Oilexco Increases 2P and 3P Reserves after Successful 2008 E&P Activities
Oilexco has announced its reserves for the year ended December 31, 2008. The Company's reserves were independently evaluated by Sproule International Limited in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, as specified by National Instrument 51-101.
- 6.0% decrease in 1P reserves to 39,164 Mboe (2007: 41,667 Mboe)
- 2.6% increase in 2P reserves to 66,226 Mboe (2007: 64,534 Mboe)
- 9.7% increase in 3P reserves to 102,761 Mboe (2007: 93,651 Mboe)
Increases in 2P and 3P reserves were a result of successful exploration and appraisal activities undertaken by the Company in 2008. Factors offsetting increases to reserves and Net Present Values for the year ending December 31, 2008 compared to the previous year included significant production from the Company's Brenda/Nicol fields and a large decrease in the forecasted price of oil used by the evaluators.
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Company: Sproule Associates more info
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