Amadeus Energy (ASX: AMU) has increased its proven reserves at 1 July 2012 by 446,040 barrels of oil equivalent, or 8% over the year, due to returning shut in wells to production and continuing its development drilling program.
Other factors in the increase to 4.6 million barrels of oil equivalent (boe) include increased maintenance of long lived properties.
This takes into account production of 340,000 boe over the year.
Probable reserves also increased by 1.7 million boe to 1.9 million boe due to the application of decline assumptions that are aligned with actual historical reservoir performance to some of the Company’s proven oil and gas reservoirs.
Amadeus said it has maintained a stable production profile over the past 10 years which allows for forecasting of that stability through the life of the properties.
The company’s operations are located in Texas, Oklahoma and Louisiana.
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