Production
As a result of strong performance from producing assets and the acquisition of producing properties in the United Kingdom in 2006, sales volumes for 2007 increased dramatically from the prior year. For the full-year 2007 sales volumes of 3.3 mmboe or 9,000 boepd compared to full-year 2006 volumes of 1.0 mmboe or 2,800 boepd.
Production for the full year 2006 increased 33 percent from 760,000 BOE in 2005 to 1.01 million BOE in 2006. The increase was primarily due to two months of production from the purchase of interests in seven producing fields in the United Kingdom in the fourth quarter of 2006.
Reserves
Endeavour International reported that proved and probable reserves at year-end 2007 increased to 29.8 million barrels of oil equivalent (mmboe) compared to 29.6 mmboe a year ago. Extensions, discoveries and upward revisions to prior estimates added 3.5 mmboe, more than replacing production of 3.3 mmboe or approximately 9,000 boepd during 2007. The upward revisions in proved and probable reserves were a result of better-than-expected production from the Goldeneye, Brage and Njord fields and increased reserves in the Endeavour operated Rubie, Renee and Rochelle assets (R-blocks). The R-block reserves, which are covered under the existing Field Development Plans, will be developed for additional near-term production. Once development is complete, the R-blocks should add approximately 7,000 boepd of new production, net to Endeavour.
The company's oil and gas proved plus probable reserves increased to 29.6 million barrels of oil equivalent (BOE) as of December 31, 2006 from 6.3 million BOE at year-end 2005. The increase was driven by both acquisitions and successful exploration during the year.
