CALGARY, Feb. 17 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that its oil and gas evaluation by the
Company's independent engineering firm, Sproule Associates Limited for
the year ended December 31, 2010, conducted pursuant to National
Instrument 51-101 standards of disclosure for oil and gas activities
and the Canadian Oil and Gas Evaluation Handbook (COGEH) reserve
definitions has increased by 90% over last years' reported numbers. The
current NPV @ 10% evaluation for the year end December 31, 2010 is at
$11,975,000 or a 90% increase over the December 31, 2009 value of $
6,295,000. Gross Company P+P reserves have been increased by 88% to
739,800 barrels of oil from 393,600 barrels as reported last year. This
increase (346,200 barrels) represents a replacement of 14.96 years of
2010's total production.
The Company also reports that it has been actively involved in an
extensive re-evaluation and optimization of its 100% controlled oil
properties at Tomahawk and Carrot Creek, Alberta. PanTerra's new focus
on oil exploitation includes immediate well re-activations, re-entries
and water-flood development at its Carrot Creek property. At Tomahawk,
development wells are planned for 2011 plus the Company is currently in
the process of licensing a step-out well which it hopes to commence
drilling prior to spring break-up.
PanTerra is a diversified junior public oil and gas company listed on
the TSXV (PRC.V) with holdings in both conventional and unconventional
projects in Western Canada. The Company has an operated production base
of 75 BOPD and 200 Mcf/d gas with excellent optimization and
exploitation potential. Additionally PanTerra holds 'rights' in excess
of 100,000 acres in various properties in Western Canada. PanTerra
trades on the TSX Venture Exchange under the symbol "PRC". Company
information can be found at: www.panterraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE PanTerra Resource Corp.
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