WellStar Reports Mechanical Update to Oil and Gas Reserves Report
WellStar Energy Corp. (TSXV:WSE) announced a mechanical update to a NI 51-101 report that estimates reserves and future net revenues for the company’s Saskatchewan- and Alberta-based oil and gas properties.
WellStar Energy Corp. (TSXV:WSE) announced a mechanical update to a NI 51-101 report that estimates reserves and future net revenues for the company’s Saskatchewan- and Alberta-based oil and gas properties. The original report was completed on August 31, 2015.
As quoted in the press release:
The Mechanical Update specifically addresses the Company’s McTaggart, SK property after WellStar’s acquisition of its joint venture partner’s interest in the project (see News Release dated December 21, 2015), and the positive changes in reserves and present worth.
The Mechanical Update estimates, as of September 1, 2015, total company gross proved reserves of 83.7 Mbbl (thousands of barrels) oil with an estimated undiscounted Net Present Value (NPV) of $3,751,200 which is a $1,255,800 (50.32%) increase compared to the Reserves Report.
In addition, the Mechanical Update indicated total company gross proved plus probable reserves at the Company’s McTaggart, SK property of 142.9 Mbbl oil with an estimated undiscounted NPV of $7,193,700 which is a $2,262,000 (45.87%) increase compared to the Reserves Report.
Andrew H. Rees, president of WellStar, commented:
The Company is very pleased that the acquisition of our JV partner’s interest in our flagship McTaggart, SK project, resulted in the dramatic increase in reserve values as demonstrated by the Mechanical Update of our NI51-101 Reserve Report. Management’s focus will now be on optimising production at McTaggart, building value for WellStar shareholders.
Click here to read the full WellStar Energy Corp. (TSXV:WSE) press release.
