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Spartan Energy provides 2014 year-end reserves


Published Feb 19, 2015
Spartan Energy Corp.

Spartan Energy Corp. provides a summary of our 2014 year-end reserves. HIGHLIGHTS •Year-end 2014 proved plus probable (2P) reserves increased to 39.6 MMboe (96% oil and liquids) from 1.6 MMboe at year-end 2013 and total proved (1P) reserves increased to 25.6 MMboe from 1.1 MMboe in 2013. •Before tax net present value of our 2P reserves discounted at 10% (NPV10) was $1.08 billion ($689 million on a 1P basis) compared to $33.4 million at year-end 2013. •Finding, development and acquisition (FD&A) costs, including changes to future development capital (FDC), were $24.21 per boe on a 2P basis and $33.11 on a 1P basis, representing a 2P recycle ratio of 1.8 times and a 1P recycle ratio of 1.3 times. Excluding the effects of hedging, our 2P recycle ratio was 2.0 times and 1P recycle ratio was 1.5 times.(1)(2) •Net of acquisitions, our capital program added approximately 10.5 MMboe of 2P reserves, replacing approximately 388% of estimated 2014 production (1P - 172%).(1) •Proved developed producing (PDP) reserves represent approximately 61% of 1P reserves. •The Company's 2P reserve life index is 11.8 years based on 2015 average production guidance of 9,200 boe/d.

Tags: Spartan Energy Corp.




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