Addax Increases 2008 Reserves, Production
Addax Petroleum Corporation announces that its Board of Directors has accepted a reserve report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers, that evaluates all of the Corporation's petroleum reserves and certain resources.
The corporation produced an average of 136.5 thousand barrels per day (Mbbl/d) of oil during 2008, representing an increase of 8% over 2007 and in line with previous guidance. Production for the fourth quarter of 2008 averaged 142.5 Mbbl/d.
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