Bois d'Arc Energy Says Its Proved Reserves Stands at 323 Bcf
Bois d'Arc Energy says its total proved oil and natural gas reserves as of December 31, 2005 are estimated at 206 billion cubic feet ("Bcf") of natural gas and 19.5 million barrels of crude oil or 323 Bcf equivalent of natural gas ("Bcfe"), as compared to total proved oil and natural gas reserves as of December 31, 2004 of 305 Bcfe. Natural gas reserves account for 64% of total proved reserves and 83% of the total proved reserves were classified as proved developed at the end of 2005. Bois d'Arc operates 97% of its proved reserve base.
The present value, using a 10% discount rate, of the future net cash flows before income taxes of the Company's estimated proved oil and natural gas reserves at the end of 2005 is approximately $1.9 billion using oil and natural gas prices of $57.92 per barrel for oil and $10.21 per Mcf for natural gas. Such prices were based on the December 31, 2005 market prices, as adjusted for the Company's average basis differentials.
Bois d'Arc replaced 182% of its 2005 production of 21.9 Bcfe. Successful results from its 2005 exploration activities added approximately 67 Bcfe of new proved oil and natural gas reserves. The Company estimates that the 2005
discoveries have an additional 40 Bcfe in probable reserves. These reserve gains were partially offset by 28 Bcfe of performance related downward revisions to last year's reserve base.
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