CORP / Best Pacific Reports Outstanding Finding Costs and
Record Reserve Additions for 1997
ASE SYMBOL: BPG
FEBRUARY 18, 1998
CALGARY, ALBERTA--Best Pacific Resources Ltd. ("Best Pacific" or
the "Company") is pleased to report 1997 year-end proven plus half
probable reserves of 7,017 thousand barrels of oil equivalent
(mboe). Best Pacific added to its reserve base in 1997 with
commendable finding and development costs of $4.97 per boe based
on the addition of 3,114 mboe of proven plus half probable
reserves over the year. Proven reserve additions accounted for
2,654 mboe of this increase, bringing total proven reserves at
December 31, 1997 to 5,692 mboe. A summary of 1997 year-end
reserves is presented below:
/T/
Barrel
of Oil
RESERVES CATEGORY Oil Gas NGL Equivalent
(stb) (mmcf) (bbl) (mboe)
--------------------------------------------------------
PROVEN 2,562,151 29,211 208,298 5,692
PROBABLE 1,869,012 7,319 49,027 2,650
PROVEN +
HALF PROBABLE 3,496,657 32,871 232,812 7,017
/T/
To date in 1998, Best Pacific has participated in two new gas
wells in Alberta and two dual leg horizontal oil wells in
southeast Saskatchewan, with one similar horizontal well to
immediately follow. In addition a gas well in the Farrell Lake
area has been put on production at a net rate of 22 boepd. Best
Pacific has also completed a recently drilled oil well at its
Michel property and is currently evaluating this new pool
discovery. The Company's total current production is
approximately 2,100 boepd.
Thus far in 1998, the Company has entered into 8 separate
agreements primarily consolidating interests in its core areas and
disposing of non-core assets.
Best Pacific Resources Ltd. is also pleased to announce the recent
appointment of Mr. Vincent Cheung, M.Eng., P.Eng., as Vice
President of Production. Mr. Cheung has 22 years of experience in
reservoir engineering and production and asset management in
Western Canada and abroad, and is a valuable addition to the
Company's management team. |
