this looks huge PV10 $33
Remington Replaces 381% of 2000 Production at $0.97 per MCFE F&D Costs; Reserves Increased 39% to 151 BCFE
PR NEWSWIRE - February 20, 2001 11:56
DALLAS, Feb 20, 2001 /PRNewswire via COMTEX/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced today year-end 2000 proved oil and gas reserves of 10,370 MBO and 88.7 BCF or 151 BCF equivalents. This represents a 39% increase in reserves from 109 BCFE at year end 1999 and a 381% replacement of year 2000 production of 20.3 BCFE. Production for 2000 was 19% above 1999 levels and is estimated to be approximately 27 BCFE in 2001 or 34% above 2000 production.
Remington's capital expenditures for 2000 totaled $75 million with $37 million spent on exploration, $21 million on development and $17 million for reserve, land and seismic acquisition. Reserve additions totaling 77.1 BCFE included 73.8 BCFE from new discoveries and extensions, 2.8 BCFE in revisions and .5 BCFE being purchased. During 2000, Remington sold 14.4 BCFE.
All in finding and development costs for 2000 were $.97 per MCFE ($5.82 BOE). Over the last three years, Remington has invested $147 million and has added 154 BCFE of proved reserves at a finding and development cost of $.96 per MCFE. Over 95% of these reserves have been added through drillbit activities. As of December 31, 2000, the SEC PV@10% value of the reserves was $670 million based on year-end prices of $26.80 per barrel of oil and $9.78 per MCF of gas. The company's reserves at year end were 69% proved developed with 59% of the total reserves being natural gas.
James A. Watt, President and CEO, of the company commented, "We have increased reserves at greater than a 35% compound annual rate over the past three years. Our program is drillbit focused utilizing an extensive Central Gulf of Mexico 3-D database. Both our three year and single year finding and development costs are among the best in the industry for Gulf Coast companies."
Remington Oil and Gas Corporation is an independent oil and gas exploration and production company headquartered in Dallas, Texas, with operations concentrating in the onshore and offshore regions of the Gulf Coast. |
