Portfolio Stock / Thunder Energy Inc.
Thunder Energy Inc. Reports Year-End Reserves
CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSX) today announced results from its independent year-end reserve evaluation prepared by Sproule Associates Limited (Sproule), which evaluated 100 per cent of the company's reserves. The reserve determination process was reviewed and approved by Thunder's reserve committee, which is made up of independent members of the board of directors
Total net reserve additions were 4.2 million boe, up 15 per cent over year-end 2001. Drilling added 4.1 million boe and 582,000 boe came from acquisitions, offset by 477,000 boe in reserve revisions. Thunder continued to emphasize natural gas drilling, with natural gas additions accounting for 94% of reserves added during the year. Due to the experimental nature of Thunder's coal bed methane program, no reserves have been assigned to this resource in this year's report.
Natural gas production for the year averaged 31.1 mmcf/d an increase of 19 per cent over 2001 and Crude oil and liquids production averaged 1,665 bbls/d, an increase of 11 per cent over the previous year. Proven developed producing reserves on January 1, 2003 represented 74 per cent of total proved reserves as compared to 72 per cent on January 1, 2002.
Total capital spent for 2002 was $35.7 million resulting in proven finding and development costs (F&D) of $7.85/boe and proven plus probable F&D costs of $8.43/boe. During the year, Thunder drilled a total of 51 (43.2 net) wells with $26.8 million or 73% of capital directed towards the drill bit, $5.3 million was spent on land and seismic, $2.4 million on acquisitions and $1.1 million was spent on facilitates.
"Our core properties continue to yield excellent finding rates for natural gas as indicated by this years finding and development costs " said Doug Dafoe, president and chief executive officer. |
