Sure Energy's Reserve Increase a Sure Thing at 49%
Sure Energy Inc. was incorporated on June 7, 2006 and commenced commercial operations on August 14, 2006 following completion of a Plan of Arrangement dated July 11, 2006 between Clear Energy Inc., NAV Energy Trust and the Company.
During 2007, Sure Energy accomplished the following: increased corporate reserves by 49% to 1.1 million BOE's (Proved plus Probable) while spending $6.0 million, a 29% decrease from our original capital budget (Excludes Argent Energy reserves); and 2007 Finding and Development costs came in at a respectable $13.98/BOE (Proved plus Probable) and $19.29/BOE (Proved).
Sure Energy entered into a $4.9 million corporate acquisition of Argent Energy which significantly expanded production, reserves, lands, prospects and tax pools at very favourable deal metrics and which closed on January 15, 2008. The company continues to remain in a strong financial position with no debt and a positive working capital of $3.1 million at year end. It also has expanded prospect inventory to over 41 different projects.