| RESERVES |
Based on an independent engineering evaluation conducted by GLJ Petroleum Consultants Ltd. (GLJ) effective December 31, 2009 and prepared in accordance with National Instrument 51-101 (NI 51-101), Pengrowth's proved plus probable reserves were 295.7 mmboe. This represents a four percent replacement of proved plus probable reserves during 2009 through the addition of 2.6 mmboe resulting from a combination of drilling activity, improved recovery applications and technical revisions, and net dispositions of 1.3 mmboe, offset by 29.0 mmboe of production. Pengrowth's total proved reserves were 216.6 mmboe representing 36 percent replacement of production based on 11.3 mmboe of additions and revisions and net dispositions of 0.9 mmboe.
Proved producing reserves are estimated at 183.8 mmboe; these reserves represent approximately 85 percent of the total proved reserves of 216.6 mmboe. The total proved reserves account for 73 percent of the proved plus probable reserves. These percentages have not changed from 2008.
Using a 10 percent discount factor and GLJ January 1, 2010 forecast pricing, the proved producing reserves account for 70 percent of the proved plus probable before tax value while the total proved reserves account for 79 percent of the proved plus probable before tax value. Using a 6:1 boe conversion rate for natural gas, approximately 38 percent of Pengrowth's proved plus probable reserves are light/medium crude oil, nine percent are heavy oil, 10 percent are NGLs, 40 percent are natural gas and three percent are coal bed methane.
Although focused in strategic core areas, Pengrowth is a geographically diversified energy trust with properties located across Canada in the provinces of British Columbia, Alberta, Saskatchewan and offshore Nova Scotia. On a proved plus probable reserve basis, the Alberta, Saskatchewan, British Columbia, and offshore Nova Scotia holdings account for 82 percent, 11 percent, four percent and three percent, respectively of reserves reported by GLJ.
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Reserves Summary 2009
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(Company Interest)
GLJ January 1, 2010 forecast prices and costs |
| Proved producing |
65,640 |
14,370 |
19,253 |
507.4 |
183.835 |
200,580 |
| Proved developed non-producing |
804 |
139 |
1,030 |
18.5 |
5,055 |
5,004 |
| Proved undeveloped |
16,358 |
1,846 |
1,190 |
49.6 |
27,665 |
29,640 |
| Total proved |
82,803 |
16,355 |
21,473 |
575.5 |
216.554 |
235,224 |
| Total proved plus probable |
112,249 |
27,724 |
29,587 |
757.0 |
295,734 |
323,463 |
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| * Table may have rounding differences |