Quattro Reports 120 Percent Increase in Oil Reserves

Quattro Exploration and Production Ltd. (TSXV:QXP) announced that it has increased its reserves to 8.025 million barrels of oil equivalent (boe) as of June 30.
As quoted in the press release:

All numbers are an aggregate of the Company’s current interests valued at a 10% discounted NPV, utilizing 2015 price forecasting summarized in the Company’s SEDAR filed NI 51-101F1 and F2 and estimates independently provided by 3rd party evaluations for the Acquisitions completed in the first 6 months of 2015. The resulting activities equate to a 120% increase in reserves as of June 30, 2015, (net of production) in comparison to year-end 2015.

Highlights:

June 30, 2015 – QXP Reaches initial goal of increasing reserves by 120% through acquisitions

• Additions result in an increase, internally estimated to be 8,025 mboe, reserves (2P)*
• 10% discounted net present value of $91.6 million*
• Book value of $8.25/boe, 38% Oil & Liquids, 62% Natural Gas

June 18, 2015 – QXP Agrees to purchase 1.288 million boe of Oil, Natural Gas, and Liquids in the vicinity of currently operated Oak Area, in the region of Fort St. John, British Columbia, closed on June 30, 2015

• Purchase price of $5.18 million paid through the issuance of 15,000 non-voting Convertible Class C Preferred Shares with a deemed value of $100 per share convertible to 40 Class A shares and the assumption of liabilities.

May 11, 2015 – QXP Announces record year-end 2014 reserves

• 144% year-over-year increase to 6,525 mboe (2P) **
• 68% of year end reserves quantified as proven

April 30, 2015 – QXP Closes three acquisitions and one divestiture in Western Canada

• 59,933 acres (net) of exploration land, increasing Canadian land interests to 303,134 acres (net)
• 270,000 boe of oil reserves and positioning the Company to add 300 boe/d in Q3

February 11, 2015 – QXP honored as a TSX Venture 50® Company

• One of the top 10 ranked companies in TSXV’s Oil and Gas sector

Leonard Van Betuw, president and CEO of Quattro, commented:

Quattro is pleased with its progress to date and continues to concentrate on striving towards the strengthening and advancement of our business plan, that has always been based on sustainable full cycle economics for exploration and production. “We guide shareholders and investors to our current Corporate Presentation on our website for further information.

Click here to read the full Quattro Exploration and Production Ltd. (TSXV:QXP) press release.