RE:ReservesGood morning Gamble, while MANY people forget about the impact of COVID on reserves here is a snipet of the last report for Y/E 2020. You will notice the reduction in "economic" barrels.
Of course at 70+ oil these are now all economic....so we wait for the new reports
Something to think about as we wait for the 2021 YE reports.
BSW
Reference:
https://www.baytexenergy.com/files/pdf/Reserves/2020%20Reserves%20Information.pdf "Our 2020 reserves report reflects the impact of a materially lower commodity price forecast being utilized by our reserves evaluator, which was brought on by Covid-19 and the extremely volatile crude oil market. We highlight the updated commodity price forecast on page 11 which has WTI averaging US$56/bbl over the next ten years, down 20% from one year ago. Consistent with the $2.4 billion impairment we recorded in 2020, we removed 29 million barrels of proved reserves (65% heavy oil and bitumen) and 41 million barrels of proved plus probable reserves (80% heavy oil and bitumen), which are uneconomic under the commodity price forecast."
2021Gamble wrote:
Noticed a real good news release from OBE this morning....reserve increase ... As in huge reserve increase....
Could we be getting close to the same now on BTE??? food for thought...
RED ...i'm assuming you have the 2020 reduction in your spreadsheet?? what would a reversal of that writedown be?