Pryme is pleased to provide details of its Capitola Oil Project 1P and 2P certified Reserves effective July 1, 2015.
In Summary, the Capitola Oil Project 1P and 2P Reserves are estimated to be 1.1 million barrels of oil equivalent with a NPV10 of US$12.1 million. The estimates apply to approximately 16% of the Capitola Oil Project's 9,333 gross acres (based on 37 wells using 40 acre spacing), more extensive reserve estimates will be made after further field development.
The Reserves estimates shown below include 1P (Proved) and 2P (Probable) Reserves; they do not include 3P and contingent resource categories.
The Reserves and future income estimates were determined by Hickman McClaine & Associates, Inc. (Hickman McClaine), Registered Engineers in the state of Texas, in accordance with the Society of Petroleum Engineers, 2007 Petroleum Resources Management System.