DeeThree Exploration Announces Year-End Reserve Increase of 108 Percent

DeeThree Exploration (TSX:DTX,OTCQX:DTHRF) announced that their year-end reserves have jumped by 108 percent.

As quoted in the press release:

HIGHLIGHTS OF 2012 RESERVE REPORT

  • Total proved reserves have increased from 7.4 million boe at December 31, 2011 to 14.4 million boe (78% oil and NGLs) as at December 31, 2012 representing a 95% increase; total proved plus probable reserves have increased from 9.7 million boe at December 31, 2011 to 20.2 million boe (78% oil and NGLs) as at December 31, 2012 representing an 108% increase.
  • Increased proved plus probable crude oil reserves significantly to 14.8 million boe from 4.6 million boe at year end 2011.
  • On a fully diluted per share basis, increased proved plus probable reserves by 83% and increased proved reserves by 71%.
  • Reserve life index of approximately 10.4 years on a proved plus probable basis and 7.4 years on a proved basis (based on 2012 fourth quarter average production of approximately 5,300 boe/d)

To view the whole press release, click here.

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