Tango's proved plus probable petroleum and natural gas reserves increased 44%, after production, to 2,511 mboes as at December 31, 2006. Net reserve additions, after production, were 770 mboe, which replaced approximately 735% of Tango's production volumes during 2006.
Finding and development costs, on a proven only basis, including future capital and net of revisions were $29.57 per boe. Finding and development costs, on a proven and probable basis, including future capital and net of revisions, were $19.51 per boe.
Tango's reserves for the year ended December 31, 2006 were evaluated by Paddock Lindstrom & Associates Ltd., and were calculated in accordance with National Instrument 51-101.
The following tables provide information on Tango's petroleum oil and gas reserves and the present value of the estimated future net cash flow associated with such reserves as at December 31, 2006. The information set forth below is derived from the Paddock Lindstrom report, which has been prepared in accordance with the standards contained in the COGE Handbook and the reserves definitions contained in NI 51-101 and the COGE Handbook. It should not be assumed that the estimated future net cash flow shown below is representative of the fair market value of the Corporation's properties.
There is no assurance that such price and cost assumptions will be attained and variances could be material. "Gross" reserve quantities include the Company's share of reserves before royalty plus royalty income volumes. "Net" reserve quantities include the Company's share of reserves after royalty plus royalty income volumes. -- www.cnxmarketlink.com
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