CALGARY, ALBERTA–(Marketwired – Aug. 11, 2016) – Perisson Petroleum Corporation (“Perisson” or the “Company“) (TSX VENTURE:POG) provides the following update to its previous news announcing the execution of a non-binding letter of Intent (“LOI“) for the acquisition of oil and gas assets in West-Central Alberta (the “Assets“).
The total proved and probable reserves (both developed and undeveloped) associated with the Assets are approximately 9 million recoverable BOEs, based upon an independent qualified reserve evaluator’s report provided by Sproule Associates Limited dated December 8, 2015, effective August 31, 2015, in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
The parties are negotiating the final purchase price for the Assets which will be determined following completion of due diligence and evaluation by Perisson of commercial recoverability of petroleum resources associated with the Assets, to be determined on or before August 31, 2016.
About Perisson Petroleum Corporation
On July 21, 2016, Perisson Petroleum Corporation commenced trading on the TSX-V under the symbol “POG”. The Company holds a 100% working interest in 39,927 hectares (almost 100,000 acres) known as the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia. The Corporation also maintains a beneficial interest in certain oil and gas producing properties (approximately 200 boe/d) in the Twining area of Alberta, Canada. The Corporation’s objectives are to acquire, explore, exploit and produce oil from its growing interests in the Western Canada Sedimentary Basin as well as the relatively shallow reservoirs believed to be within the VMM-17 block.