Pyramid Increases 2007 Reserves 127%
Pyramid Petroleum Inc. announced the Company's proved plus probable ("P+P") reserves as of December 31, 2007. Pyramid's reserves for its offshore properties were evaluated by Netherland Sewell & Associates, Inc. ("NSAI"). The Company's onshore properties were evaluated by Haas Petroleum Engineering Services, Inc. ("Haas"). Details of the reserve reports will be filed on SEDAR.
As of December 31, 2007, proved plus probable reserves increased to 2.5 million barrels of oil equivalent (boe) from 1.1 million boe at December 31, 2006 representing an increase of 127%. Total proved reserves increased to 2.2 million boe as of December 31, 2007 compared to 1.1 million boe at December 31, 2006. This represents an increase of 100%.
The value of before tax proved and probable reserves (NPV 10%) increased to U$49.5 million from $9.5 million, based on forecast prices resulting in an increase of 400%. The value of before tax proved reserves (NPV 10%) increased to US$40.3 million from $8.5 million, based on forecast prices, resulting in an increase of 375%.
- Pyramid Kicks Off Drilling Program in Gulf of Mexico (Feb 03)
- Pyramid Eagerly Awaits Remaining 60% GOM Production Restart in Late 2008 (Nov 18)
- Pyramid Consolidates Houston Offices, CFO Resigns (Oct 01)