RESERVE REPORT / Niko Resources Ltd. Doubles Reserves
NIKO RESOURCES LTD. DOUBLES RESERVES
Date:
10/15/98 11:17:04 AM
Dateline:
CALGARY, AB
Stock Symbol: NKO
Niko Resources Ltd. (ASE - NKO) announced today that, effective
October 1, 1998, an independent engineering report gives a net
asset value of $ 21.01 per share. This is based on proven
reserves, and 50% of probable reserves, discounted at 10%, pre-
tax, using constant prices based on existing contracts. The
Company's net proven and probable reserves, on a gas equivalent
basis, have increased by over 100% to 550 BCF, of which 36% are
proven. Future cash flow and earnings projections will have an
accordingly upward movement.
The drilling programs over the next six months are expected to
add significant proven reserves.
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