Posted by OilVoice Press - OilVoice
Matra Petroleum's net oil and gas reserves as per 30 November 2017 were estimated at 21 million barrels of oil equivalent ("MBOE") with a net present value (PV10) of 151 MUSD calculated based on oil prices of USD 50.73 per barrel and gas prices of USD 3.04 per MMBtu respectively. The reserves are located on Matra's 130 leases, covering an area of 38,140 net acres in the Panhandle region in Texas, USA. In 2017, preliminary oil and gas production amounted to 244,934 (2016: 206,429) barrels of oil equivalent, gross, corresponding to a gross average daily production of 671 barrels of oil equivalent per day ("boepd") (2016: 564 boepd).
Proved developed producing
Proved developed non-producing
In 2017, Matra drilled and completed 10 production wells and one salt water disposal well. Six non-producing non-economical leases, with proved reserves of approximately 1.5 million barrels mainly in the proved undeveloped category included in previous reserve reports, were relinquished.
"The new reserve report supports our objective to reach production of 6,000 boepd in coming years through development of proved undeveloped reserves through an active drilling program. New wells present attractive economics that have improved significantly with the recent rapid increase in oil prices, which is not reflected in the reserve report" says Maxim Barskiy, CEO of Matra Petroleum AB.
The estimate of reserves has been conducted by independent petroleum consultants DeGolyer and MacNaughton and were prepared in compliance with the United States Securities and Exchange Commission (SEC) regulations. Future prices were estimated using guidelines established by the SEC and FASB based on the 12 month average NYMEX oil price and gas price.
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