Vault Energy Trust is pleased to announce its 2006 year-end reserves as evaluated by Sproule Associates Limited ("Sproule"), the independent reserves evaluator for all of Vault's oil and gas properties, in accordance with National Instrument 51-101. As Vault plans to announce its audited 2006 financial results in mid March, certain financial estimates have been made herein to facilitate the discussion of the performance of its capital program. Readers are advised that these financial estimates are subject to audit and may be amended as necessary.
RESERVES SUMMARY
- The report highlights year end Proved plus Probable reserves of 27.46 million BOE which is within 3% of year end 2005 numbers and has reaffirmed confidence in the company's base reserves.
- Vault added 1.86 million BOE Proved and 1.92 million BOE Proved plus Probable excluding acquisitions and dispositions.
- This represents a 68% replacement of Proved reserves and 70% replacement of Proved plus Probable reserves.
- Based on 2006 capital of $42 million plus future capital for Proved reserves of $0.7 million and $2.1 million for Proved plus Probable reserves (in accordance with NI 51-101) Vault's Proved F&D costs and Proved plus Probable F&D costs are $22.96/BOE and $22.97/BOE, respectively. Acquisition and disposition volumes are minor and are not included in these calculations in accordance with NI 51-101.
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