CALGARY , April 23, 2013 /CNW/ – PanTerra Resource Corp. (“PanTerra” or the “Company“) is pleased to announce that its oil and gas evaluation by the Company’s independent engineering firm, Sproule Associates Limited for the year ended December 31, 2012 , conducted pursuant to National Instrument 51-101 standards of disclosure for oil and gas activities and the Canadian Oil and Gas Evaluation Handbook (COGEH) reserve definitions has increased by 31% over last years’ reported numbers. The current NPV (@ 10% discount) evaluation for the year end December 31, 2012 is at $22,448,000 or a 31% increase over the December 31, 2011 NPV @ 10% value of $18,733,000 – $1,660,000 (2012 gross production revenue). Gross Company P+P reserves have been increased by 67 % to 1,809,800 barrels of oil equivalent from 1,086,200 barrels of oil equivalent as reported last year. This increase (723,600 barrels) represents a replacement in excess of 25 years of 2012’s total production.
PanTerra is a diversified junior public oil and gas company listed on the TSXV (PRC.V) with holdings in both conventional and unconventional projects in Western Canada . The Company has an operated production base of 120 BOPD and 100 Mcf/d gas (based on field estimates) with excellent optimization and exploitation potential. PanTerra trades on the TSX Venture Exchange under the symbol “PRC”. Company information can be found at: www.panterraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PanTerra Resource Corp.