Harvest Energy Posts Year End '09 Reserves
Harvest Energy announced a summary of its 2009 year end reserves information. Unless otherwise indicated, all reserves stated herein are gross reserves (before royalty burdens and without including royalty interests), based on forecast prices and costs, except where indicated.
HIGHLIGHTS OF HARVEST'S RESERVES:
- Through successful drilling, optimization and acquisition activities, Proved plus Probable ("P+P") reserves declined to year end reserves of 199.5 million barrels of oil equivalent ("mmboe") (2008 - 219.9 mmboe), as a result of a very modest capital investment program and asset divestments;
- Proved Developed Producing reserves continue to represent a high percentage (approximately 83%) of Total Proved reserves. Total Proved reserves represent approximately 70% of total P+P reserves;
- Effectively maintained a Reserve Life Index of approximately 10.6 years (P+P) based on average 2009 production of 51,647 boe/d; and
- The net present value (NPV) (before taxes, discounted at 10%) of Harvest's P+P reserves were unchanged at $3,826.6 million (2008 - $3,893.8 million), while the NPV of total Proved reserves was also unchanged at $2,905.2 million (2008 - $2,941.8 million).
HARVEST RESERVES SUMMARY
Harvest's reserves for the year ended December 31, 2009 were evaluated in accordance with National Instrument 51-101 ("NI 51-101") by the independent reserve evaluators McDaniel & Associates Consultants who evaluated approximately 40% and GLJ Petroleum Consultants who evaluated approximately 60%. The complete reserves disclosure as required under NI 51-101, will be contained in Harvest's 2009 Renewal Annual Information Form, to be filed on SEDAR on or before March 30, 2010.
- Harvest Energy Posts Year End '09 Reserves (Mar 08)
- Harvest Energy Highlights 4Q and '09 Results (Mar 08)
- Harvest's Securityholders Approve Acquisition by KNOC (Dec 15)