"# Total proved plus probable ("P+P") reserves grew to 10.7 million boe (94% oil and natural gas liquids), a 122 per cent increase over the December 31, 2009 reserves of 4.8 million boe.
# Net asset value per fully diluted share calculated on a present value before tax of 10 per cent ("PVBT10") increased to an estimated $6.50 per share at May 31, 2010, a 41 per cent increase from $4.61 per share on December 31, 2009(2)(3).
# Total proved ("TP") reserves grew to 6.7 million boe, a 114 per cent increase over the December 31, 2009 reserves of 3.2 million boe."
"Upper Shaunavon Formation
* 3 gross (2.8 net) wells on production at a current combined gross rate of 470 bbls/d of oil.
* The fourth well has been drilled and is awaiting completion in early July. It has exhibited a similar geological signature to the first three.
* The fifth well is currently being drilled.
* Management now estimates that the Upper Shaunavon horizon alone contains more than 100 million barrels of total petroleum initially in place with less than 2% recovered to date.
* Continued step-out drilling is ongoing with the expectation that up to 6 additional horizontal wells will be drilled in the second half of 2010.
* The first phase of the waterflood has been operating since late February and continues to show positive performance in both the horizontal and vertical wells offsetting the injectors.
* Waterflood expansion is occurring with the current capital program anticipating that approximately 30% of the pool will be under waterflood by late in the third quarter."
Impressive production figures from the Upper Shaunavon wells. Average production per well is 156 bbls/day. The first well has been producing for over four months.
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