Business
Western Canada Energy Ltd. files Annual Oil and Gas Disclosure for Blackpool Exploration Ltd. and Westbow Energy Inc.
CALGARY, May 9 /CNW/ - Blackpool Exploration Ltd. ("Blackpool") and Westbow Energy Inc. ("Westbow...
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 9 /CNW/ - Blackpool Exploration Ltd. ("Blackpool") and\nWestbow Energy Inc. ("Westbow") amalgamated to form Western Canada Energy Ltd.\n(the "Company"), effective March 31, 2008. The Company has filed respective\n2007 annual oil and gas disclosures for Blackpool and Westbow on the System\nfor Electronic Document Analysis and Retrieval (SEDAR). These documents can be\nviewed at www.sedar.com referencing "Statement of Reserves Data and Other Oil\nand Gas Information" for each company.\n\n\nThe reserves of Blackpool and Westbow were evaluated in accordance with\nNational Instrument 51-101 (NI 51-101) by Fekete Associates Inc., ("Fekete"),\nan independent qualified reserves evaluator.\n\n\nAt December 31, 2007, Fekete valued the total proved plus probable\nreserves of Blackpool at C$12,785,000 before tax using Fekete forecasted\nprices and a discount factor of 10%. Proved reserves were valued at\n$7,544,000. Total proved plus probable reserves value decreased 6% and the\nproved reserves value decreased 27% respectively over the corresponding\nreserve values at December 31, 2006. Blackpool's total proved plus probable\nreserves volume at December 31, 2007 was 583 thousand barrels of oil\nequivalent (mboe), a decrease of 10% over the previous year. Proved reserves\ntotalled 314 mboe, a decrease of 20% over the previous year. At December 31,\n2007, working interest proven reserves totalled 172 thousand barrels (mbbls)\nof oil and natural gas liquids plus 851 million cubic feet (mmcf) of natural\ngas. Proven oil and liquids reserves decreased by 49 mbbls from Dec. 31, 2006\nas a result of technical revisions and production. Proven natural gas reserves\ndecreased by 115 mmcf due to technical revisions and production, only\npartially offset by discoveries.\n\n\nAlso, at December 31, 2007, Fekete valued the total proved plus probable\nreserves of Westbow at C$9,555,000 before tax using Fekete forecasted prices\nand a discount factor of 10%. Proved reserves were valued at $5,676,000. Total\nproved plus probable reserves value increased 23% and proved reserves value\nincreased 1% respectively over the corresponding reserve values at December\n31, 2006. Westbow's total proved plus probable reserves volume at December 31,\n2007 was 437 mboe, an increase of 2% over the previ...