Artek Exploration Ltd. of Calgary, Alberta provide an operational update and announce the results of its independent reserve evaluation for the year ended December 31, 2013 (the "Sproule Report") as prepared by Sproule Associates Limited (Sproule).
◾ Increased Proved plus Probable reserves year over year by 43% to 42.5 million boe from 29.6 million boe and also increased Proved reserves by 25% to 21.4 million boe from 17.1 million boe.
◾ Increased Proved plus Probable Oil and NGLs reserves year over year by 48% to 10.8 million boe from 7.3 million boe and also increased Proved Oil and NGLs reserves by 24% to 5.6 million boe from 4.5 million boe. Oil and condensate comprise 60% of the oil and NGLs proved plus probable reserves.
◾ Achieved all in finding, development and acquisition (″FD&A″) costs of $14.84 per boe on Proved plus Probable reserves. Finding and development (″F&D″) costs including FDC but excluding acquisitions and dispositions were $15.68 per boe on a Proved plus Probable basis. Approximately $14.2 million or 14% of 2013 capital expenditures were invested in facility expansions or additions, undeveloped land and seismic.
◾ Increased Proved plus Probable reserve value year over year by 52% to $392.3 million from $257.4 million using a 10% discount factor before tax.
◾ Replaced 2013 production of 1,349.5 mboe by 10.6 times with Proved plus Probable reserve additions and 4.2 times with Proved reserve additions.