Exploration & Production | Drilling / Well Results
Cardinal Energy Ramps Up Reserves to 13,748 MBOE; Updates Well Ops
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Cardinal Energy Ltd. has reported its year end 2013 reserves results and to provide an update of the production results from its first two horizontal wells in Bantry.
Reserve Highlights Year over year, proved developed producing reserves increased to 12,500 Mboe (86% oil) an increase of 67% per fully diluted share. Total proved reserves increased to 13,748 Mboe (86% oil) or 79% per fully diluted share as compared to December 31, 2012. Total proved plus probable reserves increased to 21,163 Mboe (86% oil) an increase of 111% per fully diluted share. Total proved plus probable producing reserves now make up 86% of Cardinal's reserve base. Finding, development and acquisition costs (including change in future development capital of $32.4 MM) were $14.99 per boe on a total proved and…- ✓ Full news archive — U.S., Canada & international coverage
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