Reserves
GLJ Petroleum Consultants Inc. of Calgary updated on March 27, 2009 an independent reserves report encompassing the Hiram Brook reservoirs over the McCully Field. The report presents a proven plus probable gas-in-place (50% probability) of 412 billion cubic feet ("bcf") for the Hiram Brook formation. The report, effective December 31, 2008, also presents the quantity and value of Corridor's working interest share of proved plus probable plus possible reserves for the McCully Field.
Corridor's Working Interest Reserves
The GLJ report presents the following working interest reserves to Corridor using constant prices and costs. The proven reserves also include the drilled but undeveloped reserves associated with the gas export phase of the midstream facilities development (completed in June 2007).
| Corridor's Working Interest Reserves | Gross bcf | Corridor's Working Interest bcf |
|---|---|---|
| Proved developed producing and non-producing | 46.3 | 31.5 |
| Proved undeveloped | 59.8 | 46.0 |
| Total proved | 106.1 | 77.5 |
| Probable | 84.3 | 68.6 |
| Total proved plus probable | 190.4 | 146.1 |
| Possible | 142.0 | 109.5 |
| Proved plus probable plus possible | 332.4 | 255.6 |
Net Present Value
GLJ assessed the value of Corridor's share of the reserves categories based on both constant and forecast costs and prices as follows:
| Net Present Value | Price Case | 0% | 10% | ||
|---|---|---|---|---|---|
| Before Tax | After Tax | Before Tax | After Tax | ||
| Proved | Constant | 467 | 381 | 258 | 219 |
| Proved plus probable | Constant | 1,044 | 791 | 439 | 346 |
| Proved plus probable plus possible | Constant | 2,149 | 1,576 | 711 | 538 |
The GLJ December 31, 2008 Reserves Evaluation Report
The full GLJ reserves evaluation report is available under special reports.
How do I open PDF files?
Reserves evaluation reports are available for online viewing or downloading in Portable Document Format (PDF). For more information on how to read PDF files, please read "What is a PDF and how do I open it?".
