HAPPY AND PROSPEROUS NEW YEAR

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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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denby45

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HAPPY AND PROSPEROUS NEW YEAR

posted on Dec 31, 2010 01:55AM

Hope you all had a nice Xmas and wishing you a very Happy New Year.

Reports are confirming the Battrum sale but what about the Tompkins Site? They were supposed to be sold as one lot. As far as valuation is concerned the following may help. It is only the reserves, perhaps others can have a go at evaluating the properties.

Battrum Reserves

A current independent engineering report is available for the Battrum property. GLJ Petroleum Consultants Ltd. (“GLJ”) prepared a report on the property effective June 30, 2010 using GLJ’s July 1, 2010 forecast pricing (the “GLJ Reports”) as part of an annual mid-year update of Connacher’s year-end report.

The total proved plus probable reserves from the Battrum property is estimated to be approximately 2.3 million barrels of oil, with an estimated net present value of approximately $43.1 million using GLJ forecast pricing at a 10% discount.