DALLAS, Texas -- Toreador has contracted LaRoche Petroleum Consultants to update the proved, probable, and possible reserves estimates for the South Akcakoca Sub-basin (SASB) project and to identify additional potential in the area as well as areas east of the SASB.
The 2007 estimates include reserves attributable to the 13 successful wells drilled in the SASB area from 2004 through the first half of 2007, and include updated exploration potential from the SASB area as well as blocks to the east in the joint venture's exploration permit area.
The company says that on a gross basis, proved reserves increased to 72 Bcf (2 Bcm) this year from the 46 Bcf (1.3 Bcm) in last year's study. Probable reserves increased to 39 Bcf (1.3 Bcm) from 14 Bcf (0.4 Bcm) at mid-year 2006, and possible reserves increased to 25 Bcf (0.7 Bcm) from the 6 Bcf (0.17 Bcm) in last year's estimate. The total estimated proved, probable and possible reserves in the SASB increased to 136 Bcf (2.9 Bcm) from 66 Bcf (1.87 Bcm) in last year's study.
Toreador has a 36.75% interest in the SASB project. TPAO (the Turkish national oil company) has a 51% interest and is the operator. The remaining 12.25% is held by Stratic Energy.