Spartan Oil Updates on 2011 End Reserves, 2012 Capital Program

Spartan Oil Corp.(TSX:STO) has updated on its 2011 end reserve results and 2012 capital program.

As quoted in the press release:

2011 YEAR END RESERVE HIGHLIGHTS

The Company enjoyed a substantial increase in reserves, production and net asset value as a result of a successful drilling program in 2011. Highlights include:

• Total Proved plus Probable (“P+P”) reserves as at December 31, 2011 of 21.4 million boe (“Mmboe”) (87% oil and liquids); this represents an increase of over 18.4 Mmboe from June of 2011 when the Company commenced operations;

• Total Proved reserves as at December 31, 2011 of 14.8 Mmboe (87% oil and liquids);

• Net present value before tax 10% (PVBT10) of P+P reserves of $339 million;

Click here to read the Spartan Oil Corp.(TSX:STO) press release.