Gentry Resources Ltd. announced its year-end reserves for the reporting year ended December 31, 2007. Gentry's reserves were evaluated by Sproule Associates Limited in accordance with National Instrument 51-101.
Proved plus probable reserves increased 29% to 13.0 million boe, up from 10.1 million boe recorded at December 31, 2006.
Proved reserves increased 18% to 7.9 million boe from 6.7 million boe on December 31, 2006.
Production replacement was 295% on a proved plus probable basis and 179% for proved reserves, based on 2007 production.
Reserve Life Index ("RLI") increased to 7.9 years on a proved plus probable basis, up from 6.4 years at the end of 2006. On a proved basis, RLI increased to 4.8 years from 4.2 years at year-end 2006.
Oil and natural gas liquids ("NGLs") represent 55% of proved plus probable reserves on a boe basis, up from 41% at the end of 2006. Oil and NGLs represent 51% of total proved reserves, up from 45% at the end of 2006.
An independent engineering evaluation of Gentry's petroleum and natural gas reserves was completed by Sproule Associates Limited effective December 31, 2007. These estimates were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Gentry's Board of Directors has a Reserves Review Committee which reviews the qualifications and appointment of the independent reserves evaluators, and reviews the process for providing information to the evaluators.
It meets with the independent evaluators to discuss the procedures used in the independent report, reviews the Company's major properties and identifies and discusses any areas of risk. As such, the Sproule Report was reviewed by the reserves committee and, on its recommendation the report was approved by the Board of Directors on March 7, 2008.
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