P to buy total reserves of approximately 47 million barrels of oil equivalent of oil and natural gas liquids, comprising proved developed producing reserves
of approximately 25 Mmboe, for $420 million.
proved and developed producing reserves
('PDP') have been
1 times Penn West's current internal estimate of the proved plus probable producing reserves
value discounted at 10 percent.
Substantially all of the value is attributable to proved developed producing reserves
PGP will acquire producing reserves
or other long-term gas supplies and create discounts and economies of scale for everyone in the group, and in turn, their customers.
Proved as well as probable developed producing reserves
at December 31, 2012, as assessed by GLJ Petroleum Consultants Ltd.
That new production has associated Proved Producing reserves
of 65 BCFe.
Based upon engineering reports and certain standard assumptions, this is expected to add approximately 41,000 BOE in proved developed producing reserves
net to FieldPoint.
Organic growth through the drill bit at the Company-operated Catalina unit accounted for the majority of the increase in proved developed producing reserves
from 12/31/07 to 6/30/08 of 28.
In connection with this acquisition, Abraxas Energy has entered into options to purchase NYMEX-based fixed price swaps on a significant portion of the estimated production from the acquired properties' current proved developed producing reserves
for the period February 2008 through December 2011.
Corporate strategy continues to focus on the accumulation of proven and proven producing reserves
allowing potential investors the leverage of the physical commodity for which its lease acreage controls.
5 million BOE of proved developed producing reserves