President Energy announce the issue of a new independent statement of Crude Oil Reserves and Contingent Resources effective July 31, 2014 for its 100% owned and operated Puesto Guardian Area, carried out by the international petroleum consultancy, Gaffney, Cline & Associates (GCA).
• 1P Proven oil reserves increase by 333% from 2011 Company estimates, to 9.1 MMBbls
• 2P Proven and Probable oil reserves increase by 114% from 2011 Company estimates, to 14.1 MMBbls
• 3P Proven, Probable and Possible oil reserves of 17.5 MMBbls (no previous comparison)
• 1C , 2C and 3C Contingent Oil Resources of 3.2 MMBbl, 8.9 MMBbl and 16.5 MMBbl respectively related to Concession conversion/extension for which application is being made
• NPV 10 (net present value discounted by 10%, pre corporation tax) of President's 2P Oil Reserves increased by 213% from the 2011 Company estimate to US$297MM, with 1P Oil Reserves assessed at US$161MM of this total
• In addition GCA had previously assessed that President had unrisked recoverable Best Estimate Prospective Resources as of October 31, 2011 of 570 Bcf of gas and 14.5 MMbbls of condensate relating to a deep Paleozoic gas/condensate prospect.