CALGARY, March 31, 2014 /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, Trimble Engineering Associates Ltd for the year ended December 31, 2013, 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 over last years' reported numbers. The current NPV (@ 10% discount) evaluation for Total Proved Developed Producing for the year end December 31, 2013 is at $3,488,400 or a 14% increase over the December 31, 2012 NPV @ 10% value of ($3,701,000 - $652,000 = $3,049,000) (net of the mid 2013 sale of a 60% Working Interest at Carrot Creek). The current NPV (@ 10% discount) evaluation for the Total Proved Reserves stands at $9,795,900 or a 50% increase over the December 31, 2012 NPV @ 10% value of ($7,180,000 - $652,000 = $6,528,000) (net of the mid 2013 sale of a 60% Working Interest at Carrot Creek). Gross Company Total Proved reserves have been increased by 36% to 804,600 barrels of oil equivalent from (612,000 - 19,500 = 592,500) barrels of oil equivalent as reported last year, net of the mid 2013 sale of a 60% Working Interest at Carrot Creek. This increase (212,100 barrels) represents a replacement in excess of 5 years of 2013's total production. The above mentioned report (F1) is available on SEDAR.
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 108 BOEPD (based its year end NI 51-101 evaluation) 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.
SOURCE: PanTerra Resource Corp.
For further information:
Fred P. Rumak P.Geol.
President and C.E.O.
Jake Pronk P. Geol