Pengrowth Energy's Lindbergh Project increases 2P reserves 63% to $2.55B
Pengrowth Energy announced that GLJ Petroleum Consultants has provided an update of bitumen reserves and contingent resources for its 100% owned Lindbergh project in east central Alberta. The updated report highlights changes in reserves and resources as a result of the approval of the Phase Two expansion to 30K bbl/d. An additional 44.5 MMbbls of bitumen are being attributed to Proved reserves, primarily due to the reclassification of probable reserves to the proved category, as a result of the Phase Two expansion approval. Pengrowth now estimates that the before tax net present value of Lindbergh 2P reserves has increased by 63%from a value of $1.56B - $2.87 per share - as at December 31, 2015 to a value of $2.55B - $4.66 per share - as at September 30, 2016.