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Prodigy Gold Inc KXLAF



GREY:KXLAF - Post by User

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Post by mark5698on Feb 24, 2005 10:08pm
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Post# 8653848

year-end reserve figures

year-end reserve figures Advantage Energy releases year-end reserves Advantage Energy Income Fund (TSX:AVN) Shares Issued 31,317,525 Last Close AVN.UN 2/24/2005 $21.22 Thursday February 24 2005 - News Release Mr. Gary Bourgeois reports ADVANTAGE ANNOUNCES YEAR END 2004 RESERVES Advantage Energy Income Fund has its year-end reserve evaluation which is based on an independent engineering study conducted by Sproule Associates Limited prepared in accordance with National Instrument 51-101. RESERVE HIGHLIGHTS As of Dec. 31 2004 2003 Proved plus probable reserves (mboe) 82,951 53,271 Proved reserves (mboe) 55,375 38,998 Present value at 10%, proved plus probable ($000) $ 885,094 $ 520,050 Net asset value per unit at 10% $ 11.04 $ 9.69 Reserve life index (proved plus probable -- years) 9.9 9.1 Reserves per unit (proved plus probable) 1.28 1.24 Debt per boe of reserves $ 2.25 $ 2.29 Proved plus probable reserves increased by 56 per cent to 83.0 million barrels of oil equivalent. Reserve additions from the fund's 2004 capital expenditure program were 8.2 mmboe at a cost of $13.18 per boe which replaced 116 per cent of production. Reserve additions from the acquisitions of the Anadarko assets and Defiant Energy Corp. were 29.1 mmboe at a cost of $13.05 per boe. Total net reserve additions for the year were 36.8 mmboe with a net cost for finding, development and acquisitions of $13.12 per boe. WORKING INTEREST RESERVES SUMMARY AS AT DEC. 31, 2004 Light and Natural medium Heavy gas oil oil liquids (mbbl) (mbbl) (mbbl) Proved Developed producing 11,714.2 1,562.4 2,601.3 Developed non-producing 490.8 0.0 134.8 Undeveloped 3,262.6 0.0 376.7 Total proved 15,467.6 1,562.4 3,112.8 -------- ------- ------- Probable 11,318.6 624.1 1,874.1 Total proved plus probable 26,786.2 2,186.5 4,986.9 Natural Oil gas equivalent (mmcf) (mboe) Proved Developed producing 186,137 46,901 Developed non-producing 9,494 2,207 Undeveloped 15,764 6,267 Total proved 211,395 55,375 ------- ------- Probable 82,552 27,576 Total proved plus probable 293,946 82,951 PRESENT VALUE OF FUTURE NET REVENUE (thousands of dollars) Discounted, before income taxes 0% 5% Proved Developed producing $ 984,488 $ 739,592 Developed non-producing 38,209 30,840 Undeveloped 83,899 62,320 Total proved 1,106,596 832,752 ---------- ---------- Probable 563,512 302,457 Total proved plus probable $1,670,108 $1,135,209 Discounted, before income taxes 10% Proved Developed producing $ 613,438 Developed non-producing 25,880 Undeveloped 44,808 Total proved 684,126 ---------- Probable 200,968 Total proved plus probable $ 885,094 © 2005 Canjex Publishing Ltd.
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