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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
Message: PDP UP 30 %
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Since this news PDP is up 30%. When do you think it will translate into CLL SP increase. Rink Feb 25, 2008 12:51:00 PM MST |
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CALGARY _ Petrolifera Petroleum Ltd. (TSX:PDP) had 15.1 million barrels of oil and natural gas liquids reserves classified as "proven" at the end of last year, up 43 per cent from the end of 2006, the junior producer announced Monday. The increase from 10.5 million barrels of proven reserves at Dec. 31, 2006, came even as Petrolifera produced 2.9 million barrels of crude oil during 2007, a record for the Calgary-based company. Petrolifera also said its proven natural gas reserves increased 14 per cent to 16.3 billion cubic feet, after 800 million cubic feet were produced and technical revisions, including provision for flared natural gas volumes. The increase in proven reserves came as additional drilling increased the certainty surrounding reserves that had been previously classified as "probable." However, the company said its exploration activities also increased its probable reserves. At Dec. 31, Petrolifera´s proven plus probable reserves of crude oil and NGL were 21.5 million barrels, up 10 per cent compared to 19.5 million barrels in 2006. On an oil-equivalent basis, in which one barrel of oil is equivalent to 6,000 cubic feet of natural gas, Petrolifera´s proven plus probable reserves total 25.6 million boe in 2007 compared to 24.3 million boe in 2006 for an increase of five per cent. Petrolifera shares traded at $9.99, up 45 cents or 4.7 per cent, at the Toronto Stock Exchange. |
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