Spinnaker Reports On Oil & Gas Reserves
Spinnaker Exploration Company reports that it's proven reserves as of June 30, 2001 are estimated to be 307.2 billion cubic feet of gas equivalent ("Bcfe"). This volume represents an increase of 150% over estimates made as of June 30, 2000 and an increase of 68% over estimates made as of December 31, 2000.
The proved reserve replacement ratio for Spinnaker's activities during the first half of 2001 was 579%. Production in the first half of 2001 was 26.0 Bcfe. The Company's activities in the first half of 2001 were once again exclusively related to exploration operations.
The estimated net proved reserve additions during the first half of 2001 totaled 150.5 Bcfe and represented approximately 82% of year-end 2000 reserve totals of 182.7 Bcfe. Proved reserve estimates include approximately 56% natural gas and 44% oil.