Highlights:
•McDaniel & Associates have undertaken an updated independent resource assessment following the recent acquisition of the Tommy Lakes facilities.
•The Company’s Contingent Resources has been elevated to the Development Pending category which would be categorised as 2P Reserves upon securing funding. Additionally, these Resourceslie within the acreage recently secured under a 10 year Continuation Lease.
•The best estimate gross un-risked Contingent Resources – Development Pending is 248.9 Bcfgand 12.4 Mmbo1.
•The best estimate gross un-risked Contingent Resources (2C) Development on Hold and Development Pending is 888.1 Bcfg and 44.4 Mmbo1.
•The total best estimate of gross un-risked Prospective Resources (2U) is 1.68 Tcfg and 84Mmbo.
•Estimated Ultimate Recovery (EUR) 8.4 Bcf per well yielding ~50 barrels per Mmcf gas.
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