Green Dragon Gas, one of the largest independent companies involved in the production and sale of coal-bed methane gas in China, announced on Monday a significant increase of 113 percent in proven reserves to 126 billion cubic feet with a net present value of $898 million.
The reserve data is provided by independent reserve engineers Netherland, Sewell and Associates Inc.
Randeep Grewal, chairman and founder of Green Dragon Gas, said the company is going through a transformational growth trajectory and this reserve audit values the paradigm shift at a static point, Dec 31, 2013.
"With an equity interest in over 1,800 wells, which are in varying stages of commerciality, the reserve migration toward proven reserve will continue," he said. "We look forward to continuing our field successes and maintaining the seven-year track record of reserves progression".
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