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Lochaird Reserves Increase 69%
Lochaird Reserves Increase 69%
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"Lochaird Reserves Increase 69%\n\n\n\nLochaird Reserves Increase 69%\n\nCalgary, Alberta CANADA, March 31, 2009 /FSC/ - Lochaird Energy Inc. (LEN - TSX Venture), (\"Lochaird\" or the \"Company\") is pleased to announce the results of its corporate reserves evaluation, effective December 31, 2008, as prepared by Sproule & Associates Limited (\"Sproule\"), utilizing NI51-101 regulations, as filed on SEDAR.\n\nThe highlights of the report are:\n\nTotal Proved Plus Probable Reserves were 106,400 STB, a 69% increase over the prior reporting period of March 31, 2008.\n\nTotal Proved Reserves were at 67,400 STB, a 38% increase over the prior reporting period of March 31, 2008.\n\nTotal Proved Plus Probable NPV10% is $2,612,000, a 50% increase from the prior reporting period of March 31, 2008.\n\nTotal Proved NPV10% is $1,654,000, a 15% increased from the prior reporting period of March 31, 2008.\n\nReserve life index of approximately 9.5 years proved plus probable and 6.0 years proved based upon our 2008 average production of 31 boe/d.\n\nThe company replaced reserves by 523% on a Proved + Probable basis since March 31, 2008. Reserve growth came from new wells drilled for oil at Retlaw and to a lesser extent, CBM gas at Mikwan in Alberta. Additional reserves were also added on our Strachan Property representing significant future growth potential.\n\nLochaird operated 1 well (50% net) in Manitoba, which is a standing oil well. The Company also participated in 4 non-operated wells (net 0.255 wells) for 2 oil (net 0.2) and 2 gas (net 0.055) wells.\n\nLochaird is an emerging oil and gas company based in Calgary, Alberta, active in Alberta and Manitoba, and focused on creating shareholder value through the drill bit and select oil and gas acquisitions.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.\n\nFor further information please contact:\nGrant S. Blakely\nPresident and Chief Executive Officer\nLochaird Energy Inc.\nPhone (403) 514-0955\nFax (403) 514-0956\nEmail: [email protected]; www.lochaird.com \n\n\n\nADVISORY: This news release contains forward-looking statements or forward-looking information, including the Corporation's expectations with respect to the Offering, and management's assessment of future plans and operations of the Corporation. These fo...