Best Pacific Reports Outstanding Finding Costs and Record Reserve Additions for 1997.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--Feb. 18, 1998-- Best Pacific(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group .) Best Pacific Resources Ltd. ("Best Pacific" or the "Company") is pleased to report 1997 year-end proven plus half probable reserves of 7,017 thousand barrels of oil equivalent (mboe). Best Pacific added to its reserve base in 1997 with commendable com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. finding and development costs of $4.97 per boe based on the addition of 3,114 mboe of proven plus half probable reserves over the year. Proven reserve additions accounted for 2,654 mboe of this increase, bringing total proven reserves at December 31, 1997 to 5,692 mboe. A summary of 1997 year-end reserves is presented below:
Barrel
of Oil
RESERVES CATEGORY Oil Gas NGL Equivalent
(stb) (mmcf) (bbl) (mboe)
--------------------------------------------------------
PROVEN 2,562,151 29,211 208,298 5,692
PROBABLE 1,869,012 7,319 49,027 2,650
PROVEN +
HALF PROBABLE 3,496,657 32,871 232,812 7,017
To date in 1998, Best Pacific has participated in two new gas wells in Alberta and two dual leg horizontal oil wells in southeast Saskatchewan, with one similar horizontal well to immediately follow. In addition a gas well in the Farrell Lake area has been put on production at a net rate of 22 boepd. Best Pacific has also completed a recently drilled oil well at its Michel Michel named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. property and is currently evaluating this new pool discovery. The Company's total current production is approximately 2,100 boepd. Thus far in 1998, the Company has entered into 8 separate agreements primarily consolidating interests in its core areas and disposing of non-core assets. Best Pacific Resources Ltd. is also pleased to announce the recent appointment of Mr. Vincent Cheung, M.Eng., P.Eng., as Vice President of Production. Mr. Cheung has 22 years of experience in reservoir engineering Reservoir engineering is a branch of petroleum engineering, typically concerned with maximizing the economic recovery of hydrocarbons from the subsurface. Of particular interest to reservoir engineers is generating accurate reserves estimates for use in financial reporting and production and asset management in Western Canada
Western Canada, commonly referred to as the West and abroad, and is a valuable addition to the Company's management team. -0- Neither the Alberta Stock Exchange nor any other regulatory body have reviewed this news release and they neither approve nor disapprove dis·ap·prove v. dis·ap·proved, dis·ap·prov·ing, dis·ap·proves v.tr. 1. To have an unfavorable opinion of; condemn. 2. To refuse to approve; reject. v.intr. of the contents of this news release. CONTACT: Best Pacific Resources Ltd. Stephen C.M. Ko, 403/ 273-8389 403/ 233-7463 (FAX) http://www.bestpacific.com bpr@bestpacific.com |
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