MONTREAL, QUEBEC--(Marketwired - Feb. 10, 2014) - Perisson Petroleum Corporation (CSE:POG) ("Perisson" or the "Corporation") is pleased to announce that as part of its continuous revision of historical technical data on its VMM-17 oil property located in the Middle Magdalena Basin, in the Province of Tolima, central Colombia, the VMM-17 project is now estimated to contain 32 million barrels of contingent resources, and 350 million barrels of unrisked prospective resources. This latest review was completed by Netherlands, Sewell & Associates, Inc. ("NSAI") of Dallas, Texas, an independent qualified reserves evaluator.
The 51-101 Report filed in 2012 (the "2012 Report") by a Qualified Reserves Evaluator, other than NSAI, allocated 3 million barrels of contingent resources and 109 million barrels of unrisked prospective resources to the VMM-17 property.
This updated Resources Report from NSAI was produced with the support of Perisson technical staff, in parallel with an effort to optimize the location of its upcoming three exploratory wells. NSAI were the consultants originally engaged in 2010 by Morichal Sinoco, S.A., ("MSSA"- Perisson's 100% Colombian subsidiary) to interpret all existing 2D seismic data and geophysical well logs.
The 2013 re-evaluation of the data in the 2012 Resources Report led NSAI to confirm an increase in contingent resources (where applicable) and unrisked prospective resources on three VMM-17 prospects, known as Mendez, Yaguali Updip and Yaguali West. A fourth prospect, Lumbi, was allocated new Contingent Resources and Unrisked Prospective Resources.
NSAI had performed the initial porosity and oil saturation calculations for all prospects, in 2010. These values were the foundation for all subsequent Resource Evaluation work, and are unchanged. The key technical difference in the 2013 update is that NSAI's interpretation of VMM-17 reservoirs allocates somewhat greater reservoir thickness and areal extent, compared to the 2012 estimates.
The following table provides a summary of the evaluation report resources.
SUMMARY RESOURCE TABLE
As of Fall 2013
| |
Estimated |
|
Estimated |
| |
Current |
|
Previous |
| |
Volume |
|
Volume(1) |
| Classification |
(NSAI) |
|
(other) |
| |
|
|
|
| |
|
|
|
| Contingent Resources (2C) |
32 MMbbl |
|
3 MMbbl |
| |
|
|
|
| Unrisked Prospective Resources |
|
|
|
| (Best Estimate) |
350 MMbbl |
|
109 MMbbl |
| Notes: |
| None of the resources described above are considered proven reserves. |
| There is no certainty that it will be commercially viable to produce any portion of above-mentioned contingent resources. |
| There is no certainty that any portion of the above-mentioned unrisked prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources. |
| (1) 2012 SEDAR-filed 51-101 Report |
Duncan MacKenzie, géo, (QC) P. Geol. (AB), Perisson's Geologist, states: "We are very comfortable with NSAI's contingent and unrisked prospective resources".
The resource evaluation were carried out in compliance with National Instrument 51-101 and standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society).
This press release was reviewed by NSAI and Duncan MacKenzie who are Qualified Persons in compliance with National Instrument 51-101.
About Perisson Petroleum Corporation
Perisson Petroleum Corporation is an oil and gas exploration company listed on the Canadian Securities Exchange ("CSE" formerly known as "CNSX"). The Corporation, through its wholly-owned subsidiaries, Igual Holdings Corp. and Morichal Sinoco, S.A., holds an exploration license on its 100% undivided property interest in the VMM- 17 oil block project. This license covers 39,927 hectares located in the Middle Magdalena Basin in the Province of Tolima, in central Colombia.
The Corporation's objectives are the exploration and marketing of hydrocarbon resources including the production conditioning processing refining transport and commercialization of petroleum natural gas liquefied natural gas and petroleum-derived products.
Neither the Canadian Securities Exchange ("CSE") nor its regulation services provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement. The Corporation expressly disclaims any intention or obligation to update or revise any forward looking statements whether as a Result of new information, future events or otherwise, except as required by applicable law.