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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Resaca | LSE:RSOX | London | Ordinary Share | COM SHS USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRSOX
RNS Number : 8959P
Resaca Exploitation Inc
31 October 2012
For immediate release 31 OCTOBER 2012
Resaca Exploitation, Inc.
("Resaca" or "the Company")
Reserves Update
Resaca (AIM: RSOX), the oil and natural gas production, exploitation, and development company focused on the Permian Basin in the USA, is pleased to announce an updated reserve study as of 30 June 2012 for the Company's oil and gas properties and to provide an update on the Company's production.
Reserves Update
As of 30 June 2012, Resaca's proved and probable ("2P") reserves were 27.7 million barrels ("MMbbls") of oil and 13.5 billion cubic feet ("Bcf") of natural gas, for a total of 30.0 million barrels of oil equivalent ("MMboe"). This represents 0.1 MMboe increase in Resaca's 2P reserves since 30 June 2011 after realization of 0.3 MMboe of production during the fiscal year ended 30 June 2012. The Company's proved reserves represented 48% of the 2P reserves as of 30 June 2012. Additionally, Resaca's possible reserves were 14.3 MMbbls of oil and 3.3 Bcf of natural gas as of 30 June 2012 for total proved, probable and possible ("3P") reserves of 42.0 MMbbls of oil and 16.8 Bcf of natural gas (total 3P reserves of 44.9 MMboe). Resaca's 3P reserves increased 9.1 MMboe since 30 June 2011, representing a 25% increase after consideration of fiscal year production. The increase in 3P reserves is primarily attributable to an increase in original oil in place estimates for the Company's Cooper Jal Unit probable and possible CO(2) recovery reserves and possible CO(2) recovery reserves related to the Langlie Jal property, which was acquired during the fiscal year ended 30 June 2012. All reserves are calculated on a net revenue interest basis (working interest volumes, less royalties).
Resaca's proved developed producing ("PDP") reserves as of 30 June 2012 were 2.9 MMbbls of oil and 2.4 Bcf of natural gas, for a for a total of 3.3 MMboe. This represents a 0.1 MMboe increase in PDP reserves since 30 June 2011 after realization of 0.3 MMboe of production during the fiscal year ended 30 June 2012. This represents a 3% increase in PDP reserves after consideration of fiscal year production. The increase in PDP reserves is primarily attributable to the continued waterflood performance at the Company's Cooper Jal Unit.
Resaca commissioned Haas Petroleum Engineering Services, Inc. ("Haas") to prepare a reserve report for its primary and secondary recovery (water injection) reserves and Williamson Petroleum Consultants, Inc. ("Williamson") to prepare a reserve report considering only those additional reserves which could be recovered through tertiary recovery (CO(2) injection). Together, these reports provide a complete analysis of Resaca's reserves. Details of the reports are set out in the table below:
NPV @10% Natural Discount Oil Gas $MM (MMbbls) (Bcf) MMboe (Pre-Tax) ---------- -------- ------ ----------- Proved Reserves Haas 12.6 11.0 14.4 $316.5 Williamson 0 0 0 0 ---------- -------- ------ ----------- Total Proved Reserves 12.6 11.0 14.4 $316.5 ========== ======== ====== =========== Probable Reserves Haas 2.6 2.5 3.1 $79.3 Williamson 12.5 0 12.5 139.3 ---------- -------- ------ ----------- Total Probable Reserves 15.1 2.5 15.6 $218.6 ========== ======== ====== =========== Total 2P Reserves 27.7 13.5 30.0 $535.1 ========== ======== ====== =========== Possible Reserves Haas 4.0 3.3 4.6 $109.1 Williamson 10.3 0 10.3 112.1 ---------- -------- ------ ----------- Total Possible Reserves 14.3 3.3 14.9 $221.2 ========== ======== ====== =========== Total 3P Reserves 42.0 16.8 44.9 $756.3 ========== ======== ====== ===========
The reserve estimates are based on the unweighted average 12-month prices as of 30 June 2012 under the revised SEC rules, calculated as the unweighted arithmetic average of the first-day-of-the-month oil and natural gas prices for each month within the 12-month period ended 30 June 2012 of $95.67 per barrel for oil and $3.15 per MMbtu for natural gas, and are further adjusted by field for quality, transportation fees, and regional price differentials. The reserves are calculated "before tax" and consider the anticipated costs to develop and produce.
The Company is in the process of finalizing the audit of its results for the fiscal year ended 30 June 2012 and expect to release these results in November.
Commenting on the reserves and production update, J.P. Bryan, Chairman and CEO of Resaca, said:
"We are pleased with the results from the continued performance of our waterfloods and the further third party validation of the CO(2) recovery potential at our Cooper Jal property, which we have reflected in our reserves as of 30 June 2012.
We continue to move forward with the asset sales we announced earlier in the month with the goal of reducing our debt, maximizing the value for our property base, and strengthening the company for future growth."
For further information please contact:
Resaca Exploitation, Inc. J.P. Bryan, Chairman and Chief Executive Officer +1 713-753-1300 John J. ("Jay") Lendrum, III, Vice Chairman +1 713-753-1400 Dennis Hammond, President and Chief Operating Officer +1 713-753-1281 Will Gray, Executive Vice President +1 713-753-1273 Buchanan (Investor Relations) +44 (0) 20 7466 5000 Tim Thompson Helen Chan Ben Romney finnCap Limited (Nomad and Broker) + 44 (0) 20 7220 0500 Matt Goode, Corporate Finance Christopher Raggett, Corporate Finance Victoria Bates, Corporate Broking
About Resaca
Resaca is an independent oil and gas development and production company based in Houston, Texas. Resaca is focused on the acquisition and exploitation of long-life oil and gas properties, utilizing a variety of primary, secondary and tertiary recovery techniques. Resaca's current properties are located in the Permian Basin of West Texas and Southeast New Mexico. Additional information is available at www.resacaexploitation.com.
In accordance with the AIM Rules, the information in this announcement has been reviewed and approved by Dennis Hammond, President. Mr. Hammond has a Bachelor of Science degree in Petroleum Engineering, is a registered professional engineer in the State of Texas, and has over 30 years relevant experience within the sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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