value (BT NPV5, debt adjusted) of the remaining Proved Producing\n reserve assets grew 9% to $2.2 billion or $21.18/unit. This growth in\n value was primarily due to an increase in the commodity price\n forecast resulting from a reduction in the forecasted currency\n exchange rates.\n\n- The BT NPV5 of the Total Proved reserves grew 10% to $3.3 billion in\n 2008. Adjusting for changes in debt and the number of units\n outstanding, this NPV/unit also grew 10% to $26.19/unit.\n\n- The BT NPV5 of the Proved plus Probable Additional reserves grew 10%\n to $4.1 billion in 2008. Adjusting for changes in debt and the number\n of units outstanding, this NPV/unit also grew 10% to $33.84/unit.\n\n- Peyto replaced 139% of production with new Total Proved reserves at a\n FD&A cost of $3.17/MCFe or $19.02/boe and 122% of production with new\n Proved plus Probable Additional reserves at an FD&A cost of\n $3.88/MCFe or $23.28/boe (including...