January 18, 2011 / 12:10 PM / in 7 years

UPDATE 1-ProspEx proved, probable reserves up 52 pct annually

* Says proved, probable oil & gas reserves at 18.6 mln boe/d

* Sees Q4 production up 29 pct sequentially

* Dec production 4,480 boe/d beats prior view 4,000 boe/d

Jan 18 (Reuters) - ProspEx Resources Ltd PSX.TO said its proved plus probable reserves of oil, natural gas liquids and natural gas have grown 52 percent from a year ago, helped by its central Alberta-based Kakwa natural gas project.

The junior oil and gas explorer also said December 2010 production averaged an estimated 4,480 barrels of oil equivalent per day, exceeding its prior outlook of 4,000 boe per day.

As evaluated by GLJ Petroleum Consultants, ProspEx’s independent reserves engineers, proved and probable reserves were at 18.6 million boe.

The company now expects fourth quarter production at 3,463 boe/d, up 29 percent sequentially, and expects annual average production of about 3,057 boe/d for 2010, up 2 percent from its prior view.

ProspEx shares have gained about 8 percent since its posted third-quarter results in November. They closed at C$1.54 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian) ((gowri.jayakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: gowri.jayakumar.thomsonreuters.com@reuters.net)

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