Bogert Natural Gas, Oil Reserves Up 115 Percent for Fiscal Year
Robinson, Robin, THE JOURNAL RECORD
That would be up $40.2 million from the $34.9 million in net revenues for the fiscal year ended Sept. 30, 1986, Bogert said.
The increase in net revenues, and accompanying increases in crude oil and natural gas reserves, were attributed by Chairman Richard D. Bogert to exploration and development programs and two major property acquisitions made in March and May.
The acquisitions doubled the number of wells in which Bogert Oil has an interest, he said. Approximately 75 percent of Bogert Oil's reserves are in natural gas, the firm reported.
- Crude oil reserves were reported at 2.6 million barrels as of Sept. 30, up 234 percent from 777,000 barrels at the end of fiscal 1986, the firm said.
The company used a crude oil price of $19 per barrel to estimate fiscal 1987 reserves, up from $15 per barrel to estimate fiscal 1986 reserves, said Mark Monroe, vice president of finance for Bogert Oil.
- Natural gas reserves as of Sept. 30 totaled 51.3 billion cubic feet, up 82 percent from 28.1 billion cubic feet estimated at Sept. 30, 1986, the firm said.
For estimating fiscal 1986 natural gas reserve values, Bogert Oil used a price of $1.50 per thousand cubic feet.
The higher price of the crude oil or natural gas can be translated to a longer life in the well, Monroe said, but it would not add much to the value of those reserves.
The prices have not changed much in the past year, so the values in Bogert Oil's estimates are not greatly affected by the price change.
"We would have been up in reserves even if we had not made any acquisitions," Monroe said.
During fiscal 1987, Bogert Oil drilled 54 economically productive wells, with a 12. …