Feb 24 2011
Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today announces an increase in proved and probable reserves as of December 31, 2010 resulting in a 419 percent reserve replacement rate of 2010 production, based on 2P reserves.
"Even with the sale of our Cygnus North Sea asset, we continue to grow the company's reserves strongly through the drill bit," said William L. Transier, chairman, chief executive officer and president. "Our 2010 successes are directly attributable to the efforts of our North Sea drilling and the development of our onshore US program, including a substantial enhancement to the value of Cygnus through appraisal drilling."
Proved and probable reserves at year-end 2010 increased to 43.7 million barrels of oil equivalent (mmboe) compared to 38.9 mmboe a year ago. Extensions, discoveries, sales and purchases added 6.3 mmboe during 2010. Production for the year was 1.5 mmboe.
The upward revisions in 2P reserves were the result of the appraisal well drilled in West Rochelle Block 15/26b, the addition of reserves from the Bacchus development and strong results from the Louisiana/Texas Haynesville program.
Source: Endeavour International Corporation