Business
Yangarra Announces Year-end 2010 Reserves and Provides Operations Update
Mar. 21, 2011 (Canada NewsWire Group) -- CALGARY, March 21 /CNW/ - Yangarra Resources Ltd....
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\n Mar. 21, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, March 21 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Corporation") (TSX Venture: "YGR") is pleased to announce the results of its\n independent reserves evaluation effective December 31, 2010 as prepared\n by AJM Petroleum Consultants ("AJM") in accordance with the\n requirements prescribed by National Instrument 51-101, Standards of\n Disclosure for Oil and Gas Activities.\n\n\nReserve Report Highlights\n\n\n\nProved plus Probable reserves, net present value discounted at 10% ("NPV\n 10") at December 31, 2010 was $80.7 million, an increase of 113%\n compared from the NPV 10 amount at year-end 2009 of $37.9 million.\n\n\nAn independent third party land evaluation completed by Seaton-Jordan &\n Associates Ltd, valued the Company's undeveloped land at $10.4 million,\n at December 31, 2010.\n\n\nIncrease of 268% in oil and natural gas liquids for Proved plus Probable\n reserves to 1,805 mbbl, resulting from success in Central Alberta. \n Proved plus Probable reserves increased by 78% to 5.054 million barrels\n of oil equivalent (5,054 Mboe) at December 31, 2010 compared to (2,841\n Mboe) at December 31, 2009.\n\n\nIncrease of 78% in Proved reserves to 2,450.9 mboe, including a 372%\n increase in oil and liquids reserves to 887 mbbl.\n\n\nReplaced 2010 production by 723% on a Proved basis and 1379% on a Proved\n plus Probable basis.\n\n\nThe Compan...