Production
Petrodelta delivered 1.2 million barrels of oil, or 13,100 barrels of oil per day, and 3.3 billion cubic feet (Bcf) of natural gas to PDVSA Petroleo, S.A. (PPSA) during the fourth quarter 2007. The average price received for oil deliveries was $74.91, which was approximately 83 percent of the average price for West Texas Intermediate and approximates world market prices for the quality of oil produced by Petrodelta. The natural gas price is contractually fixed at $1.54 per thousand cubic feet (Mcf).
During the twenty-one months beginning April 1, 2006, the economical effective date for Petrodelta, and ended December 31, 2007, Petrodelta produced and sold 10.6 million barrels of oil and 25 Bcf of natural gas to PPSA. The average oil price was $54.85 per barrel, or 78 percent of the average price for West Texas Intermediate during that period.
Reserves
2007 Proved Reserves
Oil (MMBbls) 37.8
Natural Gas (Bcf) 34.5
Total (MMBoe) 43.6
After-tax cash flows discounted at 10 percent ($MM) $523