Jennings Capital- PTV
FILES RESERVE REPORT AND ANNUAL FINANCIAL STATEMENTS
Last week, Petro Vista released its reserves as at September 30, 2010, which we have summarized below:
Net W.I.
Effective September 30, 2010
After
Royalties
BTAX
10%
ATAX
10%
(MBbl)
Proved
Developed Non-producing 111 2,608 2,073
Undeveloped 111 939 939
Total Proved 223 3,547 3,011
Probable 190 4,304 4,502
Total Proved plus Probable 413 7,851 7,513
(US$ 000's)
The reserve additions in 2010 were entirely attributed to the discovery on its Morichito block in Colombia. Recall, the
Morichito-5 well tested the lower Carbonera C7 reservoir and was swabbed at a rate of 375 Bbl/d of 23° API oil with no
water cut. The Company expects that the well will be put on an extended production test in the first quarter of 2011 and
could see rates ~1,000 Bbl/d utilizing artificial lift methods. Petro Vista holds a 50% participating interest in the block.
Petro Vista also filed its annual financial statements for the year ended September 30, 2010, which included an operations
update in the MD&A.
Brazil
Block 169 (50% W.I.) and 170 (25% W.I.), Reconcavo Basin
At Block 169, one well must be drilled by October 2011, estimated at a cost of US
.5 million net. At Block 170, the death
of the landowner has caused access restrictions to the block. The due date to drill a well will be six months from the date
access is granted, with an estimated net cost of US
.9 million.
Tartaruga Block (37.5% W.I), Sergipe Alagoas Basin
Recall, in April 2010, the 7-TTG-1DP-SES development well found potential net pay of 101 feet across eleven zones. The
Penedo reservoir P13 interval will be perforated first and, depending on the results, the well could be placed on production
from this reservoir, or additional reservoirs may be tested. Completion of the well is expected in the first calendar quarter
of 2011 and would utilize existing facilities. Initial production would be trucked to a nearby refinery; however, a pipeline
could be constructed to a main line 5 km away once production rates justify the capital cost.
PT2