Amherst Energy Inc. (Amherst) is a private Calgary based oil and gas exploration company.
Amherst today reported that an independent engineering evaluation conducted on Amhest’s three (100 % WI) key properties, Morgan, Lloydminster and Leo, resulted in an estimated total proven plus probable reserves of 2.617 million barrels oil with a before tax NPV @ 10% DCF of $39.176 million, with 25 proven undeveloped and 9 probable undeveloped oil drilling locations on Amherst’s lands.
The evaluation dated October 26, 2018 and effective September 30, 2018 was prepared by Trimble Engineering Associates Ltd. (Trimble) using Trimble’s October 1, 2018 price forecast and prepared in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook. It should not be assumed the estimates of future net revenues presented in the report represent the fair market value of the reserves.
The complete reserve report and advisory statements can be viewed on Amherst’s website: amherstenergy.ca.
Amherst is currently conducting a stategic review process which may include but is not limited to: financings, joint-ventures, property sales and/or a corporate sale.