In separate statements, the US-focused explorers said they had appointed Texas-based William M Cobb & Associates to certify their shared Jester-Bloomington gas project in Oklahoma, and individual projects.
Jester-Bloomington, in which Marion and Odyssey each hold a 33.33% interest, was estimated to contain 18 billion cubic feet of 2P gas reserves.
Marion’s 66.67%-owned Willow project, also in Oklahoma, was certified as having 9Bcf of 2P reserves.
In Utah, Odyssey’s North Helper project had 11Bcf, while Marion’s Helper project had 19Bcf and its Clear Creek project 218Bcf.
The results bring Marion’s total net 2P reserves to 264Bcf and Odyssey’s to 29Bcf.
Marion’s CEO Jeff Clarke said the reserve certification represented a milestone towards building a substantial asset base.
“The next step for the company will be to achieve production and cash flow – which are inevitably generated by such high-quality assets – in the short term,” he said.
“Although it has taken Marion longer than originally anticipated to get to this point, a very valuable asset has been created in only two-and-a-half years.”
Odyssey managing director Mark O’Clery said the work had provided an excellent foundation for the company’s growth.
“The certification of almost 30Bcf of proved and probable reserves net to Odyssey at North Helper and Jester-Bloomington marks a significant milestone for the company after 18 months of aggressive lease acquisition, drilling, completion, and work-over programs in both project areas,” he said.
