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Greenfields announces increase of reserves year-over-year and 2013 year-end reserves


Published May 2, 2014
Greenfields Petroleum Corporation-2

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 the year-end 2013 with the securities regulatory authorities of Canada.

The present value of future net revenue discounted at 10% ("PV10") of the proved reserves is US$68.35 million net to the Company at year-end 2013 (an increase of 40% from year-end 2012), while the PV10 of the proved plus probable reserves is US$182.2 million at year-end 2013 (an increase of 55% from year- end 2012). The majority of the upward revisions were due to technical revisions of gas reserves based on ongoing geological and engineering work validated by the independent qualified reserves evaluator and minor changes in future oil pricing assumptions.

Tags: Greenfields Petroleum Corporation




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