The proved oil reserves of Alexander Energy Corp. of Oklahoma City rose 8 percent but natural gas proved reserves fell 10 percent during the fiscal year ended March 31, the company reported Wednesday.
Proved oil reserves increased to 1.4 million barrels at March 31, up from 1.3 million barrels at the end of the previous fiscal year. Natural gas reserves totaled 21.8 billion cubic feet at March 31, down from 24.2 billion cubic feet at March 31, 1986.
"Although our non-escalated, discounted future value estimates have declined 17 percent since last year's study, it is important to note that our proved, producing reserves have increased during the same period." Bob G. Alexander, president, said.
"Many independent exploration companies have been forced into a `liquidating mode' of merely producing and depleting assets. We are pleased that in spite of these very difficult times we have been able to add to our producing reserve base and position the company for price and market improvements.
"We feel we have positioned the company to take advantage of improvements in the industry," Alexander said. "We continue to channel our efforts towards building a long-term appreciation of stockholders' investment in Alexander Energy."
Proved, producing reserves as of the end of the fiscal year totaled 409,000 barrels of oil, up 14.8 percent from 356,000 barrels of oil at the end of the previous fiscal year, according to the company.
Proved, producing natural gas reserves at March 31 totaled 13.5 billion cubic feet, up 6.3 percent from 12.7 billion cubic feet for the previous fiscal year, Alexander Energy reported. …