Kelt Exploration (KEL) is reporting significant increases to the company’s oil and gas reserves The Calgary-based oil and gas company released figures from its production totals Thursday Proved Developed Producing reserves sat at 1.1 million BOE at the end of 2022, an increase of 39 percent from 43.9 million the previous year The company credits increased and superior well performance with the significant increase Kelt Exploration (KEL) is up 2.37 percent, trading at $ 4.76 per share
Kelt Exploration (KEL) is reporting significant increases to the company’s oil and gas reserves.
The Calgary-based oil and gas company released figures from its production totals Thursday.
An independent firm evaluated and confirmed the company’s finances.
Kelt saw increases in 2022 across all three of its main divisions.
Proved Developed Producing reserves sat at 1.1 million BOE at the end of 2022, an increase of 39 percent from 43.9 million the previous year.
The company credits increased and superior well performance with the significant increase.
Proved reserves increased by 43% to 192.1 million BOE from 134.1 million in 2021.
Proved plus Probable reserves increased by 86.7 million BOE or 34 percent, from 254.1 million to 340.8 million BOE.
The rising price of oil and gas over the last year means the company’s portfolio grew in value as well as physical size.
The company’s net present value of all reserves for the end of 2022 amounted to $ 3.430 billion, an increase of 60 percent from $ 2.144 billion in 2021.
Kelt Exploration (KEL) is up 2.37 percent, trading at $ 4.76 at 1:03 pm EST.
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Kelt Exploration (TSX:KEL) increases oil and gas reserves