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Gulf of Mexico-focused Leed Petroleum (LDP:AIM) has seen a 41% increase in its proved reserves after an independent audit.

The report by Collarini Associates also revealed a 30% increase in its proved and probable reserves against the previous estimate, established in June last year. The company said it expects to begin production at its Eugene Island A-6 well in April 2008 at a rate of about 6 mcf of gas and 600 barrels of oil per day.

Leed Petroleum confirmed that probable reserves at its A-6 well have more than tripled from the pre-drill estimate. The firm adds that it intends to commence drilling the Eugene Island A-7 well immediately following the completion of the A-6 well.

by: Tom Sieber