- Total reserves as of 10/31/2021, increased ~96% from year-end
4/30/2021 with an associated PV-10 value of$2,309,620 at SEC Pricing, ~90% of which is proved developed - SEC Pricing as of
October 31, 2021 , was$60.79 per barrel of oil and$3.27 per MMbtu of natural gas which reflects tremendous upside value to still be unlocked due to current oil and gas prices of more than$80 oil and$6 natural gas.
“This reserve report highlights the strength of Verde’s assets, as reserves grew 96% due to organic growth and acquisitions,” said Verde’s CEO
VBHI has revenue producing royalty interests in approximately 400 wells across the most active areas of
Table 1: Total Reserves and PV-10 at SEC Pricing (as of
Reserves Summary PV-10 value | |||||||||||||||||
Reserve Category | Oil (MBbls) | Natural Gas (MMcf) | % | Amount | |||||||||||||
Prov | 40,100 | 326,100 | 90 | % | $ | 1,924,800 | |||||||||||
4,400 | 5,500 | 7 | 161,260 | ||||||||||||||
4,000 | 46,100 | 3 | 223,560 | ||||||||||||||
Total reserves | 48,500 | 377,700 | 100 | % | $ | 2,309,620 |
“After a difficult pricing environment in early 2021, we have seen a strong recovery in crude oil and natural gas prices that has positively impacted our reserves and the PV-10 value of our reserves. We remain confident in our strong asset base which is evident in our mid-year 2021 reserve report,”
“With our clean balance sheet and strong projected cash flow generation, we have positioned Verde to actively pursue opportunities and continue to deliver on our strategic vision,” concluded
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