| RESERVES |
Based on an independent engineering evaluation
conducted by GLJ Petroleum Consultants Ltd. (GLJ)
effective December 31,2007 and prepared in accordance
with National Instrument 51-101, Pengrowth had proved
plus probable reserves of 319.9 mmboe. This represents a
169 percent replacement of production on a proved plus
probable basis through the acquisition of 36.7 mmboe,
net of dispositions, and additions of 17.4 mmboe
resulting from drilling activity, improved recoveries
and technical revisions, offset by 31.9 mmboe of
production.
Proved producing reserves are estimated at 202.9 mmboe;
these reserves represent approximately 84 percent of the
total proved reserves of 241.2 mmboe. The total proved
reserves account for 75 percent of the proved plus
probable reserves. These percentages are the same as, or
compare very closely to 2006 at 84 percent and 76
percent, respectively and represent the solid foundation
of reserves Pengrowth is built on. In addition,
Pengrowth has several future development opportunities
that are not currently included in our reserves; these
include our oilsands asset at Lindbergh, potential
enhanced oil recovery through CO2 injection at our
Greater Swan Hills light oil fields and exploration
activity in the Puskwa area.
The before tax net present value of Pengrowth’s proved
producing reserves, using a ten percent discount factor
and GLJ January 1, 2008 pricing, account for 71 percent
of the proved plus probable before tax value while the
total proved reserves account for 81 percent of the
proved plus probable before tax value. Using a 6:1 boe
conversion rate for natural gas, approximately 39
percent of Pengrowth’s proved plus probable reserves are
light/medium crude oil, seven percent are heavy oil,
nine percent are NGLs and 45 percent are natural gas.
Pengrowth is a geographically diversified energy trust
with properties located across Canada in the provinces
of Alberta, British Columbia, Saskatchewan and offshore
Nova Scotia. On a proved plus probable reserve basis,
the Alberta, British Columbia, Saskatchewan and offshore
Nova Scotia holdings account for 81 percent, four
percent, 11 percent and four percent, respectively of
reserves reported by GLJ. |
| Reserves by property |
Oil and Gas Reserves (mmboe) |
| Reserves (Proved plus Probable) |
2001 - 2007 Compound Annual Growth Rate 6.2% |
|
 |
| |
Reserves Summary 2007
|
Company Interest
GLJ January 1, 2008 forecast prices |
| Proved producing |
73,509 |
14,682 |
19,920 |
568.7 |
202,898 |
188,961 |
| Proved developed non producing |
482 |
30 |
504 |
23.9 |
4,997 |
8,187 |
| Proved undeveloped |
18,986 |
2,194 |
1,361 |
64.4 |
33,275 |
28,726 |
| Total proved |
|