Pengrowth Energy says Lindbergh 2P reserves have doubled in value


Pengrowth Energy (PGH) +5.9% AH after announcing the value of proved and probable reserves at its Lindbergh thermal oil sands project in Alberta has more than doubled to $2.2B from $1B.

In an update of bitumen reserves and contingent resources for the project, PGH says 19.6M bbl of probable reserves were reclassified to the proved category and an increase of 87.4M bbl in proved plus probable reserves, offset by ~236K bbl of production in 2014 to May 31.

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Comments (5)
  • brewsterm5
    , contributor
    Comments (467) | Send Message
     
    I bought this stock months ago and called 10$ / share by the end of the year; looks like it might be at that price by the end of the week!

     

    love this company
    24 Jun 2014, 08:43 PM Reply Like
  • Javelina
    , contributor
    Comments (1220) | Send Message
     
    Higher upgrade of reserves than even I was thinking. Stock will rise to first steam at Lindbergh. Great future ahead for PGH. Glad I have a large position. Great monthly dividend to boot.
    24 Jun 2014, 11:02 PM Reply Like
  • ca7711
    , contributor
    Comments (598) | Send Message
     
    indeed. my only regret is that i didnt buy more. oh well still attractively priced at 6 or 7 times FFO.
    25 Jun 2014, 01:59 AM Reply Like
  • 11146471
    , contributor
    Comments (1358) | Send Message
     
    Great news! I am currently playing long all the Canadian oil and gas E&P players. Prospects are tremendous for them. PGH is one of my favorites!
    25 Jun 2014, 02:04 AM Reply Like
  • Albert Alfonso
    , contributor
    Comments (3265) | Send Message
     
    Incredible news from PGH. Well done.
    25 Jun 2014, 06:58 AM Reply Like
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