ENERGY TRUSTS / ARC Energy Trust Releases Year-End 1998 Reserves
CALGARY, Jan. 19 /CNW/ - (AET.UN - TSE) - ARC Energy Trust (the
''Trust'') announced today the results of its year end reserve evaluation
effective December 31, 1998. The Trust's drilling, development, acquisition
and divestment activities replaced 101% of its 1998 production at a net
effective cost of $3.06 per barrel of oil equivalent (''boe'').
Company Interest Reserves
-------------------------
Proved Plus Proved
Risked Plus
Proved Probable(x) Probable
------ ----------- --------
Oil (million barrels) 22.8 27.9 33.0
Gas (billion cubic feet) 103.6 121.9 140.3
NGL's (million barrels) 6.5 7.1 7.7
Oil Equivalent (million barrels) 39.7 47.2 54.8
(x)Probable reserves risked at 50 percent.
Reserve Reconciliation
----------------------
Proved Plus Risked Probable Reserves at December 31, 1997 47,120 Mboe
1998 Acquisitions 3,533 Mboe
1998 Dispositions (2,435) Mboe
1998 Production (3,732) Mboe
Drilling / Development and Revisions 2,670 Mboe
Proved Plus Risked Probable Reserves at December 31, 1998 47,226 Mboe
Reserve Replacement Costs
-------------------------
- 1998 acquisitions increased the Trust's reserves 3,533 Mboe at a cost
of $14.8 million ($4.20 per boe); production increased 580 boe/d
($25,700 per boe/d).
- 1998 dispositions reduced the Trust's reserves 2,435 Mboe for a price
of $14.5 million ($5.97 per boe); production decreased 270 boe/d
($54,200 per boe/d).
- Net acquisitions in 1998 increased the Trust's reserves 1,098 Mboe at
a net cost of $0.3 million ($0.29 per boe); production increased 310
boe/d ($1,030 per boe/d).
- The Trust's major development activities in 1998 included drilling,
completions and well tie-ins in House Mountain, Meekwap, Midale,
Pembina and Niton. Total capital expended in 1998 was $11.2 million
which resulted in reserve additions including revisions of 2,670 Mboe
($4.19 per boe).
- Total reserve replacement costs in 1998 including net acquisitions,
drilling, development and revisions was $3.06 per boe.
|
