GeoResources, Inc. Reports Proved Reserves
02 Março 2010 - 8:00AM
Business Wire
GeoResources, Inc., (NASDAQ:GEOI), today announced its proved
reserves of crude oil and natural gas as of December 31, 2009.
Based on the prescribed Securities and Exchange Commission (“SEC”)
rules, proved reserves were estimated at 20.7 million barrels of
oil equivalent (“Mmboe”), being 55% oil and 75% proved developed.
Proved reserves increased 6.1 Mmboe for a growth rate of 42% from
December 31, 2008 to December 31, 2009. The Company replaced 467%
of the 1.7 Mmboe of production during the year; 150% of production
was replaced through drilling and the remainder resulted from core
area acquisitions and upward reserve revisions. The independent
reservoir engineering firm of Cawley, Gillespie & Associates,
Inc. prepared the Company’s year-end reserve report.
The present value of future cash flows before income taxes as of
December 31, 2009, discounted at 10% (SEC PV10, a non-GAAP
measure), totaled $217.6 million, up 45% from December 31, 2008.
The following table shows the proved reserves by category using SEC
guidelines.
SEC Proved Reserves – December 31, 2009
Reserve category: Oil
(Mbbl)
Natural
Gas
Liquids
(Mbngl)
Gas (Mmcf)
Barrels of Oil
Equivalents
(MBOE)
PV10 Value (M$) Proved developed 9,221 405 35,708 15,578
$182,580 Proved undeveloped 2,198 128 16,530 5,081 $35,011
Total 11,419 533 52,238 20,659
$217,591
The SEC proved reserves as of December 31, 2009 were calculated
based on new guidelines that went into effect for the Company’s
year-end 2009 oil and gas reporting. The new pricing rules require
that reserve calculations utilize the unweighted average first day
of the month prices for the prior twelve months to December 31,
2009, contrasted with the pricing methodology required in prior
years which used prices existing on December 31. Under the new
rules, prices were $61.18 per barrel of crude oil and $3.83 per
Mmbtu for natural gas, prior to adjusting for quality and basis
differentials. Prices used as of December 31, 2008 were $44.60 per
barrel of crude oil and $5.62 per Mmbtu for natural gas.
Utilizing the NYMEX forward curve as of December 31, 2009 proved
reserves were 23.7 Mmboe with a PV10 value of $422 million. Prior
to adjusting for quality and basis differentials, prices ranged
from $82.20 per barrel and $5.79 per Mmbtu in 2010 to $98.05 per
barrel and $7.44 per Mmbtu in 2017; prices were held flat
thereafter. The following table shows proved reserves by category
using a NYMEX based pricing methodology.
NYMEX Proved Reserves – December 31,
2009 Reserve category:
Oil (Mbbl) Natural
Gas
Liquids
(Mbngl)
Gas (Mmcf) Barrels of Oil
Equivalents
(MBOE)
PV10 Value (M$) Proved developed 9,899 462 40,371 17,090
$331,671 Proved undeveloped 2,647 164 22,680 6,591 $90,004
Total 12,546 626 63,051 23,681
$421,675
Partnership Reserves
In addition to the direct working interests reflected above,
GeoResources also holds a general partner and operating interest in
two limited partnerships. The Company’s share of partnership
reserves are not reflected in its direct interests shown above. The
following tables show the Company’s estimated net share of the
affiliated partnerships’ reserves and estimated present value of
future net income discounted at 10% using SEC guidelines and the
NYMEX forward curve comparable to the above tables.
GeoResources share of Partnerships using SEC Proved Reserves –
December 31, 2009
Reserve category: Oil (Mbbl) Natural
Gas
Liquids
(Mbngl)
Gas
(Mmcf)
Barrels of Oil
Equivalents
(MBOE)
PV10 Value (M$) Proved developed 45 135 7,011 1,349 $10,293
Proved undeveloped 10 16 517 112 $379
Total 55
151 7,528 1,461 $10,672
Utilizing the NYMEX forward curve as of December 31, 2009, the
Company’s share of the partnerships’ estimated total proved
reserves are 1.7 Mmboe with a PV10 value of $22 million.
GeoResources share of Partnerships using NYMEX Price Proved
Reserves – December 31, 2009
Reserve category: Oil (Mbbl)
Natural
Gas
Liquids
(Mbngl)
Gas
(Mmcf)
Barrels of Oil Equivalents (MBOE) PV10 Value (M$)
Proved developed 52 157 7,719 1,495 $20,320 Proved undeveloped 11
17 1,274 240 $1,779
Total 63 174
8,993 1,735 $22,099
Comments
Frank A. Lodzinski, Chief Executive Officer of GeoResources,
said, “We are pleased with the significant increases we have
reported to our proved reserves. Our track record over the past
three years shows a 105% compound annual growth rate for proved
reserves and 81% for production. It is important to note that our
business strategy includes a portfolio of both crude oil and
natural gas projects. Accordingly, we are somewhat insulated from
commodity price deterioration in one commodity versus the other. As
we continue into 2010, we expect to increase our drilling budget
and, given our liquidity, take advantage of strategic corporate or
asset acquisitions. We are motivated and focused on our business
strategy to continue our profitable growth.”
About GeoResources,
Inc.
GeoResources, Inc. is an independent oil and gas company engaged
in the acquisition and development of oil and gas reserves through
an active and diversified program which includes purchases of
reserves, re-engineering, and development and exploration
activities, currently focused in the Southwest, Gulf Coast and the
Williston Basin. For more information, visit our website at
www.georesourcesinc.com.
Forward-Looking Statements
Information herein contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which can be identified by words such as "may," "will,"
"expect," "anticipate," "estimate" or "continue," or comparable
words. All statements other than statements of historical
facts that address activities that the Company expects or
anticipates will or may occur in the future are forward-looking
statements. Readers are encouraged to read our 10-K/A for
the year ended December 31, 2008, annual and other reports and any
and all other documents on file with the SEC regarding information
about GeoResources and for meaningful cautionary language in
respect of the forward-looking statements herein. Interested
persons are able to obtain free copies of filings containing
information about GeoResources, without charge, at the SEC’s
Internet site (http://www.sec.gov).
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