ProEx Energy Increases Reserves 68% in 2007
ProEx Energy reported that total proved plus probable reserves at December 31, 2007 increased 68 percent to 52.9 million boe compared to 31.5 million boe in 2006.
Total proved reserves at December 31, 2007 increased 65 percent to 35.7 million boe compared to 21.7 million boe in 2006.
Proved plus probable reserves per thousand basic shares increased 26 percent over the prior year while proved plus probable reserves per one thousand diluted shares increased 32 percent during the same period.
Reserve growth in 2007 was achieved through the exploration and development program as well as two strategic acquisitions during the year. The 2007 capital investment of $302.7 million was divided approximately 50 percent each between exploration and development activities and acquisitions.
The 2007 activity replaced 787 percent of production on a proved plus probable basis and 553 percent on a proved basis.
Since July 2004, when the Company commenced operations, ProEx has booked approximately 340 bcf equivalent of proved plus probable reserves primarily in the Foothills project area.
ProEx's net asset value per share at December 31, 2007 was $14.35 per basic share and $13.25 per diluted share ($11.90 and $10.49 respectively per share in 2006) using GLJ forecasted prices discounted at eight percent.