Pacific Energy Resources Ltd. announced that Platform Eureka has been returned to producing status.
Darren Katic, Pacific's President said "We are extremely pleased that after only thirteen months since assuming operations this has been accomplished; we expect this event to have a dramatic effect on the value of the Beta Oil Field and on the Company as a whole."
This first phase of production is expected to yield between 1,000 and 2,000 barrels per day. The Company's current plan is to return the platform to full production in the third quarter 2008. Year-end 2008 production from the Beta Oil Field is projected to be in excess of 7,000 barrels per day (Platform Ellen of 2,600 and Platform Eureka at 4,400).
Under the forecast price scenario, Netherland Sewell & Associates Inc. (NSAI) estimated net Proved Reserves of 18,360,000 barrels oil as of Dec 31, 2007 for the Unit. It also estimated 10,640,000 barrels of net Probable oil reserves (net Proved & Probable Reserves of 29,000,000 barrels), and 30,150,000 barrels of net Possible oil reserves. These reserve estimates are in accordance with the requirements of Canadian National Instrument 51-101 - Standards of Disclosure for Oil & Gas Activities and the Canadian Oil & Gas Evaluation Handbook (COGEH).
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