This is a 45% increase over year-end 2004 proven reserves
The proven reserves
were increased following appraisal drilling and the acquisition of a new licence.
We have established a low overall cost structure and have numerous infield well locations with proven reserves
waiting to be developed," concluded Mr.
4 trillion cubic feet equivalent of proven reserves
at the end of the second quarter.
In comparison, Peoples Energy Production's first quarter fiscal 2006 production averaged 64 MMCFE/day, and fiscal year-end 2005 proven reserves
50/mcfe of proven reserves
versus Chesapeake's current leverage of approximately $0.
Forward-Looking Statement: The statements in this press release regarding the newly drilled wells, amount of gas production being derived from the wells, continued drilling efforts, actual and anticipated market conditions, the actual size of and success of the Coal Creek development program, the ability of Petrol to add to its proven reserves
, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements.
s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves
or producing/capped wells.
2) The existing two wells have proven reserves
strategy is to build a strong asset value through the acquisition of oil & gas properties with proven reserves
or producing/capped wells initially in the Russian Federation.
As part of the transaction, Apache will book 61 million barrels of oil equivalent (boe) of proven reserves
at a per barrel cost of $8.
5% working interest of a large field, known as the Rozhdestvenskoe oil site, with proven reserves