Greenfields Petroleum Corporation has filed its statement of reserves data, the reports of its independent qualified reserves evaluator and the related report of management and directors (National Instrument 51-101 Forms 51-101F1, 51-101F2 and 51-101F3) for year-end 2012 with the securities regulatory authorities of Canada.

Total proved reserves are stated at 8,951 MBOE net to the Company through its interest in Bahar Energy Limited (Azerbaijan), a 3% decline from year-end 2011, while total proved plus probable reserves are stated at 12,575 MBOE net to the Company, a 4% increase from year-end 2011. The changes to the proved reserves were principally due to production and the late start of development drilling in 2012.

The present value of future net revenue discounted at 10% (PV10) of the proved reserves is US$48.67 million net to the Company at year-end 2012 (down 33% from year-end 2011), while the PV10 of the proved plus probable reserves is US$117.7 million at year-end 2012 (down 11.9% compared to year-end 2011).

Tags: Greenfields Petroleum Corporation