AltaCanada Energy Corp. said as of July 1, 2002, its established reserve base of crude oil and natural gas (proven plus one-half probable), including its 74% share of Alberta Selecta, is 1,184,000 boe. Of that, natural gas accounted for 64% of the total, while oil and liquids comprised 36%. Of the established reserves, 82% were classified as proven. AltaCanada contracted Gilbert Laustsen Jung Associates Ltd. (GLJ) of Calgary to prepare the reserves report. The initial report came out on Jan. 1, 2002. The report covers all of AltaCanada’s assets, including that of Alberta Selecta Corp., AltaCanada’s recently purchased 74% owned subsidiary, net of the property disposition announced on Aug. 12. Of those reserves, the company said it has 5,380 MMcf of proved and probable natural gas reserves and 1,396 mboe of proved and probable oil and liquid reserves. AltaCanada added that it has total proved producing reserves of 2,452 MMcf of gas and 763 Mboe of oil and liquids. The company said the discounted net present value of its reserves were estimated using average prices during the last six months of 2002 of C$3.92/Mcf of gas and C$29.25/bbl, and escalated according to GLJ’s July 2002 price forecast. The reserve life of AltaCanada’s proved and established reserves is 7.4 years and 8.7 years respectively.
Crude
Articles from Crude
Analysts See Drilling Activity Bottoming Out in Early 2002
Given the current sub-$2 natural gas prices and lower crude oil prices, Raymond James & Associates last week lowered its forecast for North American oil and gas drilling activity in the first quarter of 2002, but the consulting firm anticipates activity to quickly rebound in the second quarter, fueled by stronger gas prices.
Analysts See Drilling Activity Bottoming Out in Early 2002
Given the current sub-$2 natural gas prices and lower crude oil prices, Raymond James & Associates has lowered its forecast for North American oil and gas drilling activity in the first quarter of 2002, but the consulting firm anticipates activity to quickly rebound in the second quarter, fueled by stronger gas prices.
Cold Keeps Cash Prices From Emulating Screen Dive
Despite severe erosion of Nymex futures prices for natural gas, crude oil, heating oil and Appalachian coal Monday morning, cash gas numbers refused to “follow the screen.” Cash quotes ranged from flat to a few cents higher or lower in most market areas. Rockies points were recovering from Friday’s plunge that had a few priced below a dollar for a while. Deals for CIG, Cheyenne Hub and Questar gas could still be found in the $0.90s Monday, but generally they were in the $1.00s, according to a couple of marketers.
October Futures Hit New Low; AGA Delays Storage Report
Mounting bearish fundamentals, including plummeting crude oil prices due to concerns about a potential recession, helped pull October natural gas futures down to a new all-time low for the October contract and to the lowest near-month price since November 1999. October ended the regular trading session down 12.3 cents to $2.102 with a low of $2.080 and a high of $2.190.
Analyst: Terrorist-Induced Energy Price Spurts Only Short Term
Prices for natural gas and crude will shoot up in the short term, but the upward movement isn’t likely to be sustained for the longer term in the wake of last Tuesday’s terrorist attacks that destroyed the World Trade Center in New York and badly damaged the Pentagon near Washington D.C., according to Raymond James & Associates.
Raymond James Says Energy Price Spurts Only Short Term
Natural gas and crude oil prices will rise in the short term, but aren’t likely to be significantly affected in the longer term as the result of Tuesday’s terrorist attacks on the World Trade Center in New York and the Pentagon in Washington D.C., according to Raymond James & Associates.
Unocal CEO: Company to Boost Production 63% by 2007
Unocal Corp. CEO Charles R. Williamson told analysts last Wednesday at Lehman Brothers’ 15th annual CEO Energy Conference in New York City that the company’s worldwide net oil and gas production could average nearly 800,000 boe/d in 2007, a 63% boost from the company’s average production last year.
Unocal CEO: Company to Boost Production 63% by 2007
Unocal Corp. CEO Charles R. Williamson told analysts on Wednesday at Lehman Brothers’ 15th annual CEO Energy Conference in New York City that the company’s worldwide net oil and gas production could average nearly 800,000 boe/d in 2007, a 63% boost from the company’s average production last year.
Barrett’s Proved Reserves Up 21%
Denver-based Barrett Resources Corp. reports that its provedreserves are up 21% to 1,372 Bcfe as of Dec. 31, 2000. The totalincludes 1,323 Bcf of natural gas and 8.1 MM bbl of crude oil andcondensate, of which 42% is undeveloped. Gas reserves represent 96%of total proved reserves, which were 1,076 Bcf and 9.7 MM BBls atthe end of 2000.
