Stream Oil & Gas Cites More Than $145MM in Albanian Reserves
Stream Oil & Gas has reported the results of its independent reserve evaluation prepared by AJM Petroleum Consultants ("AJM") as at November 30, 2009, in accordance with the provisions of National Instrument 51-101 ('N1 51-101') and the Canadian Oil and Gas Evaluation Handbook ("COGEH").
Before tax net present value of Gross Proved plus Probable reserves of $145.3 million (discounted at 10%), not accounting for US $30 million value of mineral tax neutralization allowed under Stream's Petroleum Agreements;
- Gross Proved plus Probable reserves of 17,418 Mboe
- Before tax net present value of Gross Proved reserves of $87.0 million (discounted at 10%)
- Gross Proved oil reserves of 13,364 Mboe
"We're pleased with the results of the first 51-101 compliant reserve report, on these assets," said Dr. Sotirios Kapotas, Chief Executive Officer. "These reserves provide us with significant opportunity for growth in production as we implement our plans of development. As we move beyond incremental production techniques to initiate enhanced oil recovery technologies, we expect to see this resource increase and provide further value to our shareholders."
Implementation Planning Update
Stream has retained the Alberta Research Council (a world recognized leader in techniques and methods for heavy oil development) as a technical specialist in areas of secondary and enhanced recovery. In 2010, Stream plans to focus on refining the contemplated EOR opportunities in addition to implementing primary production improvements through workovers and proficient reservoir management.
Stream is on track to submit the Delvina gas field development plan by year-end as well as implementing the oil development plans upon approval by Albania authorities and confirmation of funding arrangements.