Petrominerales Proved Plus Probable Reserves Additions Replace 153% Of 2010 Production

abarrelfullabarrelfull wrote on 28 Feb 2011 10:05
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Petrominerales Ltd. (“Petrominerales” or the “Company”) is pleased to report proved plus probable reserves of over 60 million barrels of oil as at December 31, 2010 (as determined by our independent reserves evaluators DeGolyer and MacNaughton (“D&M”)), replacing 2010 production by 153%.


  • 2010 production averaged 37,027 barrels of oil per day (“bopd”), a 66 percent increase over 2009.
  • Proved developed producing reserve additions replaced production by 163 percent, total proved reserve additions replaced production by 159 percent and proved plus probable reserve additions replaced 153 percent of production.
  • Proved developed producing reserves increased 46 percent to 27.1 million barrels, total proved reserves increased 22 percent to 44.0 million barrels of oil and proved plus probable reserves increased by 13 percent to 60.2 million barrels of oil.
  • Total proved plus probable NPV 10 (before tax) is US$2.5 billion.
  • Based on unaudited capital expenditures of US$506.4 million, total proved and proved plus probable finding and development costs ("F&D") are $30.73 per barrel and $32.60 per barrel in 2010, respectively, including changes in future development costs. These F&D costs include $78.9 million (2009 ‐ $53 million) of exploration costs incurred on exploration acreage not evaluated by D&M (Heavy Oil acreage, Peru and other 3D seismic costs). Factoring out the exploration costs on property not evaluated by D&M, the 2010 F&D costs for total proved reserves would have

been $27.06 per barrel and $28.78 per barrel for total proved plus probable reserves.

D&M completed an evaluation effective as at December 31, 2010 of the Company’s Orito and Neiva properties and portions of four of the Company’s 15 exploration blocks, Corcel, Guatiquia, Castor and Casimena. D&M’s report did not include any evaluation of the Company’s drilling prospects or remaining 1.7 million net acres of exploration land in Colombia or 5.4 million net acres in Peru. All reserves stated herein are based on forecast prices and costs and are Company interest gross reserves (before deducting royalties).

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