Press

Matra Petroleum AB: Matra Publishes Updated Oil and Gas Reserves


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).

Category

Net reserves

PV (10%)

(TUSD)

Oil, MBO

Gas, MMCF

MBOE

 

Proved developed producing

1,281

6,581

2,378

25,818

Proved developed non-producing

2,171

17,639

5,110

41,527

Proved undeveloped

7,817

33,953

13,476

83,664

Total proved

11,269

58,173

20,964

151,009

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.


Visit source site

cws.huginonline.com/M/173768/PR/201801/2160781_5.h...

Matra PetroleumOperations Update

More items from oilvoice


Schlumberger Announces Second-Quarter 2018 Results

Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 12% sequentially Second-quarter GAAP EPS, including charges of $0.12 per share, was $0.31 Second-quarter EPS, excluding charges, was $0.43 Cash flow from operations was $987 million PARIS , J ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsSchlumberger +1

Baker Hughes, a GE company Announces Second Quarter 2018 Results

Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, inc ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsGE +3

Genel Energy: Receipt of Payment for KRI Oil Exports

Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.33 million from the Kurdistan Regional Government ('KRG') as payment for April 2018 crude oil deliveries to the export market from the Tawke licen ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Genel EnergyPaymentKRI +8

Delaying Mexico’s 2018 Bidding Rounds is a Smart Move by CNH, Says GlobalData

Following the news (Wednesday 18 th July 2018) that Mexico's hydrocarbons agency re-scheduled bidding rounds 3.2, 3.3, and onshore farm-out round for February 2019, which was originally planned for the second half of 2018, Adrian Lara, Senior Oil and Gas Analyst at GlobalData , a leading ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > GlobalDataMexicoBidding Round +2

Major Utilities Continue to Increase Spending on U.S. Electric Distribution Systems

Source: U.S. Energy Information Administration, Federal Energy Regulatory Commission (FERC) Financial Reports, as accessed by Ventyx Velocity Suite Spending on electricity distribution systems by major U.S. electric utilities—representing about 70% of total U.S. electric load—has risen 54% o ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesUSEIA +4
All posts from oilvoice