Kulczyk releases updated resource evaluation

Kulczyk Oil (WSE: KOV PW) published the results of a report by RPS Energy evaluating the company’s resources yesterday. According to the independent engineering consulting company, Kulczyk’s proved and probable (2p) reserves total 45.7bcf, +4.1% more than the amount reported in October 2010. However, estimated proved (1p) reserves decreased 12.7% since October. Best estimate contingent resources (2c) increased by 434% to 77.9 bcf, changes in estimates were due to the acquisition of a 70% interest in KUB-Gas in June 2010.