Sonoran Reports Increase in Proved Oil & Gas Reserves
Sonoran Energy, Inc. reported the results of its annual external reserves report, prepared by Haas Petroleum Engineering Services, Inc. The reserves report documents proved reserves of 1,766 Million BOE (barrels of oil equivalent) as of April 30, 2007, compared with last year's 1,333 Million BOE. The corresponding NPV10 value (Net Present Value using a 10% annual discount factor) of these reserves is $44.1 Million compared to last year's value of $35.9 Million. The Company can as such report an increase in NPV10 value of 23% and an increase in proved reserves of 32%. The Company's proved reserves consist of 45% oil and 55% natural gas.
Peter Rosenthal, CEO commented: "I am pleased to see a good increase in the Company's proved reserves, as well as a reflection of the progress we are making focusing on our domestic assets. Our strategy is to further increase our domestic reserves through proving up our probable reserves, and increasing production by applying proven, best-practice techniques and technologies. With a clear focus and a strong team in place at Sonoran, we see good opportunities to add complementary projects and properties to our domestic portfolio."
Ralph Watkins, Sr. VP Operations commented: "I look forward to report progress over the next months as we bring more of our proved reserves into production."
- Sonoran Provides Operational Progress (Nov 06)
- Sonoran Reports Increase in Proved Oil & Gas Reserves (Jul 17)
- Sonora Pipeline Receives FERC Permits (Jul 12)