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Artek Exploration Ltd. reports significant 2014 reserves growth


Published Feb 20, 2015
Artek Exploration Ltd.-2

Artek Exploration Ltd. is pleased to announce the results of its independent reserve evaluation for the year ended December 31, 2014 (the "Sproule Report") as prepared by Sproule Associates Limited (Sproule).

2014 HIGHLIGHTS •Increased Proved plus Probable reserves by 9% to 46.4 million boe and Proved reserves by 12% to 24.0 million boe and Proved Developed Producing reserves by 31% to 6.6 million boe as compared to the previous year. •Increased Proved plus Probable Oil and NGLs reserves year over year by 55% to 16.8 million boe from 10.8 million boe and also increased Proved Oil and NGLs reserves by 57% to 8.8 million boe from 5.6 million boe. •Achieved all in finding, development and acquisition (″FD&A″) costs of $11.36 per boe on Proved plus Probable reserves. Finding and development (″F&D″) costs including FDC but excluding acquisitions and dispositions were $13.04 per boe on a Proved plus Probable basis. •Increased Proved plus Probable reserve value year over year by 33% to $520.8 million from $392.3 million using a 10% discount factor before tax. •Replaced 2014 production of 1,534 mboe by 3.5 times with Proved plus Probable reserve additions and 2.7 times with Proved reserve additions.

Tags: Artek Exploration Ltd.




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