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.
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