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.