News and Press Releases
Posting of Audited Accounts
23 June 2011
Sefton Resources (AIM: SER), the independent oil and gas exploitation and production company has posted its audited accounts for the year to 31 December 2010 in accordance with its articles of association and the electronic communication to shareholders provisions of the AIM Rules. The audited accounts for the year to 31 December 2010 can be viewed at www.seftonresources.com.
For further information please contact:
John James Ellerton, Acting Chairman and CEO Tel: 001 (303) 759 2700
Dr Michael Green, Investor Relations Tel: 07855 734970
Nick Harriss/Derek Crowhurst, Religare Capital Markets (Nomad) Tel: 0207 444 0800
Jon Levinson, Rivington Street Corporate Finance (Broker) Tel: 0207 562 3357
Neil Badger, Dowgate Capital Stockbrokers (Broker) Tel: 01293 517744
Alex Walters, Cadogan PR Tel: 07771 713608
About Sefton Resources
Sefton Resources is an AIM-listed oil and gas exploration and production company. Its main area of activities are the East Ventura Basin of California, where it owns 100% of two oil fields, Tapia Canyon (heavy gravity oil) and Eureka Canyon (medium gravity oil), and East Kansas with over 45,000 acres in the Forest City Basin, where coal bed methane, as well as conventional oil and gas deposits are targets.
Currently Sefton Resources has a market capitalisation of £10.78 million. At year-end, the Company had a Present Value of its proved reserves (PV10) of US$80.6 million (approximately £50 million). The estimated 2010 year-end proved reserves of 3.8 million barrels includes proved developed (PD) reserves of 1.6 million barrels and proved undeveloped (PUD) reserves of 2.2 million barrels. In addition, there are 2.3 billion cubic feet (BCF) of estimated possible gas reserves at year-end 2010 associated with the Company's eastern Kansas assets. All of Sefton's 2010 year-end estimated proved and possible reserves were independently estimated by Reed W. Ferrill & Associates.
In addition, a Competent Persons Report by Dr Nafi Onat, of Sure Engineering, LLC placed a maiden net present value of $100.1 million (approximately £62 million) on Sefton’s Kansas assets; this was announced in May 2011. This report provided an independent geo-technical review and economic evaluation of the conventional (sandstone, limestone and dolomite) and unconventional (coal bed methane gas) prospects in Sefton’s Kansas exploration prospects which covers the Anderson, Franklin and Leavenworth Counties. Dr Onat’s report did not include any revenue from the pipeline revenue nor was any valuation placed on the McLouth development in Leavenworth County.