Reece Energy Exploration Announces 2005 Reserve Evaluation
Reece Energy Exploration, based in Medicine Hat, Alberta, has increased its net proved plus probable reserves during its eight months of operations in 2005, according to its Reserve Evaluation completed as of December 31, 2005 .
The report was compared to a previous reserve report completed as of September 30, 2004, in conjunction with Reece's Qualifying Transaction. Both reports were completed for Reece by Sproule Associates Limited.
According to the December Reserve Report, Reece has increased its total net reserves by 28.9% to nearly 2 million BOE since it began oprations in May 2005. The before tax Net Present Value ("NPV") of the company increased by 107% to CAD$45.5 million discounted at 5%. Contributing to the NPV increase were superior commodity prices, land acquisitions, and successful exploration and development drilling.
Reece continues to add to its reserve assets with its ongoing drilling programs. Seven wells have been drilled since the beginning of 2006 in Reece's core area at Kindersley. More operational information will be released once completion and testing is finished on the new wells.
- Penn West Energy Trust Completes Acquisition of Reece Energy (May 01)
- Reece Drills Deep at Saskatchewan's Bakken Wells (Nov 03)
- Reece Drills 14 Wells in 3Q (Oct 23)