Bois d'Arc Releases Reserves Estimates
Bois d'Arc Energy, Inc. late Wednesday announced that its total proved oil and natural gas reserves as of December 31, 2006 are estimated at 221 billion cubic feet ("Bcf") of natural gas and 20.4 million barrels of crude oil or 344 Bcf equivalent of natural gas ("Bcfe"), as compared to total proved oil and natural gas reserves as of December 31, 2005 of 323 Bcfe. Natural gas reserves account for 64% of total proved reserves and 80% of the total proved reserves were classified as proved developed at the end of 2006. Bois d'Arc operates 98% of its proved reserve base.
The present value, using a 10% discount rate, of the future net cash flows before income taxes of the Company's estimated proved oil and natural gas reserves at the end of 2006 is approximately $1.3 billion using oil and natural gas prices of $59.28 per barrel for oil and $5.85 per Mcf for natural gas. Such prices were based on the December 31, 2006 market prices, as adjusted for the Company's average basis differentials.
Bois d'Arc replaced 166% of its 2006 production of 31.5 Bcfe through its 2006 acquisition and exploration activities. New discoveries added approximately 45 Bcfe of new proved oil and natural gas reserves and an additional 42 Bcfe of probable reserves. Bois d'Arc also acquired 7 Bcfe of proved reserves in 2006.
Bois d'Arc Energy is a growing independent exploration company engaged in the discovery and production of oil and natural gas in the Gulf of Mexico.
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