At the request of Worthington Energy, JFH prepared a reserve and economic evaluation of Worthington's VM 179 lease located in the Gulf of Mexico, offshore Louisiana as of January 1, 2012. Worthington currently owns a 70% Leasehold Working Interest in VM 179, with a Net Revenue Interest of 51.975%.
The reserve report shows Gross Proved Reserves of 784.3 Thousand Barrels (Mbbl) of Oil and 2,215.4 Million Standard Cubic Feet (MMSCF) of Gas, and Net Proved Reserves of 407.6 Mbbl Oil and 1,151.5 MMSCF Gas with a Projected Future Net Revenue of $36.7 million and a Discounted Future Net Income of $20.3 million (PV-10).
The report also shows combined Gross total reserves for VM 179, both Proved and Probable, of 2,129.7 Mbbl Oil and 4,237.9 MMSCF Gas, and Net total for all reserves of 1,106.9 Mbbl Oil and 2,202.7 MMSCF Gas with a Projected Future Net Revenue of $97.7 million and a Discounted Future Net Income of $55.1 million (PV-10).
The Gross Reserves referenced above are to 100% working interest in the lease. The Net Reserves and all income data are to the net interests owned by Worthington. Appropriate deductions have been made for royalties and overriding royalties.
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