NEWS afterhours- 8/12/11
BCM Energy Partners, Inc. Production and Reserve Update
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Bcm Energy Partners (PL) (USOTC:BCME)
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Today : Friday 12 August 2011
BCM Energy Partners, Inc., (OTC: BCME) is an acquisition company focused on acquiring and developing distressed oil and gas fields in onshore Texas, Louisiana and Mississippi.
University Field, BCM's first acquisition (July 2010), serves as a model for pending acquisitions and field operations. BCM acquired University Field in a state of financial and operational distress and has since restored production and booked substantial proven reserves from the field.
For the month of July 2011, University Field sold 1363 barrels of oil from field operations. Year to date, BCM Energy has sold 6,158 barrels of oil from field operations in University Field.
At present there are three (3) producing wells in the field, with workovers in process on multiple shut-in wells. Management anticipates returning as many as ten (10) wells to production over the next twelve (12) months. Total production from these ten (10) wells could reach 180 barrels of oil per day.
University Field is a producing oil field in East Baton Rouge parish, LA comprised of approximately 300 gross acres with 19 wells in-field, of which most are workover candidates. Management has identified at least one proven undeveloped drilling location, with plans to begin drilling in late 2011.
Proven and probable (2P) reserves associated with University Field have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management. Total proven reserves equal $11,776,400 which represents 28.5% of 2P reserves, indicating attractive potential for growth. This reserve report only accounts for 6 of the 19 wells in-field. Management has engaged Mire & Associates to prepare an updated reserve report on University Field for public release scheduled for late September.
About BCM Energy Partners, Inc.
BCM Energy Partners acquires distressed oil and gas assets with the intent to build a portfolio of proven reserves associated with producing wells. Since late 2007, BCM Energy Partners has been actively developing a network of field owners and managers throughout the Gulf Coast with a focus on identifying distressed, "off-the-radar" opportunities. BCM has an effective management team that is well-connected within the Gulf Coast oil and gas industry with over 100 years of collective experience acquiring and exploiting oil and gas assets. Management is supported by impressive roster of equity-incentivized advisors from the corporate finance and energy industries. More information is available at www.BCMEnergy.com.
Forward-looking statements speak only as to the date they are made, and except for any obligation under the U.S. federal securities laws, BCM Energy Partners undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events
