CALGARY, Feb. 8 /CNW/ - Insignia Energy Ltd. ("ISN" - TSX) ("Insignia" or the "Company") is pleased to announce the results of its independent reserve evaluation, effective December 31, 2010, of the Company's reserves by GLJ Petroleum Consultants Ltd. ("GLJ").
2010 YEAR-END RESERVE HIGHLIGHTS
- Proved producing reserves increase by 34% to 3.9 MMboe, proved reserves increased by 14% to 6.2 MMboe and proved plus probable ("P+P") reserves increased by 10% to 14.7 MMboe, compared to 2009 year end levels, on a per share basis and on an absolute basis.
- Insignia's reserve additions totaled 2.4 MMboe on P+P reserves and 1.8 MMboe on proved reserves.
- The Company increased its oil and natural gas liquid reserves by 98% and 77% on total proved and total P+P reserves, respectively, compared to its 2009 year end reserves.
- Based on fourth quarter 2010 average production of 3,289 boe per day, Insignia's reserve life index ("RLI") is 12.2 years on P+P basis and 5.1 years on a proved basis
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