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Result Energy Inc. announces 2006 year-end reserves and F&D costs
Result Energy Inc. announces 2006 year-end reserves and F&D costs.
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, April 20 /CNW/ - Result Energy Inc. ("Result", TSX Venture: RTE)\nis pleased to announce that it achieved 45% year-over-year growth in total\nproven oil and natural gas reserves, and 57% growth in total proved plus\nprobable ("P + PA") reserves at December 31, 2006. Factoring in 2006\nproduction volumes, the net increases were 66% for proven and 71% for P+PA\nreserves.\n\n\nA summary of Result reserve volumes and net present values under NI 51-101\nare as follows:\n\nReserve volumes (gross, Forecast prices case)\n %\nAs at December 31 2006 2005 change\n-------------------------------------------------------------------------\n Mmcfe Mmcfe\n\nTotal Proved 12,210.3 8,450.1 44.5%\nProbable additional reserves 8,377.3 4,650.6 80.1%\n-------------------------------------------------------------------------\nProved plus probable additional\n reserves ("P + PA") 20,587.6 13,100.7 57.1%\n-------------------------------------------------------------------------\n\n Mstb Mstb\nP + PA reserves, on a boe basis 3,431.3 2,183.5 57.1%\n-------------------------------------------------------------------------\n\n\n\nDec 31, 2006 Net Present Values ("NPV", pre tax)\n\nForecast prices and Costs\n case ($ millions) 0% 5% 10%\n-------------------------------------------------------------------------\nTotal proved 48.3 38.3 32.0\nProbable additional 39.2 23.0 15.7\n-------------------------------------------------------------------------\nTotal P + PA 87.5 61.3 47.7\n-------------------------------------------------------------------------\n\nThe above table represents estimated NPVs for the Company's oil & gas\nreserves only, and do not include the value of undeveloped land, seismic data,\nand income tax pools. The Company's full NI 51-101 F1 report on oil and\nnatural gas reserves will be available for review on SEDAR.\n\nFinding & Development ("F&D") costs - based on the total reserve\nadditions, Result continued to deliver exceptionally low F&D costs in 2006.\n\n\n 2006 3-Year Average\nProved plus Probable reserves\n-----------------------------\nincluding future capital $ 13.42/boe $ 13.14/boe\nexcluding future capital $ 10.59/boe $ 11.78/boe\n\nProved reserves\n---------------\nincluding future development capital $ 20.87/boe $ 19.85/boe\nexcluding future capita...