MegaWest Energy Corp. (MGWSF) Releases Updated Reserve Report

By IBTimes Staff Reporter | June 16 2010 10:53 AM

MegaWest Energy Corp. announced an update in reserve estimates at its properties in the United States, based on a new reserve analysis by an independent consulting firm.

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MegaWest Energy Corp. said that the updated reserve analysis was conducted by GLJ Petroleum Consultants, utilizing the Standards of Disclosure for Oil and Gas Activities mandated by the Canadian authorities.

GLJ Petroleum Consultants assigned a net present value of $35.96 million to the company’s total proved, probable and possible reserves. The properties are located in Missouri, Kansas and Kentucky

MegaWest Energy Corp. said that the updated proved, probable and possible reserves total 3.25 million barrels of oil equivalent (BOE) , composed as follows:

Proved Reserves – 445,000 BOE
Probable Reserves – 921,000 BOE
Possible Reserves – 1,884,000 BOE

MegaWest Energy Corp. is an independent oil and gas exploration and production company specializing in heavy oil projects. The company operates two steam injection projects in Deerfield, Missouri, and has a 90% working interest in an additional 15,400 acres in the same area.

MegaWest Energy Corp. also has a 61% working interest in 113,000 acres of oil and gas properties in Missouri, Kansas, Kentucky, Montana and Texas.

For more information on the company, go to www.megawestenergy.com