First Calgary Petroleums Ltd. Supplements Algeria Year End Reserves Estimates

• Published in: Canada NewsWire p. 1
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 11.06.2004
• Subjects: Capital investments; Drilling; Estimates; Natural gas; Natural gas reserves; Oil reserves; Prices; Stock exchanges; Algeria

CALGARY, June 11 /CNW/ - First Calgary Petroleums Ltd. (FCP or the Company) today announces supplemental information relating to its estimated reserves and values as at December 31, 2003. On May 19, 2004, the Company announced gross proved, probable and possible recoverable reserves estimates of its Ledjmet Block 405b to be approximately 7 trillion cubic feet equivalent (TCFe) of natural gas. DeGolyer and MacNaughton, FCP's independent engineers, have now estimated the Company's net proved, probable and possible reserves to be 986 billion cubic feet equivalent (BCFe) of natural gas having an estimated future net revenue of US$1.3 billion discounted at 10 percent per annum. Block 405b covers approximately 273,000 acres and provides the Company with resource exploration potential in excess of the DeGolyer and MacNaughton reserves estimates. Based upon its internal interpretation of seismic data, geological mapping and exploration reservoir modelling, FCP has identified a number of additional exploratory drilling prospects that in the Company's view have gross recoverable gas and condensate potential of 11 TCFe. In estimating the resource exploration potential, the Company has made a number of assumptions and as a result, the estimate is subject to material revision. The Company's net share of the potential reserves has not been estimated at this time as it is dependent upon a number of factors including capital investment, production volumes and product prices.