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MARKHAM, ON, March 26, 2020 /CNW/ - Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V: POND) announces that the Corporation's statement of reserves data and other oil and gas information for the year ended December 31, 2019, have been filed and are available for review on the SEDAR website at www.sedar.com or on the Corporation's website at www.pondtech.com.
Sproule, an independent qualified reserves evaluator, completed its evaluation of the Corporation's reserves in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook and reported the estimated net present value before income taxes of Pond's proved plus probable reserves at $2,863,000 using a 10% discount rate effective December 31, 2019. Such estimated value does not represent fair market value. This supports the Corporation's carrying value. During the nine months ended September 31, 2019 the Corporation's revenue from its oil and natural gas property was $1,269,000.
About Pond Technologies:
Located in Markham Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of pollution abatement and nutrition. Pond's proprietary growth platform optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. It enables industrial emitters to generate new revenue streams from the transformation of waste CO2 to valuable algae-based products used as proteins for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.