TSX-V: PRC
CALGARY,
March 31, 2014 /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, Trimble Engineering
Associates Ltd for the year ended December
31, 2013, 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 over last years' reported numbers. The current NPV (@ 10%
discount) evaluation for Total Proved Developed Producing
for the year end December 31, 2013 is
at $3,488,400 or a 14%
increase over the December 31,
2012 NPV @ 10% value of ($3,701,000 -
$652,000 = $3,049,000)
(net of the mid 2013 sale of a 60% Working Interest at Carrot
Creek). The current NPV (@ 10% discount) evaluation for the
Total Proved Reserves stands at $9,795,900 or a 50% increase over the
December 31, 2012 NPV @ 10% value of
($7,180,000 - $652,000 =
$6,528,000) (net of the mid
2013 sale of a 60% Working Interest at Carrot Creek). Gross Company
Total Proved reserves have been increased by 36% to
804,600 barrels of oil equivalent from (612,000 - 19,500 =
592,500) barrels of oil equivalent as reported last year,
net of the mid 2013 sale of a 60% Working Interest at Carrot Creek.
This increase (212,100 barrels) represents a replacement in
excess of 5 years of 2013's total production. The above mentioned
report (F1) is available on SEDAR.
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 108 BOEPD (based its year end NI 51-101
evaluation) 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.