Green Dragon Gas Sees Rise In Proven Gas Reserves

China focused coal bed methane player Green Dragon Gas has reported a significant increase in proven gas reserves as on December 31, 2012.

The company has seen its proven, or 1P, reserves rise by 37% to 59 billion cubic feet (bcf). These reserves are valued at $324million, up from $263 million in 2011.

Net 2P reserves have risen 2% to 313 Bcf. Net 3P reserves have decreased 0.2% to 2,508 Bcf.

“With further drilling, we see an immediate path to a further exponential growth in production to meet our annualized exit production target of 18 Bcf, which we expect to reach in 2014,” Randeep Grewal, chairman said.