Press release at KOG homepage (link will probably break/change after some weeks):
138% Increase in 2012 Estimated Proved Reserves Quantities
Kodiak's estimated total proved reserves at December 31, 2012 were
approximately 94.8 million barrels of oil equivalent (MMBoe), as
compared to 39.8 MMBoe at December 31, 2011. The 2012 total represents a
138% increase from 2011's estimated proved reserves on an equivalent
basis, and is comprised of 80.9 million barrels of crude oil and 83.1
billion cubic feet (Bcf) of natural gas. The 2012 reserve mix is 85%
crude oil, along with 15% associated natural gas. Approximately 46% of
the 2012 total proved reserves are categorized as proved developed
producing and approximately 54% are classified as proved undeveloped.
Substantially all of the Company's estimated proved reserves are located
in the Williston Basin.
For 2012 reserve quantities, Kodiak's estimated future cash flows,
discounted at an annual rate of 10 percent before giving effect to
income taxes (commonly known as PV-10 value), for proved reserves at
year-end was $1.9 billion, as compared to $850.7 million at December 31,
2011, reflecting a 126% increase. Approximately $1.4 billion of
the PV-10 value is attributed to the proved developed producing
reserves.
It appears that all the increase in reserves came from acquisitions; none from new discovery.
ReplyDeleteAs noted, "all" their reserves are in North Dakota.
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