Empyrean is pleased to announce that an independent appraisal and updated report prepared by DeGolyer & MacNaughton, effective to 30 June 2015, has highlighted a further significant increase in the Company's Reserves and Resources at its flagship Sugarloaf AMI asset. The Project is located in the liquids rich core of the Eagle Ford Shale in Texas, USA.

Highlights: •Significant increases reported in all reserve categories in boe and NPV10 values, demonstrating the scalability of the Project: ◦13.84% increase in Proven Reserves (1P) to 6.58 MMboe ( 5.78 MMboe to Dec 2014) ◦9.77% increase in Probable Reserves to 7.53 MMboe (6.86 MMboe to Dec 2014) ◦11.63% increase in Proven plus Probable Reserves (2P) to 14.11 MMboe (12.64 MMboe to Dec 2014 ) ◦10.90% increase in Proven plus Probable plus Possible Reserves (3P) to 23.19 MMboe (20.91 MMboe to Dec 2014) ◦2P Reserves plus 2C Resources up 0.65% to 15.59 MMboe (15.49 MMboe to Dec 2014) ◦NPV (10) of 1P Reserves valued at approximately US$45.7m (US$43.8m to Dec 2014) ◦NPV (10) of 2P Reserves valued at approximately US$135.9m (US$121.7m to Dec 2014) ◦NPV (10) of 3P Reserves valued at approximately US$294.7m (US$263.5m to Dec 2014)

Tags: Empyrean Energy