ReservesGoose River Resources Ltd. (TSX VENTURE:GRR) is pleased to announce the results
of its year end reserve report prepared by Sproule Associates Limited
("Sproule") as of December 31, 2004.
Goose River has significantly added to its reserves during the year through
exploration and development drilling. The Company drilled a total of 28 wells
(net - 18.3) during 2004 resulting in 10 oil wells (net - 7.4), 16 natural gas
wells (net - 10.3) and 2 dry holes (net - 0.6). The Company drilled 14 wells in
the fourth quarter of 2004 with the completion and testing of most of these
wells occurring in January and February 2005. The Company has engaged Sproule
to prepare a supplemental reserve report which will incorporate the results of
the testing and completion of these wells. The results of this supplemental
report are expected to be released by March 31, 2005.
/T/
SUMMARY HIGHLIGHTS
- Proved plus Probable reserves at year end were 3,349.5 mboe
( 46% natural gas)
- Total Proved reserves at year end were 1,483.5 mboe (50% natural gas)
- Net present value of future net revenue (based on forecast prices and
costs, before the deduction of income taxes, debt service charges and
general and administrative expense) discounted at 10 percent are:
a) $21,850,000 for Total Proved and
b) $44,470,000 for Total Proved plus Probable
- Finding and on-stream costs in 2004 (including the effect of
acquisitions and dispositions) were:
a) $8.95/boe for Total Proved ($20.42/boe in 2003) and
b) $4.65/boe for Total Proved plus Probable ($15.74/boe in 2003)
- BOE Reserve Index is 8.4 years for Proved plus Probable and 5.7 years
for Total Proved