Dee Rockets Up - Reserve Increases

Feb 10, 2010 19:59 ET

Delphi Energy Reports Significant Growth in Reserves

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2010) - Delphi Energy Corp. ("Delphi" or the "Company") (TSX:DEE) is pleased to report its crude oil and natural gas reserves information for the year ended December 31, 2009.

Highlights

- Achieved finding, development and acquisition costs ("FD&A") of $12.06 per barrel of oil equivalent ("boe") for total proved reserves and $9.21 per boe for total proved plus probable reserves. The FD&A costs over the past three years averaged $18.20 per boe for total proved and $15.42 per boe for total proved plus probable.

- Increased total proved reserves by 19 percent to 18.0 million boe and total proved plus probable reserves by 24 percent to 27.4 million boe.

- Improved recycle ratio to 2.6 in 2009 compared to 1.6 in 2008.

- Increased proved plus probable reserve life index ("RLI") to 11.0 years in 2009 compared to 9.5 years in 2008.

- Increased before tax net present value across all reserve categories despite a significant reduction in forecasted natural gas prices.

- Increased net undeveloped land to 172,200 acres; a 37 percent increase over 2008 and a 92 percent increase over 2007.