Excellent release out today!
News Release - July 09, 1998
Dynamic Adds Substantial New Reserves in Fiscal 1998
Effective April 1, 1998, Dynamic is pleased to announce a 209% increase in reserves over the previous year. Since April 1, 1997 the Company has added proven and probable reserves of 3.75 million barrels of oil equivalent (BOE). New reserves have replaced fiscal 1998 production by a factor of 34.3 times.
Proved and probable gas reserves rose 136% to 38.6 (Bcf) billion cubic feet in 1998, up from 16.3 Bcf recorded the previous year. Proved natural gas liquids and crude oil rose 928% to 1.7 million barrels from 164 thousand barrels in 1997. Total proved and probable reserves increased from 1.8 million BOE in fiscal 1997 to 5.5 million BOE in fiscal 1998.
The Companys portfolio of reserves is weighted heavily in favor of gas with natural gas and natural gas liquids comprising 97% of Dynamics proved reserves. Probable reserves account for only 7.6% of the Companys total reserve base.
Additions came primarily from the acquisition and development of a significant new property at St. Albert, Alberta.
For the month of March, ending fiscal 1998, production volumes averaged 930 BOE per day compared to 219 BOE per day for March 1997. Production rates exiting the first quarter, ending June 1998, are estimated at 1,500 BOE per day.
A detailed description of properties and reserves will be presented in the Companys 1998 Annual Report to be released July 23, 1998. First quarter financial results will be available by the end of August 1998.
On behalf of the Board of Directors,
Wayne J. Babcock
President
DYNAMIC OIL LIMITED 230, 10711 - Cambie Road Richmond, British Columbia V6X 3G5 Phone: (604) 214-0550 Fax: (604) 214-0551 Toll Free: 1-800-663-8072 NASDAQ: DYOLF VSE: DOL E-MAIL: infodynamic@dynamicoil.com
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