Second Wave Petroleum Inc. Announces 2011 Year End Reserves
Second Wave Petroleum Inc. (SCS.TO) today announced the results of its independent reserves evaluation as of December 31, 2011.
The company increased its proved plus probable reserves by 87% year-over-year to 10,950 mboe (approximately 72% oil and natural gas liquids). Estimated net present value of proved plus probable reserves increased by 112% year-over-year to $192.9 mm. Proved plus probable reserves associated with the Beaverhill Lake formation in Judy Creek increased to 4,127 mboe (approximately 90% oil and natural gas liquids) with an estimated net present value of $114.9 mm at year end 2011. No reserves were assigned to the Beaverhill Lake play at year end 2010.
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