New Standard Energy Limited (ASX:NSE)
has again upgraded reserve estimates at its Atascosa Project in Texas, United States.
The project contains seven existing wells currently producing and generating cash flow for the company, New Standard is currently drilling and evaluating additional wells.
And independent report has increased the company’s proved plus probable reserves by 83 per cent to 4.89 million BOE.
New Standard recently sold an operating interest in its Cooper Basin JV with DrillSearch to Santos Limited (ASX:STO)
for $7.5 million.
New Standard Energy reported a net loss of $2.04 million for the 2014 financial year.