TSX Venture Exchange
Trading Symbol: CNK
CALGARY, March 15, 2012 /CNW/ - CanRock Energy Corp. ("CanRock" or the "Company") is pleased to report an increase in reserves at its Provost core property following an update prepared by McDaniel and Associates, effective December 31, 2011.
The company increased its proved oil and natural gas reserves from 0.78 million bbls of oil equivalent (boe) to 0.96 million boe. Proved plus probable reserves increased from 1.10 million boe to 1.36 million boe. This represents a 23% increase on both a Total Proved and a Total Proved & Probable Reserves case.
The estimated net present value of proved plus probable (present value, discounted at 10 per cent) reserves was $25.13 million versus $17.91 million one year earlier. This represents a 40% increase in year over year net present value.
CanRock has an aggressive drilling program planned for Provost in 2012, and plans to continue to add low F&D cost reserves to its portfolio.
About CanRock Energy Corp.
CanRock Energy Corp. is a publicly traded junior oil producer targeting oil-based opportunities in Western Canada. The Company is focused on strategic oil-based acquisitions within its core areas, in addition to exploiting and exploring for incremental production and reserves. The Company currently has approximately 44.3 million common shares outstanding.
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 news release.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information:
President & CEO
Telephone: (403) 265-2770
Fax: (403) 265-2775
Email: [email protected]