Lochaird Reserves Increase 69%
Calgary, 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.
The highlights of the report are:
Total Proved Plus Probable Reserves were 106,400 STB, a 69% increase over the prior reporting period of March 31, 2008.
Total Proved Reserves were at 67,400 STB, a 38% increase over the prior reporting period of March 31, 2008.
Total Proved Plus Probable NPV10% is $2,612,000, a 50% increase from the prior reporting period of March 31, 2008.
Total Proved NPV10% is $1,654,000, a 15% increased from the prior reporting period of March 31, 2008.
Reserve 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.
The 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.
Lochaird 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.
Lochaird 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Grant S. Blakely
President and Chief Executive Officer
Lochaird Energy Inc.
Phone (403) 514-0955
Fax (403) 514-0956
Email: grant@lochaird.com; www.lochaird.com
ADVISORY: 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 forward-looking statements are based on certain assumptions and analysis made by the Corporation in light of current conditions and expected future developments, as well as other factors it believes appropriate in the circumstances. Actual results may vary from the forward-looking information provided herein. The forward-looking information provided herein is subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict, including risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions of the Corporation prove incorrect or different, actual results may vary materially from those described in the forward-looking information. All forward looking statements speak only as of the date of this news release. The Corporation does not undertake any obligation to publicly update or revise any forward-looking information unless required under applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information provided herein.
Source: Lochaird Energy Inc. (LEN - TSX-V)
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