The company said that its working interest PV 10 value of $17m per a third party engineering report previously reported was of just the Spraberry zone. Bonanza estimates that its actual reserves of Apclark Field Zones for both Spraberry and Worlfcamp may exceed $34m.
The company has leases on the Damon salt dome. The industry does not prove up reserves in salt domes; however, it believes that there may be $6m of additional PV 10 value for Bonanza at the Damon Mound, the company said.
Bill Wiseman, CEO of Bonanza Oil & Gas, said: “We are very excited production is increasing at our Apclark property and we are looking forward to capitalizing on the increasing price of oil.”
Based in Houston, Texas, Bonanza Oil & Gas holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in proven undeveloped properties.
