Prairie West Oil and Gas Ltd. receives independent asset, reserve and resource evaluation.
(firmenpresse) - Prairie West Oil and Gas Ltd. receives independent asset, reserve and resource evaluation.
Results of independent NI 51-101 report better than expected
CALGARY, Alberta Canada/September 27, 2011 --Today Canadian energy producer Prairie West Oil & Gas is excited to announce that the results of the independent reserve and economic evaluation completed by Chapman Petroleum Engineering Ltd has valued Prairie West's assets at $22,957,000 (CDN) undiscounted.
Vice President Anthony Sarvucci: "As a company we knew the approximate value of our assets but are very pleased that the independent report valued them at the higher end of our estimates. The team here at Prairie West hopes that this report produced by one of the most reputable engineering firms in the business puts to rest any doubt as to the validity of the opportunity we believe an investment in our company represents. Every day the team here at Prairie West is working hard to further increase production and valuation. We believe the growth realized year to date speaks for itself and is a good indicator of the company's ability to execute in a competitive environment. As a company we see no reason that this growth will not continue and even be accelerated in the months / years to come. "
A NI 51-101 is a report that uses a number of verified and proven metrics to produce a reserve and economic evaluation of a company. The report is a requirement for a listing on the TSX stock exchange and is widely accepted as an accurate 'as of today' evaluation that does not take into account current and future growth. It is important to note that a NI 51-101 makes corporate directors and operating officers personally liable for the accuracy of their company’s oil and gas reserves. Prairie West's NI 51-101 Report can be found on our website. www.prairiewestonline.com
About Chapman Petroleum Engineering Ltd.
Chapman Petroleum Engineering Ltd. founded in 1985, is a Canadian consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services covering the full spectrum of the oil & gas industry, domestically and internationally.
The Key Professionals at Chapman each have from 25 to 40 years of broadly diversified experience in the oil & gas industry, domestically and internationally. They are Qualified Reserve Evaluators and Auditors under Canadian Securities Regulation Nl 51-101.
About Prairie West Ltd.:
Prairie West Oil & Gas is a producing energy company with both established production and assets within the center of Canada's highest reserve epicenters; the oil boom provinces of Alberta and now Saskatchewan. Prairie West operates under the notion that now is the time to take advantage of favorability priced acquisitions and joint ventures while constantly striving to reduce the cost of doing business. The goal is to build for the future while remaining focused on the short term profitability that rewards early shareholders.
The experienced team at Prairie West has the expertise and proven execution required for success in today's rapidly changing energy sector. This has been clearly demonstrated with the Maidstone acquisition, the more recent eleven well expansion located in close proximity to current production and a new 27 well producing gas play in Saskatchewan Canada.
Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
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Datum: 29.09.2011 - 09:14 Uhr
Sprache: Deutsch
News-ID 69844
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