-- Proven net reserves increase 150% over 2005
-- Proved developed net reserves increase 244% over 2005
-- Average daily production increases 132% over 2005
Storm Cat Energy Corporation today announced 2006 proved reserve estimates.
2006 Year-end Reserve Estimates
At year-end 2006 Storm Cat had proven net reserves of 25.0 billion cubic feet (Bcf), probable reserves of 5.9 Bcf and possible reserves of 26.4 Bcf. Approximately 54% of the proven reserves were classified as proved developed. The 2006 estimated quantities of proven reserves are 150% higher than year-end 2005 proven reserves of 10.0 Bcf. In addition, Storm Cat increased proved developed reserves by 244% at year-end 2006. All of Storm Cat's reserves are located in the Powder River Basin (PRB).
Storm Cat's estimated, pre-tax future net cash flows discounted at 10% (commonly known as the SEC PV-10 figure) for proved reserves at year-end was $32.04 million The 2006 PV-10 calculation used net year-end Colorado Interstate Gas (CIG) commodity prices of $4.46 per thousand British thermal units (Mbtu) of natural gas as compared to year end 2005 SEC CIG price of $7.72 per Mbtu of natural gas. The PV-10 calculation does not include Storm Cat's financial hedges which are substantially higher than year end SEC CIG prices. All reserve estimates are based on an evaluation of the reserves prepared by independent reservoir engineering consultants, Netherland Sewell and Associates. All reserves conform to the definitions as set forth in the SEC Regulation S-X Part 210.4-10 (a) as clarified by subsequent SEC Staff Accounting bulletins. The proved reserves are also in accordance with Financial Accounting Standards Board Statement No. 69 requirements.
complete this report click here
Your Ads At Here
