Redcliffe Increases Reserves 1,306%
Redcliffe Exploration reported that total proved plus probable reserves increased to 3.103 million barrels of oil equivalent; approximately 38% crude oil and natural gas liquids and 62% natural gas; replaced 2007 production by 9.3 times on proven reserve basis and 17.1 times on proven plus probable basis; and increased net present value (before tax discounted at 10%) to $61,900,000 for total proved and probable reserves.
Redcliffe increased its reserves 1306% over 2006 year-end estimates due to significantly increased reserves in its core areas at Pembina, Gold Creek, and Medicine River, and added significant reserves from recent drilling successes in Wapiti; reserves life index increased to 6.0 years on a proven basis and 11.0 years on a proven plus probable basis; and on an estimated basis pending final year-end financial audit, Redcliffe achieved finding and development costs of approximately $24.00 per barrel of oil equivalent on a proven basis and approximately $13.90 on a proven plus probable basis. Finding, development and acquisition costs were approximately $25.38 and approximately $14.98 per barrel of oil equivalent on a proven and proven plus probable basis, respectively.
- Redcliffe Raises $6MM Land Fund for Peace River Arch Development (Sep 04)
- Redcliffe Budgets $17.5 Million for 2008 E&P Program (Mar 03)
- Redcliffe Appoints New Controller (Mar 03)