Pryme Energy (ASX:PYM) has estimated inaugural Proved and Probable Reserves of 1.1 million barrels of oil equivalent (boe) with an NPV of US$12.1 million for its Capitola Oil Project in Texas.
The company is trading just above its cash backing of $4 million with a market capitalisation of about $5 million. Shares in PYM last traded at $0.005.
Adding interest, the estimates apply just 16% of the project’s 9,333 gross acres.
Pryme had oil and gas production of 12,310 boe in the June 2015 Quarter, up 633% over the previous quarter.
Net operating income totalled $500,000 for the quarter compared to a net operating loss of $50,000 during the March 2015 quarter.
