Ryder Scott Evaluates Falcon's Prospective Resources in Beetaloo Basin
Falcon Oil & Gas has announced the results of the recently completed Ryder Scott Company-Canada Resource Analysis Report ("Report") on the Company's Beetaloo Basin Project in the Northern Territory (NT), of Australia as of July 1, 2009.
Based on all available data, Ryder Scott has prepared an evaluation of the hydrocarbon resource potential pertaining to Falcon's interests in the Beetaloo Basin which consist of four Exploration Permits comprising approximately 28,200 square kilometres (7 million gross acres), covering the majority of the Beetaloo Basin and basin margin highs. Through its wholly owned Australian subsidiary, Falcon Oil & Gas Australia Pty Ltd, the Company owns an undivided 75 percent working interest in the Permits, and is the operator of the Permits.
The Report on the hydrocarbon resource potential of the Beetaloo Basin describes a possible distribution of the unrisked prospective (recoverable) portion of unrisked "Undiscovered in-place Resources," as defined by the Canadian Oil and Gas Evaluation Handbook (COGEH) and does not represent an estimate of reserves or contingent resources. The Report has been prepared in accordance with the Canadian standards set out in the COGEH and is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas
Table 9: Total Undiscovered and Prospective (Recoverable) Oil Resources in the Beetaloo Basin, Australia Unrisked Unrisked Prospective Undiscovered (Recoverable) Reservoir Oil-In-Place Oil Resources (Bstb) (Bstb) Low Best High Low Best High Hayfield 0.049 0.088 0.148 0.005 0.010 0.018 Jamison 8.220 11.920 16.402 0.800 1.337 2.153 Conventional Subtotal 8.269 12.008 16.550 0.805 1.347 2.171 Upper Kyalla Shale Oil 127.4 180.9 256.0 11.3 17.8 27.4 Shale Oil Subtotal 127.4 180.9 256.0 11.3 17.8 27.4 Total Oil Resource Within The Beetaloo Basin 135.67 192.91 272.55 12.11 19.15 29.57 Table 10: Total Undiscovered and Prospective (Recoverable) Gas Resources in the Beetaloo Basin, Australia Unrisked Unrisked Prospective Undiscovered (Recoverable) Reservoir Gas-In-Place Gas Resources (Tscf) (Tscf) Low Best High Low Best High Hayfield (Associated Solution) 0.013 0.025 0.046 0.002 0.004 0.009 Jamison (Associated Solution) 2.041 3.330 5.349 0.313 0.585 1.066 Moroak 0.800 1.437 2.346 0.607 1.048 1.731 Conventional Subtotal 2.85 4.79 7.74 0.92 1.64 2.81 Moroak BCGA 21.00 29.61 40.85 3.18 4.85 7.23 Bessie Creek BCGA 159.4 210.0 275.0 23.8 34.4 49.4 BCGA Subtotal 180.39 239.58 315.81 27.02 39.28 56.64 Lower Kyalla Shale Gas 12.70 15.80 19.20 1.90 2.60 3.50 Middle Velkerrie Shale Gas 94.6 125.1 160.4 14.2 20.4 29.0 Shale Gas Subtotal 107.3 140.9 179.6 16.1 23.0 32.5 Total Gas Resource Within The Beetaloo Basin 290.54 385.27 503.16 44.05 63.91 91.94
Ryder Scott evaluates oil and gas properties and independently certifies petroleum reserve and resource quantities in the U.S., Canada and
internationally. Founded in 1937, Ryder Scott is one of the largest, oldest and most respected reservoir-evaluation consulting firms in the industry.
Commenting on the Report and the status of operations on Shenandoah #1 well, Marc Bruner, President, Chairman, and Chief Executive Officer of Falcon Oil and Gas, stated, "We are extremely pleased with the general parameters of the Ryder Scott Report. As we continue to evaluate our data and test our theories regarding the potential of significant hydrocarbon deposits that we believe to be in place in the Beetaloo Basin, the Report helps us to formulate strategic go-forward plans for the region that are in line with the overall goals of our organization. We have entered into a series of service contracts and commenced operations to re-enter, deepen, and test the Shenandoah #1 well in the Basin, which was originally drilled in 2007. With the combination of our own data analysis, the findings of the Report, and the
shear magnitude and size of our exploration permits, it is likely that we will seek a partner in this endeavour. The Shenandoah well is the first step in Falcon taking a careful and structured approach to further exploration and development of this resource."
- Falcon Updates on Drilling Ops at Amungee NW-1H Well in Beetaloo Basin (Sep 30)
- Falcon O&G Provides Update on Drilling Ops in Beetaloo Basin in Australia (Jul 26)
- Falcon Outlines Drilling Plans for its Australia's Beetaloo Basin Assets (Apr 29)
Company: Ryder Scott Co. L.P. more info
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