MDU Resources Completes Reserve Estimate Study
MDU Resources Group, Inc. reports that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company (Fidelity), has completed a study of the quantities of its estimated probable and possible natural gas and oil reserves.
The company previously reported year-end 2006 proved reserves of approximately 700 billion cubic feet equivalent (Bcfe). These reserves were prepared by the company's technical staff and subsequently reviewed in their entirety by Ryder Scott Company LP (Ryder Scott).
In addition to its proved reserves, Fidelity has estimated that it holds approximately 800 Bcfe of probable and possible reserves, of which roughly one-half is classified as probable. Approximately 95 percent of these probable and possible reserves are in the Rocky Mountain region. These probable and possible reserve estimates were prepared by the company's technical staff and subsequently reviewed by Ryder Scott in accordance with the probable and possible reserves definitions approved by the World Petroleum Council and the Society of Petroleum Engineers.
"We are pleased to report this information and believe it exemplifies our strong upside production potential," said Terry D. Hildestad, president and chief executive officer of MDU Resources. "With our proved, probable and possible reserves and over five years of drilling potential from existing leaseholds, we believe our exploration and production business is well positioned to continue growing."
- MDU Resources Eyes More Interest For Bakken Gas Pipeline (Mar 24)
- Fidelity E&P Acquires Proven Gas Reserves of 63 Bcfe (Mar 17)
- Fidelity E&P Broadens Position in Rocky Mountain Region (Mar 16)