Resaca, the oil and natural gas production, exploitation, and development company focused on the Permian Basin in the USA, provides an updated reserve study as of January 1, 2009 for the Company's oil and gas properties.

As of January 1, 2009, Resaca's proved and probable (2P) reserves were 28.4 million barrels (MMbbls) of oil and 19.1 billion cubic feet (Bcf) of natural gas for a total of 31.6 million barrels of oil equivalent (MMboe). The Company's proved reserves represented 55% of the 2P reserves. Additionally, Resaca's possible reserves were 5.5 MMbbls of oil and 4.2 Bcf of natural gas as of January 1, 2009 for total proved, probable and possible (3P) reserves of 33.9 MMbbls of oil and 23.3 Bcf of natural gas (37.8 MMboe). All reserves are calculated on a net revenue interest basis (working interest volumes less royalties).

This semi-annual reserve study was prepared by the Company's internal reservoir engineers. At July 1, 2008, the Company commissioned Haas Petroleum Engineering Services, Inc. (Haas) to prepare its year end reserve report for its primary and secondary recovery (water injection) reserves and Williamson Petroleum Consultants, Inc. ("Williamson") to prepare a year end reserve report considering only those additional reserves which could be recovered through tertiary recovery (CO2 injection). Together, these reports provided a complete analysis of Resaca's reserves as of July 1, 2008. In preparing the January 1, 2009 reserve study, the Company's internal reservoir engineers performed a mechanical "roll forward" of the Haas and Williamson studies, adjusting for activity conducted during the period from July 1, 2008 to December 31, 2008.

Tags: Inc., Resaca Exploitation