Pegasi Energy Increases Proven Reservers 47% In 2008
The increase is based on the previously reported purchase of an additional 10% Working Interest in its East Texas program, giving the company an 80% interest, and the successful drilling of the Harris 2 and Childers 2 Cotton Valley wells. The acquisition and completion of the two wells increases Pegasi reserve base based on the December 31, 2008 reserve report as follows: P1 33.6 BCFE, P2 25.7 BCFE and P3 296.6BCFE. This is an increase of 19.52BCFE in the P1 category.
Total revenues for the year ended December 31, 2008 totaled $2,601,236, compared to $2,133,009 for the year ended December 31, 2007. Production revenues of oil and gas increased $366,975 for the year ended December 31, 2008 compared to the year ended December 31, 2007.
In a statement, the company said the increase in revenues reflects the impact of higher sales volume for natural gas as well as an increase in sales prices for natural gas of about 74%. The numbers are preliminary and may change after the audit is complete.
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