Reserves
Penn West for many years has annually submitted 100 percent of its reserve base to independent, third-party evaluation. GLJ Petroleum Consultants Ltd. evaluated Penn West's reserves for all properties and Sproule Associates Limited evaluated Canetic's, Titan's and Vault's reserves for all properties. The reserve estimates have been calculated in compliance with the National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Under NI 51-101, proved reserve estimates are defined as having a high degree of certainty with a targeted 90 percent probability that actual reserves recovered over time will equal or exceed proved reserve estimates. For proved plus probable reserves under NI 51-101, the targeted probability is an equal (50 percent) likelihood that the actual reserves to be recovered will be less than or greater than the proved plus probable reserves estimate.
Working Interest Reserves using forecast prices and costs
| Penn West as at December 31, 2008 Reserves Estimates Category(1)(2) |
Light and Medium Oil (mmbbls) |
Heavy Oil (mmbbls) |
Natural Gas (bcf) |
Natural Gas Liquids (mmbbls) |
boe(3) (mmboe) |
|---|---|---|---|---|---|
| Proved | |||||
| Developed producing | 221 | 53 | 947 | 25 | 457 |
| Developed non-producing | 5 | 3 | 65 | 1 | 20 |
| Undeveloped | 37 | 6 | 62 | 1 | 54 |
| Total Proved | 263 | 62 | 1,074 | 27 | 532 |
| Probable | 89 | 31 | 402 | 9 | 197 |
| Total proved plus probable | 352 | 94 | 1,476 | 37 | 729 |
(1) Working interest reserves before royalty burdens and excluding interests.
(2) Columns may not add due to rounding.
(3) boe @ 6:1