Open Range Reports Large Increase In Reserves

摘要

Open Range Energy Corp. increased its proved plus probable reserves to 10.04 million bbls of oil equivalent while proved reserves surged to 6.2 million BOE at the end of 2008, representing year-over-year increases of 80% and 97% respectively. All of the gains were accomplished without acquisistions.The junior producer, whose reserves were evaluated by GLJ Petroleum Consultants Ltd., incurred proved plus probable finding and development costs, excluding changes in future development capital, of $11.63 per BOE of reserves added, and including the change in future development capital, of $16.79 per BOE of reserves added.