Seven Generations Energy Ltd. announce the results of a recent independent resource evaluation performed by McDaniel & Associates Consultants Ltd. (McDaniel).
McDaniel prepared the evaluation in compliance with the standards set out in National Instrument 51-101 of the Canadian Securities Administrators and the Canadian Oil and Gas Evaluation Handbook (COGEH).
As of the effective date of the most recent assessment, July 1, 2014, McDaniel recognizes Total Best Estimate Contingent Resources of 728 million barrels gross (637 million barrels net) oil equivalent (MMboe) and Total Best Estimate Prospective Resources of 1,096 MMboe gross (986 MMboe net).
The corresponding before tax net present values, using a discount rate of ten percent per annum, are $4.6 billion CAD for Total Best Estimate Contingent Resources and $4.2 billion CAD for Total Best Estimate Prospective Resources. The Contingent and Prospective Resource reports are an important step in the Company's value creation cycle, validating significant resource inventory for future growth and providing confidence to enter into long term transportation and marketing discussions.