Endeavour announced a 49 percent increase in proved and probable reserves as of December 31, 2009 resulting in a record reserve replacement rate of 980 percent of 2009 production, based on 2P reserves.
"This increase is attributable to the success of our North Sea exploration and appraisal programs and demonstrates our ability to grow the company through the drill bit," said William L. Transier, chairman, chief executive officer and president. "We now have four field developments underway in the United Kingdom. These longer-cycle projects complement our expanded U.S. onshore initiative that we expect to contribute significantly to reserve growth in 2010."
Proved and probable reserves at year-end 2009 increased to 38.9 million barrels of oil equivalent (mmboe) compared to 26.1 mmboe a year ago. Extensions, discoveries and upward revisions to prior estimates and purchases added 13.7 mmboe during 2009. Production for the year was 1.4 mmboe.
The upward revisions in 2P reserves were a result of the drilling of two wells in Cygnus Fault Blocks 2b and 3, the 2007 Bacchus discovery maturing to development status and better-than-expected performance from several producing assets.
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