Peyto adds 30,000 boe/d in 2012 replacing 527% of production
Thursday, Feb 14, 2013Peyto Exploration & Development Corp. (TSX:PEY) ("Peyto" or the "Company") is pleased to present the results and analysis of the independent reserve report effective December 31, 2012. The evaluation encompassed 100% of Peyto's reserve assets and was conducted by InSite Petroleum Consultants ("InSite").
Peyto's capital program for 2012 was the largest in the Company's 14 year history with $452 million spent on developing Peyto's assets and $166 million (net of dispositions) spent acquiring Open Range Energy Corp. ("Open Range"). As a result, reserves per share grew in all categories with total reserves exceeding 2.35 Trillion Cubic Feet equivalent ("TCFe") or 392 mmboe at year end.
Peyto's existing Proved Producing reserves at the start of 2012 (base reserves) were evaluated and adjusted for 2012 production as well as any technical revisions resulting from the additional twelve months of data. As part of InSite's independent engineering analysis, all 756 producing entities were evaluated. These producing wells and zones represent a total gross Estimated Ultimate Recoverable (EUR) volume of 1.4 TCF plus associated liquids. In aggregate, Peyto is pleased to report that its total base reserves continue to meet with expectation, which increases the confidence in the prediction of future recoveries.
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