Production
2006 oil production at 30,000 barrels is 10% up on 2005 whereas gas production has more than doubled from 59mmcf in 2005 to 129mmcf in the current year. The average oil price achieved during 2006 was US$58.35 per barrel, an increase of US$8 per barrel over the 2005 average. Most of the oil sold was from the Group's Somerset field, the production from which is classified as South Texas Sour that is priced at a discount of up to US$4 per barrel against the standard West Texas Intermediate (WTI) pricing. The average gas price obtained in 2006 was US$5.91 per mcf compared with an average price of US$7.81 in 2005. The increase in gas production in the current year is due to two new wells which came on stream at the South Weslaco field during the last two weeks of 2005.
Reserves
We have no reserve data for this company yet