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Trafina Energy Ltd. (TSXV:TFA.A) announced significant estimates from its McMullen heavy oil project in northeast, Alberta.
Trafina Energy Ltd. (TSXV:TFA.A) announced significant estimates from its McMullen heavy oil project in northeast, Alberta.
As quoted in the press release:
The results of the independent reserves evaluation dated October 11, 2011 and effective October 1, 2011 (the “McDaniel Report”) indicate substantial additions to the Company’s overall oil reserves of approximately 515,000 barrels total proved heavy oil reserves with net present value of approximately $4.6 million discounted at 10 per cent before income tax and approximately 919,000 barrels total proved plus probable heavy oil reserves with net present value of approximately $10.9 million discounted at 10 per cent before income tax. This development further strengthens the probability that the Company has encountered a significant heavy oil deposit.
Click here to read the Trafina Energy Ltd. (TSXV:TFA.A) press release
