CALGARY, April 3, 2012 /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, 2011, 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 56% over last years' reported numbers. The current NPV (@ 10% discount) evaluation for the year end December 31, 2011 is at $18,733,000 or a 56% increase over the December 31, 2010 value of $11,975,000 Gross Company P+P reserves have been increased by 47 % to 1,086,200 barrels of oil from 739,800 barrels as reported last year. This increase (346,400 barrels) represents a replacement in excess of 15 years of 2011's total production.
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 85 BOPD and 100 Mcf/d gas with excellent optimization and exploitation potential. 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.
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