FCP Updates Algeria Reserves Estimates to December 31, 2003

First Calgary Petroleums Ltd. announces reserve estimates from its ongoing appraisal drilling in Algeria as at December 31, 2003. Independent engineering firm DeGolyer and MacNaughton of Dallas, Texas, has estimated the gross proved, probable and possible recoverable reserves of FCP's Ledjmet Block 405b to be approximately 7 trillion cubic feet equivalent (TCFe) of natural gas. Of this total, proved reserves are 753 billion cubic feet equivalent (BCFe) and proved plus probable reserves are 2.8 TCFe.

The reserve estimates were prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil & Gas Activities and are based on work completed and information available to December 31, 2003. Data not included in the reserve estimates are the results from the production testing of the MLE-4 and the drilling and production testing of the MLE-5 appraisal wells obtained during 2004.

The gross sales gas, condensate and natural gas liquids reserves estimates are summarized as follows:

    <<
    -------------------------------------------------------------------------
                                               Gross Recoverable Reserves
    -------------------------------------------------------------------------
                                                       Condensate
                                            Sales Gas    and LPG      Total
    -------------------------------------------------------------------------
                                               BCF        MBBLS        BCFe
    -------------------------------------------------------------------------
    Proved Undeveloped                           441      52,016         753
    -------------------------------------------------------------------------
    Probable                                   1,192     148,036       2,080
    -------------------------------------------------------------------------
    Proved plus Probable                       1,633     200,052       2,833
    -------------------------------------------------------------------------
    Possible                                   2,218     326,498       4,177
    -------------------------------------------------------------------------
    Proved, Probable and Possible              3,851     526,550       7,010
    -------------------------------------------------------------------------

    FCP's estimated net proved and probable reserves and the related future
net revenue and present values are as follows:

    -------------------------------------------------------------------------
                              FCP Net Reserves
    -------------------------------------------------     Future Net Revenue
                                Condensate                 and Present Value
                     Sales Gas    and LPG     Total           (U.S. $ 000)
    -------------------------------------------------------------------------
                         BCF       MBBLS      BCFe       PV (0%)     PV (10%)
    -------------------------------------------------------------------------
    Proved Undeveloped   103      12,149       176      $521,440    $174,750
    -------------------------------------------------------------------------
    Probable             151      18,992       265    $1,006,314    $363,198
    -------------------------------------------------------------------------
    Proved plus
     Probable            254      31,141       441    $1,527,754    $537,948
    -------------------------------------------------------------------------

    Notes:
    (1) Gas equivalence is calculated at 1 barrel (BBL) equals 6 thousand
        cubic feet of natural gas equivalent.
    (2) FCP's net reserves allocation is calculated annually based upon a
        sliding scale formula that considers capital investment, production
        levels and product prices. Accordingly, the net allocation can vary
        annually and will be dependent upon the actual costs, production
        levels and product prices realized.
    (3) Based on forecast price assumptions.
    (4) Additional information respecting the Company's reserves are
        contained in the Renewal Annual Information Form which is available
        on SEDAR at www.sedar.com. DeGolyer and MacNaughton is currently
        calculating the Company's net share of the proved plus probable plus
        possible reserves and the related future net revenue. Once completed,
        DeGolyer and MacNaughton will prepare a supplemental reserve report
        and the Company's Renewal Annual Information Form will be updated.
    (5) To December 31, 2003, five wells have been drilled on Ledjmet Block
        405b that include MLE-1, MLE-2, MLE-3, MLE-4 and MZL-1. The MLE-4
        well had been drilled and logged to that date, but the production
        testing was not completed until the first quarter of 2004. Therefore,
        the MLE-4 logging results were included in the reserve estimates,
        however the test results were not. Drilling of the MLE-5 well was
        completed in the first quarter of 2004 and production testing is
        currently underway. Therefore, no results from MLE-5 have been
        included in the reserve estimates.
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