Atomic21 Mar 2022 19:45
Just a reminder of the below, all positive but I do pose a question. A lot of credence given to Ryder Scott and the hopefully impending infamous CPR, however, atomic is heavily backed up by RS and it has done nothing for our SP, crazy numbers.
Acquiring 31.1 mm Barrels of Oil Equivalent (“BOE”) (24.7 mm BOE net after royalties) of Proved and Probable Reserves (“2P”) (Ryder Scott Reserve Report dated 1st October 2020 of Atomic’s Oil and Gas Reserves (the “Ryder Scott Report”), a summary commencing on page 2 below).
• Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
• Oil producing assets are at the beginning of their 40+ year life with increasing production to a
future production plateau.
• Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000
bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
• Produced crude oil is light (40°API) and sweet.
1
• Barron Flats Shannon Unit (57.7% WI): Natural Gas and Propane Miscible Flood commenced December 2019. Production increased from c. 200 bbls/d (gross) to 1400 bbls/d (gross) from 2017 to Sept 2020 with a forecast 2P production rate plateau of 5000 bbls/d (gross) in 2022 (Ryder Scott Report).
• Cole Creek Unit (66.7% WI): Current field limits defined by drilling, Miscible Flood to be commenced upon plateau of Barron Flats Shannon Unit production. Forecast production rate plateau of c. 3,500 bbls/d (gross) under the 2P reserves case (Ryder Scott Report) in 2026.