EARNINGS / Windsor Energy Corporation Reserves Up Over 80 Percent in
Six Months
TSE, AMEX SYMBOL: WNS
APRIL 28, 1998
CALGARY, ALBERTA--Windsor Energy Corporation is pleased to
announce a significant increase in its U.S. reserves. Thomas E.
Hogan, President and Chief Executive Officer, said the results of
studies done by two independent engineering firms showed the
following reserves estimates:
/T/
Gross Oil Reserves:
Total Proved 31.2 Million Barrels
Total Probable 2.2 Million Barrels
Total Possible 3.8 Million Barrels
Gross Gas Reserves:
Total Proved 28.3 Billion Cubic Feet
Total Probable 2.9 Billion Cubic Feet
Total Possible 40.6 Billion Cubic Feet
/T/
Total Gross Oil Reserves have increased from 20.6 million barrels
to 37.2 million barrels, or 81 percent. Total Gross Gas Reserves
have increased from 18.1 billion cubic feet to 71.8 billion cubic
feet, or 297 percent. Gross reserves are before applicable
deductions for royalties.
The Ryder Scott Report covers the Corporation's California
properties, while James Smith and Associates covers the Louisiana
and Texas properties. Mr. Hogan said, "It certainly confirms that
we are moving in the right direction, but I must also add our own
engineering analysis comes in much higher."
"We believe we will continue to add to these reserves over the
next few months and that combined with our low lifting cost of
under three dollars a barrel augers well for the Corporation's
future," Mr. Hogan concluded.
This release contains forward-looking information. Actual future
results may differ materially. The risks, uncertainties and other
factors that could influence actual results are described in
documents filed with regulatory authorities.
Windsor is a Calgary, Alberta and Dallas, Texas based
international exploration and production company traded on the
Toronto Stock Exchange (TSE:WNS) and the American Stock Exchange
(AMX:WNS).
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