Lee Keeling and Associates, Inc. (Tulsa, OK) has prepared an independent evaluation of the Properties with an effective date of July 1, 2004. Keeling estimates total net Proved reserves of 2.8 MMBO and 18 Bcf, with a total Proved PV-10 of $54 MM. The PDP PV-10 is $16 MM. The Proved reserves are 51% gas.
The Properties are located in eight fields in four counties in Mississippi and two fields in Cameron Parish, Louisiana. The Tiger field in Mississippi represents 51% of the Proved PV-10, and the South Pecan Lake field in Louisiana represents 38% of the Proved PV-10.
The Company operates 100% of the Properties. The Company currently owns a weighted average working interest of 90% and a weighted average net revenue interest of 73% in. March 2004 operating cash flow from the 29 producing oil and gas wells was $977,519 on daily production of 260 BO/d and 5.5 MMcf/d.
EXCO asks interested parties to contact Ben Davis (214) 987-6122 or Kyle Miller (214) 987-6125 at Energy Spectrum. Please do not contact EXCO directly, as calls will be redirected to Energy Spectrum.
Headquartered in Dallas, Texas, Energy Spectrum Advisors Inc. provides investment banking and financial advisory services to oil and gas companies. Energy Spectrum Advisors is a unit of Energy Spectrum Securities Corp., which also manages approximately $630 million of private equity funds dedicated to the energy industry.
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