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Gravis Oil Corporation (OTCBB:GRAVF) reported that GLJ Petroleum Consultants, has updated estimates of crude oil volumes and computed a net value cash flow report of reserves and contingent resources for assets held in Missouri, Kansas and Kentucky.
Gravis Oil Corporation (OTCBB:GRAVF) reported that GLJ Petroleum Consultants, has updated estimates of crude oil volumes and computed a net value cash flow report of reserves and contingent resources for assets held in Missouri, Kansas and Kentucky.
As quoted in the press release:
According to the independent reserve report, Gravis produced 28,045 barrels of heavy oil during the period of May 1, 2010 to April 30, 2011. During the same period, Company Working Interest Proved Reserves increased from 445,000 barrels to 463,000 barrels. This increase in reserves after production was achieved by two means. First, in July, 2010 the Company purchased the remaining 10% working interest in its Grassy Creek and Marmaton River projects in Missouri; and second, the Company demonstrated recovery in Phase 1 of its Marmaton River Project equaling the previously stated Proved Reserves estimate, resulting in an increase in overall oil recovery estimates from 20% to 21% of Original Oil in Place in both Marmaton River and Grassy Creek projects.
Click here to read the Gravis Oil Corporation (OTCBB:GRAVF) press release