Knight Energy Corp. reported that the present value, as of December 31, 2007, of the estimated cash flow from its estimated proved oil and gas reserves, discounted at 10% per year ("PV-10"), has increased approximately 29% from its PV-10 as of June 1, 2007. In June 2007, Knight announced that its PV-10 as of June 1, 2007 represented an increase of 2431% over its PV-10 as of June 1, 2006.
As of June 1, 2007, Knight's estimated proved reserves were 569,500,000 cubic feet of natural gas and 117,000 BBLS of oil, with a PV-10 of $6,187,000. The estimated proved reserves as of December 31, 2007 show 814,620,000 cubic feet of natural gas, and 165,000 BBLS of oil with a PV-10 of $8,011,000, a PV- 10 increase of approximately 29% over the Company's PV-10 as of June 1, 2007. The $8,011,000 is net of royalties, drilling costs, operating expenses, and state taxes. These estimates include only proved reserves.
William J. Bosso, Chief Executive Officer of Knight, commented, "We continue to be very encouraged by our progress as a producing oil and gas drilling and exploration company, and the results we have achieved to date. We plan to continue to drill on our oil and gas leases and to keep the markets informed of our progress."
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