Exploration & Production | Operational Updates
Strategic O&G Expands Duvernay Holdings; Talks Reserves
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Strategic Oil & Gas Ltd. has reported its year-end reserves and provide an update on its first quarter drilling program.
Highlights: Strategic added 3.7 MMBoe of proved and probable reserves in 2012, excluding production, for a reserve replacement ratio of 479 percent. After production of 0.8 MMBoe, proved and probable reserves increased 2.9 MMBoe (55 percent) from 5.3 MMBoe at year-end 2011 to 8.2 MMBoe (78% oil) at December 31, 2012. Proved reserves increased 25 percent to 4.0 MMBoe (85% oil) from 3.2 MMBoe at year-end 2011. Pre-tax net asset value of the Company's reserves, using McDaniel's forecast pricing and discounted at 10%, increased to $90 million for proved reserves and $139 million for proved and probable reserves at December 31, 2012 from $68 million for proved reserves and…- ✓ Full news archive — U.S., Canada & international coverage
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