Production
2007 Production
Albania - crude oil
Average production (bopd) 4,724 (06: 3,392)
Average price ($/barrel) 35.54 (06:25.51 22.52
Netback ($/barrel) 18.53 (06: 10.59)
U.S. - natural gas, natural gas liquids (NGL) and condensate (1)
Average natural gas production (mcf/d) 154
Average condensate & NGL production (bopd) 13
Average natural gas price ($/mcf) 5.73
Average condensate & NGL price ($/barrel) 69.67
(1) U.S. production commenced in September 2007
Reserves
2007 Reserves Summary
- Proved reserves (1P) increased 19% to 54.0 million barrels of oil equivalent (MMboe) from 45.3 MMboe in 2006, net of 2007 production of 1.7 MMboe (4,764 boepd) in 2007;
- Proved plus Probable reserves (2P) increased 54% to 156.6 MMboe from 101.9 MMboe in 2006; and
- Possible reserves of 96.7 MMboe were added to the evaluation for total 3P reserves of 253.3 MMboe.
The majority of the increase in reserves is attributable to the Patos Marinza oilfield in Albania that has 1,957 MMboe of recognized oil-in-place. The increase is attributable to the continuation of well reactivations and a new well development program associated with Bankers three-year plan, which will be announced shortly. No reserves are included for the recent Kucova field acquisition, announced in February 2008.
In Oklahoma, successful discoveries and development drilling in the Tishomingo field established first commercial natural gas production for the Company in September 2007. This resulted in 45.8 Bcfe of Proved plus Probable reserves at December 31, 2007. Additional drilling in this area will continue in 2008.