Calvalley Petroleum Inc. - Report of Prospective Resource Estimate Block 9, Republic of Yemen
Wednesday November 29, 3:08 pm ET
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CALGARY, Nov. 29 /CNW Telbec/ - Calvalley Petroleum Inc. (TSX: CVI.A - News)
Calvalley Petroleum Inc. ("Calvalley" or the "Company"), an international junior oil and gas company based in Calgary, Alberta, is pleased to announce that McDaniel & Associates Consultants Ltd. ("McDaniel") has recently completed a resource estimate for Block 9 (100%) in the Republic of Yemen, some of the key results of which are highlighted below.
Based on a P50 analysis the original oil in place ("OOIP") in the Hiswah field is estimated to be approximately 283.49 million barrels, while the Al-Roidhat field is estimated, again based on a P50 analysis, to contain approximately 44.62 million barrels OOIP.
Two additional discoveries (Auqban and Ras Noor) were assessed based on a single exploration well in each discovery. The P50 OOIP is estimated at approximately 4 million barrels.
For the existing discovered oil fields, the total P50 OOIP is estimated to be 332.2 million barrels.
(The terminology of P50 is the confidence level which is consistent with the Canadian reserves definitions for proved plus probable reserves)
An additional 8 independent exploration prospects and 12 independent exploration leads were also assessed, resulting in an additional Unrisked Mean OOIP of 1.93 billion barrels, and Unrisked Mean OGIP of approximately 16 Bcf. The analysis represents estimates of potential oil and gas in place for the prospects and leads identified to date from the existing seismic and geological data.
(The terminology used in the report for prospects and leads follows the 2001 Society of Petroleum Engineers ("SPE") Guidelines for Evaluation of Petroleum Reserves and Resources)
The resource estimates were prepared by independent evaluator which reviewed all available seismic, log, core and fluid analysis data associated with Block 9. The resource study was prepared in order for the Company and its partners to better understand the additional development potential of the Block.
Calvalley is the operator and owns 50 % interest in the Block 9.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release may contain forward-looking statements, including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties of reserve estimates; the uncertainty of estimates and projections related to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rates fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Calvalley's operations or financial results are included in Calvalley's reports on file with Canadian securities regulatory authorities.
For further information
Cameron Dow, C.A., Chief Financial Officer, Calvalley Petroleum Inc., (403) 444-1867, Fax: (403) 297-0499
Renmark Financial Communications Inc.: Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
Tina Cameron: tcameron@renmarkfinancial.com
(514) 939-3989, Fax : (514) 939-3717, www.renmarkfinancial.com
Source: Edmund M. Shimoon, CEO, Calvalley Petroleum Inc.
Source: CALVALLEY PETROLEUM INC. |
