HOUSTON, February 24, 2011 /PRNewswire/ --
Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today announces an increase in proved and probable reserves as of December 31, 2010 resulting in a 419 percent reserve replacement rate of 2010 production, based on 2P reserves.
"Even with the sale of our Cygnus North Sea asset, we continue to grow the company's reserves strongly through the drill bit," said William L. Transier, chairman, chief executive officer and president. "Our 2010 successes are directly attributable to the efforts of our North Sea drilling and the development of our onshore US program, including a substantial enhancement to the value of Cygnus through appraisal drilling."
Proved and probable reserves at year-end 2010 increased to 43.7 million barrels of oil equivalent (mmboe) compared to 38.9 mmboe a year ago. Extensions, discoveries, sales and purchases added 6.3 mmboe during 2010. Production for the year was 1.5 mmboe.
The upward revisions in 2P reserves were the result of the appraisal well drilled in West Rochelle Block 15/26b, the addition of reserves from the Bacchus development and strong results from the Louisiana/Texas Haynesville program.
Net Reserves at December 31, 2010* Audited by: Netherland, Sewell Oil NGL Gas Equivalents and Associates, Inc. (mbbl) (mbbl) (mmcf) (mboe) Proved Developed Producing 1,069 26 13,644 3,370 Non-Producing 153 6 192 191 Proved Undeveloped 2,772 - 74,208 15,139 Proved (1P) 3,994 32 88,044 18,700 Probable 10,855 16 84,776 25,000 Proved + Probable (2P) 14,849 48 172,820 43,700 Possible 10,874 19 77,128 23,747 Proved + Probable + Possible (3P) 25,723 67 249,948 67,447 *Reserve information includes the purchase of the additional 20% (approximately 3.4mmboe of 2P reserves) of the Bacchus field in the North Sea. 2009 Prepared by: Netherland, Oil NGL Gas Equivalents Sewell and Associates, Inc. (mbbl) (mbbl) (mmcf) (mboe) Proved Developed Producing 1,212 26 4,458 1,981 Non-Producing 150 - 4,578 913 Proved Undeveloped 1,973 5 80,064 15,322 Proved (1P) 3,335 31 89,100 18,216 Probable 7,352 20 79,919 20,692 Proved + Probable (2P) 10,687 51 169,019 38,908 Possible 7,859 34 89,478 22,806 Proved + Probable + Possible (3P) 18,546 85 258,497 61,714
Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States. For more information, visit http://www.endeavourcorp.com.
Certain statements in this news release should be regarded as "forward-looking" statements within the meaning of the securities laws. These statements speak only of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations - prior to the time at which contracts providing the right to operate expire. Probable reserves include those additional reserves that a company believes are as likely as not to be recovered and possible reserves include those additional reserves that are less certain to be recovered than probable reserves. We use may use certain terms in our news releases, such as "reserve potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. In addition, we do not represent that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to also consider closely the disclosure in our filings with the SEC, available from our website at http://www.endeavourcorp.com. Endeavour is also subject to the requirements of the London Stock Exchange and considers the disclosures in this release to be appropriate and/or required under the guidelines of that exchange.
SOURCE Endeavour International Corporation