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June 24, 2014
17:15 EDTPGHPengrowth Energy announces doubling of value of 2P reserves at Lindbergh
Pengrowth Energy announced that GLJ Petroleum Consultants has provided an update of bitumen reserves and contingent resources for its Lindbergh project. GLJ has attributed 101.0 MMbbl of 1P reserves and 229.7 MMbbl of 2P reserves to the Lindbergh project. The additional proved reserves at Lindbergh represent an increase of 24% from December 31, 2013, while 2P reserves increased by 61%. The GLJ Lindbergh report has an effective date of May 31 and results in 19.6M barrels, MMbbl of probable reserves being reclassified to the proved category and an increase of 87.4 MMbbl in proved plus probable reserves, offset by 236,200 bbl of production in 2014 to May 31. The reserves update is based upon existing regulatory approvals, the application for expansion of the project to 30,000 bbl/d, ongoing positive pilot performance, continued delineation drilling and additional, new 3D seismic data. In addition, GLJ has assigned best estimate contingent resources of 96 MMbbl to the Lindbergh property, as of May 31, a 41% decrease from December 31, 2013, reflecting the transfer of volumes from the contingent resource category to probable reserves. As a result of the work done by GLJ, Pengrowth now estimates that the before tax net present value, NPV, of Lindbergh 2P reserves, using a 10% discount rate, has more than doubled, from $1.95 per share at year end, 2013 to $4.20 per share at May 31.
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