 |
|
 |
 |
Proved Reserves |
Fiscal
Yearend
6/30/2009 |
Fiscal
Yearend
6/30/2008 |
Change |
Proved Developed Reserves, BOE |
430,441 |
299,383 |
44 % |
Proved Undeveloped Reserves, BOE |
2,629,599 |
3,718,850 |
-29 % |
Total Proved Reserves, BOE |
3,060,040 |
4,018,233 |
-24 % |
Estimated Future Net Revenues
Discounted at 10%, Proved (PV-10) |
$35,826,222 |
$160,252,906 |
-78 % |
Working Capital |
7,635,882 |
$13,630,022 |
-44% |
Debt |
None |
None |
None |
PV-10 Per Potential Diluted Share |
$1.11 |
$4.89 |
-77 % |
Working Capital Per Potential Diluted Share |
$0.24 |
$0.42 |
-43% |
Net Undeveloped Acreage |
37,340 |
34,408 |
9 % |
* For comparative purposes, estimated future net revenues in the July 1, 2009 Report were calculated using June 30, 2009 NYMEX prices of $69.89 per BO and $3.885 per MMBTU, and the July 1, 2008 Report was calculated using June 30, 2008 NYMEX prices of $140.00 per BO and $13.095 per MMBTU, both adjusted for expected basis differentials to our fields. .In the above table: BOE is barrels of oil equivalent and Diluted Share amounts are based on 32,364,195 and 32,754,997 diluted shares for fiscal periods ending 6/30/09 and 6/30/08, respectively. Potential Diluted Shares are based on 26,530,317 and 26,870,439 shares outstanding and 5,833,878 and 5,844,558 options and warrants with a weighted average exercise price of $1.81 and $1.78 as of June 30, 2009 and 2008, respectively.
Probable Reserves (BOE) |
Fiscal
Yearend
6/30/2009 |
Fiscal
Yearend
6/30/2008 |
Change |
Delhi Field Probable |
|
|
|
Overriding & Mineral Royalty |
4,000,000* |
4,100,000 |
-2% |
Reversionary Working Interest |
9,600,000* |
9,200,000 |
4% |
Giddings Field Probable |
921,000 |
3,100,000* |
-70% |
Lopez Field (South Texas) |
|
|
|
| Probable |
247,000*
|
|
NA
|
| Possible |
247,000*
|
|
NA
|
| Total Probable & Possible |
15,015,000
|
16,400,000
|
-8%
|
* Based on independent reservoir engineering reports
Acreage
EPM holds ~19,000 net acres in the Giddings Field of central Texas with 21 proved and 7 probable drilling locations and approximately ~17,600 acres in Oklahoma within two shallow Woodford Shale gas project, and 4 proved and 21 probable drilling locations on 1,503 net acres in South Texas. The Company initiated test drilling in Oklahoma in June 2009 and will conduct production testing into calendar 2010. Initial development drilling in the Lopez Field in South Texas began in the Fall of 2009.
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