 |
| |
RESERVES
An updated engineering and economic evaluation of the Marsh Island Project, which reflects the Company's 35.5809% participating interest, has been prepared by Petrotech Engineering Ltd. in accordance with NI 51-101 with an effective date of February 1, 2007.
Reserve Summary Report February 1, 2007
The summary report is available on www.sedar.com.
The following excerpted Constant Case Before Tax reserve estimate is based on a gas price of $7.23/MMBtu (Henry Hub price) and an oil price of $59.09/bbl (West Texas Intermediate) as of February 1, 2007.
Marsh Island Project
Summary of Proved + Probable + Possible Reserves and Cash Flow Values
Constant Case Before Tax |
|
|
35.5809%
Participating Interest |
|
Reserve Category
|
Gas
(MMcf) |
Condensate
(Mbbl) |
NPV 10%
(MMUS$) |
|
Proved Developed Non-Producing |
260 |
1.89 |
0.50 |
|
Probable Undeveloped |
8,166 |
0.82 |
43.41 |
|
Proved + Probable |
8,426 |
2.71 |
43.91 |
|
Possible Undeveloped |
16,480 |
12.57 |
74.96 |
|
Proved+ Probable+ Possible |
21,905 |
15.28 |
118.87 |
|
|
Marsh Island Project
Prospective Resources Summary
Constant Case Before Tax |
|
|
|
35.5809%
Participating Interest |
|
Estimate
|
Gas
(Bcf) |
Condensate
(Mbbl) |
NPV 10%
(MMUS$) |
|
Low |
66 |
1,292 |
313 |
|
Best |
784 |
25,833 |
3,894 |
|
High |
2,322 |
113,744 |
10,902 |
Annual Reserves Report 2007
|
|
