Reserves and Resources
Granite is using proven technology to develop the large resources-in-place in the Alberta Bakken siltstone at Ferguson. Proved plus probable reserves totalled 17 million boe upon Granite’s founding in May 2015. Granite's Total Proved Plus Probable reserves as at December 31, 2015 totaled 17.704 million boe.
Granite’s estimated resources-in-place at Ferguson exceed 479 million boe (average 30°-32° API), comprising 222.1 million bbls of discovered oil initially in place and a further 257.2 million bbls of undiscovered oil initially in place in the Upper Bakken siltstone. The above figures are extracts from an independent resource evaluation performed by Sproule Associates Ltd. for Granite’s predecessor company, DeeThree Exploration Ltd., as at July 31, 2012.
Definitions of Oil and Gas Resources
Total Petroleum Initially-In-Place (TPIIP) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.
Discovered Petroleum Initially-In-Place (DPIIP) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable.
Undiscovered Petroleum Initially-In-Place (UPIIP) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as “prospective resources” and the remainder as “unrecoverable.”