Texon Petroleum Ltd (ASX:TXN) Announce Reserves Up 90%
Brisbane, Mar 13, 2012 AEST (ABN Newswire) - Texon Petroleum Ltd's (
ASX:TXN) (PINK:TEXOF) year end 2011 Proved, Probable and Possible Eagle Ford reserves are 11.33 mmboe, an increase of 125% compared with year end 2010.
Since year end 2011 - per the Company's announcement on 8th March, the Olmos ("Other" in the above table) reserves have been sold.
The year end 2011 Reserves in the Eagle Ford have been assessed by Netherland, Sewell & Associates, Inc. For the Other Reserves, the year end 2011 reserves are taken to be the 2010 year end reserves (determined by Delilah B. Hainey of Hainey and Hainey, a reservoir consultant to the Company) less production in 2011.
At year end 2011, Reserves attributable to Texon's NRI are as in the following table:
------------------------------------------------------------ mmboe Proved Probable Possible Total------------------------------------------------------------Eagle Ford 1.54 3.32 6.47 11.33Other (incl Olmos) 0.93 0.57 0.05 1.55------------------------------------------------------------Totals: 2.47 3.89 6.52 12.88------------------------------------------------------------
The total of 12.88 mmboe is a 90% increase on the 6.698 mmboe at year end 2010.
Current oil and gas futures prices:
Source: NYMEX April 2012
Oil: US$106.51/bbl
Gas: US$2.27/mmbtu (this translates to approx. US$3.80/mcf for all Texon gas - including US$4.30/mcf for Olmos and Eagle Ford gas)
Glossary:
bbl: barrel
boe: barrels of oil equivalent (including gas converted to oil equiv barrels on basis of 6mcf to 1barrel of oil equiv)
mcf: thousand cubic feet
mmboe: million barrels of oil equivalent (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)
mmbtu: million British thermal units
NRI: Net Revenue Interest
Contact
Texon Petroleum Ltd
T: +617-3211-1122
F: +617-3211-0133
E: texon.info@texonpetroleum.com.au
http://www.texonpetroleum.com.au
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