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Thursday, 11 January 2018

Matra Petroleum AB: Matra publishes updated oil and gas reserves

Matra Petroleum AB    

Published: 08:15 CET 11-01-2018 /GlobeNewswire /Source: Matra Petroleum AB / : MATRA /ISIN: SE0009696040

Matra Petroleum AB: Matra publishes updated oil and gas reserves

Matra Petroleum's net oil and gas reserves as per 30 November 2017 were estimated at 21 million barrels of oil equivalent ("MBOE") with a net present value (PV10) of 151 MUSD calculated based on oil prices of USD 50.73 per barrel and gas prices of USD 3.04 per MMBtu respectively. The reserves are located on Matra's 130 leases, covering an area of 38,140 net acres in the Panhandle region in Texas, USA. In 2017, preliminary oil and gas production amounted to 244,934 (2016: 206,429) barrels of oil equivalent, gross, corresponding to a gross average daily production of 671 barrels of oil equivalent per day ("boepd") (2016: 564 boepd).

 

Category

Net reserves

PV (10%)

(TUSD)

Oil, MBO

Gas, MMCF

MBOE

 

Proved developed producing

1,281

6,581

2,378

25,818

Proved developed non-producing

2,171

17,639

5,110

41,527

Proved undeveloped

7,817

33,953

13,476

83,664

Total proved

11,269

58,173

20,964

151,009

 

In 2017, Matra drilled and completed 10 production wells and one salt water disposal well. Six non-producing non-economical leases, with proved reserves of approximately 1.5 million barrels mainly in the proved undeveloped category included in previous reserve reports, were relinquished.

 

"The new reserve report supports our objective to reach production of 6,000 boepd in coming years through development of proved undeveloped reserves through an active drilling program. New wells present attractive economics that have improved significantly with the recent rapid increase in oil prices, which is not reflected in the reserve report" says Maxim Barskiy, CEO of Matra Petroleum AB.

 

The estimate of reserves has been conducted by independent petroleum consultants DeGolyer and MacNaughton and were prepared in compliance with the United States Securities and Exchange Commission (SEC) regulations. Future prices were estimated using guidelines established by the SEC and FASB based on the 12 month average NYMEX oil price and gas price.

 

 

For further information please contact:

Maxim Barskiy, CEO, Matra Petroleum AB

Tel.: +46 8 611 49 95

 

This information is information that Matra Petroleum AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 11 January, 2018, at 08:15 CET.

 

About Matra Petroleum

Matra Petroleum AB (publ) is a Swedish independent oil and gas exploration and production company operating in the United States, where the company owns and operates 130 leases, covering an area of 38,140 net acres in the Panhandle region in Texas. Matra's reserves amount to 21.0 million barrels of oil equivalent. Matra Petroleum 's shares are traded on NASDAQ First North in Sweden under the symbol MATRA. Mangold Fondkommission AB is Certified Adviser (www.mangold.se,
Tel: +46 (0) 8 50 30 1550).

 

Web: www.matrapetroleum.com



MATRA_2018_01_11_eng



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Matra Petroleum AB, Eriksbergsgatan 10 Box 7292, Stockholm 115 22, Sweden
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