Your Solid Business PartnerArcan Resources Ltd. is a high-growth junior producer with a balanced portfolio of assets located in the Deer Mountain, McLeod and Hamburg areas. The Company achieved a public listing through the RTO amalgamation of Desco Energy Ltd. and Arcan Resources Ltd. Arcan began trading on the TSX Venture exchange under the symbol “ARN” on January 09, 2007.
Corporate Highlights
- Two light sweet oil (40º+ API) pools under waterflood;
- Significant drilling inventory;
- December 31, 2008 net asset value of $3.77 per share, including only $0.31 in land and seismic (P+P 10%);
- 18 year reserve life;
- P+P reserves of 9.8 Mboe, 76% proved and 82% light oil;
- 3 year P+P FD&A cost of $17.83 per boe; and
- 3 year recycle ratio of 1.9 times.
2008 Highlights
- Net asset value increased 37% to $3.77 from $2.73 (NRF adjusted);
- 27 percent production growth to 1,498 boe/d;
- 18 year reserve life;
- P+P reserves grew 36 percent to 9.8 Mboe, 76% proved and 82% light oil;
- P+P FD&A cost of $16.18 per boe;
- Operating netback of $53.98 per boe;
- Recycle ratio of 3.3 times; and
- 6.0 times replacement ratio.
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