BEARD CO. (THE) 
By OKLAHOMA CITY, March 2 /PRNewswire-FirstCall/ -- The Beard Company (OTC Bulletin Board: BRCO) ("Beard" or "the Company") today provided investors with the following estimate of oil and gas reserves in the Dilworth Field in northern Oklahoma.
The consulting petroleum engineer engaged by the Company has completed a year-end 2009 reserve report for the Dilworth Field, estimating proven producing and probable undeveloped reserves totaling 2,892,200 and 3,479,800 barrels of oil and 11,611,200 and 16,972,800 thousand cubic feet (MCF) of gas, respectively. On a combined basis, the Field's estimated proven producing and probable undeveloped reserves total 6,372,000 barrels of oil and 28,584,000 MCF of gas.
It is estimated that the Field's proven reserves will generate net revenues of approximately $282,932,000, resulting in a discounted present value (PV10) of approximately $115,269,000, over the anticipated 12-year life of the project. If probable undeveloped reserves are added, the estimated net revenues increase to $639,984,000, with a PV10 of approximately $311,561,000, over the anticipated 15-year life of the project.
"The year-end reserves estimated by the independent petroleum engineer are more than double the reserves that the Company had estimated internally when it initially became involved with the project," stated Herb Mee, Jr., President of The Beard Company.
The Company's shares of the estimated proven producing and probable undeveloped reserves total 384,460 and 490,870 barrels of oil and 1,571,090 and 2,404,020 MCF of gas, respectively. On a combined basis, estimated reserves to Beard's interest (proven producing and probable undeveloped) total 875,330 barrels of oil and 3,975,110 MCF of gas.
It is estimated that the Company's share of the Field's proven reserves will generate net revenues of approximately $37,765,000, resulting in a PV10 of approximately $15,333,000, over the anticipated 12-year life of the project. If probable undeveloped reserves are added, the Company's share of the estimated net revenues increases to approximately $88,184,000, with a PV10 of approximately $42,734,000, over the anticipated 15-year life of the project.
About The Beard Company
The Beard Company creates, acquires, and/or invests in businesses, all involving natural resources, that management believes have high growth and/or above-average profit potential and can enhance shareholder value. The Company is involved in oil and gas activities; coal reclamation activities; and minerals exploration and development through its Geohedral investment.
The Company is headquartered in Oklahoma City and its common stock trades on the OTC Bulletin Board under the symbol "BRCO".
Forward-Looking Statements
This document may include statements that constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", "anticipate", or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's ability to secure capital to fund current operations; the ability to negotiate and execute contracts in connection with the Company's coal reclamation activities; future trends in commodities prices; financial, geological or mechanical difficulties affecting Geohedral's or the Oil & Gas Segment's planned geological work programs; uncertainties surrounding estimates of mineralized material; and other risks associated with the Company's business. By making these forward-looking statements, Beard undertakes no obligation to update these statements for revisions or changes in the future.
For Additional Information, Please Contact:
Herb Mee, Jr., President, at (405) 842-2333 or via email at
hmee@brco.com
or
RJ Falkner & Company, Inc., Investor Relations Counsel, at (800)
377-9893 or via email at info@rjfalkner.com
SOURCE The Beard Company
