Hydrocarb Reports Reserve Increase With NPV10 Rising to $55.9MM
February 26 2015 - 9:00AM
Business Wire
Hydrocarb Energy Corporation (OTCQB:HECC) today announced its
oil reserves rose 20.6 percent in the last trailing six month
period. The company’s independent petroleum engineering report as
of January 31, 2015 reflected proved reserves of 1,232,000 net
barrels oil and 11,662 MMCF net gas. This reflects a proved reserve
oil increase of 20.6 percent over July 2014 reserves. Additionally,
the report estimated approximately $55.9 million of net present
value discounted at 10%.
The table below reconciles the components driving the 2015
reserve increase.
Proved Reserves Reconciliation SEC Net
to Hydrocarb Balance at July 31, 2014 Barrels Oil
Thousands 1021.8 MMCF gas 12,031.4 Present Worth PV10
$51,517,640 Balance at January 31, 2015
Barrels Oil Thousands 1232.0 MMCF gas
11,662.3 Present Worth PV10 $55,945,000
Thus, in 2014, HECC's reserve replacement ratio, a key measure
of growth for investors, was 20 percent. In 2015 and 2016 the
company will continue to increase production and improve revenues
through infrastructure improvements and pursue further select
drilling targets of the Frio formation reservoirs within the
boundary of its leases.
Chuck Dommer, Hydrocarb’s President and Chief Operating Officer
commented, “What’s interesting about our Galveston Bay assets are
the existence of probable reserve prospects that could be drilled.
Such prospects hold the potential to increase our proved reserves
by 200% in addition to what we have today.” He went on to say,
“With the opportunities stemming from the current low oil prices,
we are implementing strategies to aggressively develop these
probable reserves while also positioning to acquire additional
producing properties.”
About Hydrocarb
Hydrocarb Energy Corporation is a publicly-traded Domestic and
International Energy Exploration and Production Company targeting
major under-explored oil and gas projects in emerging, highly
prospective regions of the world. With exploration concessions in
Africa and domestic production in Galveston Bay, we maintain
offices in Houston, Texas, and Windhoek, Namibia.
For further information: www.hydrocarb.com
Forward-looking Statements
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which contain words such as "expect,"
"believe" or "plan," by their nature address matters that are, to
different degrees, uncertain. These uncertainties may cause actual
future events to be materially different than those expressed in
our forward-looking statements. We do not undertake to update our
forward-looking statements.
PCG Advisory Group, LLCScott Powell, +1-646-780-8850Managing
Directorspowell@pcgadvisory.comwww.pcgadvisory.com