Independent Evaluation Provides Estimated Total Proved & Probable Reserves Hold a Net Present Value of $289.3 million, Representing an Increase of 320% Year-over-Year
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2021) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Company"), a leading junior oil and gas company, has completed its independent reserve evaluation, including its newly acquired Breedlove "B" Clearfork Asset, effective September 1, 2021, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas activities and in accordance with the Canadian Oil and Gas Evaluation Handbook.
Reserve Evaluation
The net present value of net future revenues, (net of royalties, operating costs and capital expenditures, including asset retirement obligations) before income tax, discounted at 10% ("NPV 10%" or "PV10") of the total proved plus probable reserves is estimated at $289.3 million, or $4.25 per outstanding share (basis).
- Reserves comprise of 89% light oil, and 11% natural gas
- Total Proved Reserves of 8.7 million BOE and PV10 value of $131 million, an increase of 300% Year-over-Year
- Total Probable Reserves of 15.7 million BOE and PV10 value of $157 million, an increase of 340% Year-over-Year
- Total Proved & Probable Reserves of 24.5 million BOE and PV10 value of $289.3 million, an increase of 320% Year-over-Year
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