Release Passport Energy Ltd. Announces 51-101 Reserve Report
and Production Update
Calgary, Alberta, November 21, 2013 - Passport Energy Ltd. [PPO: TSX.V] (“Passport” or the “Company”) is pleased to announce that it has filed its 51-101 reserve report on its reserves in the Hardy area of SE Saskatchewan.
Corporate Reserve Update
GLJ has assigned Passport, total proved company interest reserves of 49,000 bbls (166,000 gross bbls), representing an 81% increase in the company’s total proved reserves when compared to last year’s evaluation.
Hardy Area (SE Saskatchewan)
GLJ Petroleum Consultants (“GLJ”) has updated the Company’s reserves assessment and evaluation report (effective September 30, 2013) and has assigned initial recoverable reserves (Total Proved plus Probable Producing category) of 129,000 gross bbls (32,250 net bbls) to the 4-16 well.
The GLJ assigned number of 129,000 barrels represents a 43% increase from GLJ’s original assessment of the well in their initial reserve report (effective September 30, 2011).
The 4-16 well has cumulative production of over 42,000 gross barrels of oil from September 2011 to the end of August 2013. The well continues to produce above expectations, averaging approximately 40 bopd gross (20 bopd net) of light sweet oil (38.5 degree API) for the month of August, 2013 while receiving an average price of over $101.00/bbl (in the third quarter of 2013).
GLJ has also assigned an additional 213,000 gross bbls (53,250 bbls net) of Proved plus Probable Producing to two additional offset locations, representing an increase of over 33% from GLJ’s original assessment (effective September 30, 2011).
The 11-32 well continues to produce as expected, averaging approximately 20 bopd gross (10 bopd net) of light sweet oil (38.5 degree API) for the month of August, 2013 while receiving an average price of over $101.00/bbl (in the third quarter of 2013).
Reserve Definitions:
Proved Reserves; are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable Reserves; are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Developed Producing Reserves; are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production and the date of resumption of production must be known with reasonable certainty.
Undeveloped Reserves; are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.
Passport is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil projects.
The Company trades on the TSX Venture Exchange under the trading symbol “PPO”.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
For more information, please refer to the Company’s public documents available on SEDAR (www.sedar.com).