Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Pat Romanski, Elizabeth White, Wade Williamson, Lori MacVittie

News Feed Item

Perisson Announces New Oil Resources Evaluation on Its VMM-17 Oil Property in Colombia

MONTREAL, QUEBEC -- (Marketwired) -- 02/10/14 -- Perisson Petroleum Corporation (CSE: POG) ("Perisson" or the "Corporation") is pleased to announce that as part of its continuous revision of historical technical data on its VMM-17 oil property located in the Middle Magdalena Basin, in the Province of Tolima, central Colombia, the VMM-17 project is now estimated to contain 32 million barrels of contingent resources, and 350 million barrels of unrisked prospective resources. This latest review was completed by Netherlands, Sewell & Associates, Inc. ("NSAI") of Dallas, Texas, an independent qualified reserves evaluator.

The 51-101 Report filed in 2012 (the "2012 Report") by a Qualified Reserves Evaluator, other than NSAI, allocated 3 million barrels of contingent resources and 109 million barrels of unrisked prospective resources to the VMM-17 property.

This updated Resources Report from NSAI was produced with the support of Perisson technical staff, in parallel with an effort to optimize the location of its upcoming three exploratory wells. NSAI were the consultants originally engaged in 2010 by Morichal Sinoco, S.A., ("MSSA"- Perisson's 100% Colombian subsidiary) to interpret all existing 2D seismic data and geophysical well logs.

The 2013 re-evaluation of the data in the 2012 Resources Report led NSAI to confirm an increase in contingent resources (where applicable) and unrisked prospective resources on three VMM-17 prospects, known as Mendez, Yaguali Updip and Yaguali West. A fourth prospect, Lumbi, was allocated new Contingent Resources and Unrisked Prospective Resources.

NSAI had performed the initial porosity and oil saturation calculations for all prospects, in 2010. These values were the foundation for all subsequent Resource Evaluation work, and are unchanged. The key technical difference in the 2013 update is that NSAI's interpretation of VMM-17 reservoirs allocates somewhat greater reservoir thickness and areal extent, compared to the 2012 estimates.

The following table provides a summary of the evaluation report resources.

SUMMARY RESOURCE TABLE

As of Fall 2013


                                             Estimated         Estimated
                                             Current           Previous
                                             Volume            Volume(1)
Classification                               (NSAI)            (other)

---------------------------------------------------------------------------

Contingent Resources (2C)                    32 MMbbl          3 MMbbl

Unrisked Prospective Resources
(Best Estimate)                               350 MMbbl        109 MMbbl
---------------------------------------------------------------------------
Notes:
None of the resources described above are considered proven reserves.
There is no certainty that it will be commercially viable to produce any
portion of above-mentioned contingent resources.
There is no certainty that any portion of the above-mentioned unrisked
prospective resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of
these resources.
(1) 2012 SEDAR-filed 51-101 Report

Duncan MacKenzie, geo, (QC) P. Geol. (AB), Perisson's Geologist, states: "We are very comfortable with NSAI's contingent and unrisked prospective resources".

The resource evaluation were carried out in compliance with National Instrument 51-101 and standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society).

This press release was reviewed by NSAI and Duncan MacKenzie who are Qualified Persons in compliance with National Instrument 51-101.

About Perisson Petroleum Corporation

Perisson Petroleum Corporation is an oil and gas exploration company listed on the Canadian Securities Exchange ("CSE" formerly known as "CNSX"). The Corporation, through its wholly-owned subsidiaries, Igual Holdings Corp. and Morichal Sinoco, S.A., holds an exploration license on its 100% undivided property interest in the VMM- 17 oil block project. This license covers 39,927 hectares located in the Middle Magdalena Basin in the Province of Tolima, in central Colombia.

The Corporation's objectives are the exploration and marketing of hydrocarbon resources including the production conditioning processing refining transport and commercialization of petroleum natural gas liquefied natural gas and petroleum-derived products.

Neither the Canadian Securities Exchange ("CSE") nor its regulation services provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS:

Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement. The Corporation expressly disclaims any intention or obligation to update or revise any forward looking statements whether as a Result of new information, future events or otherwise, except as required by applicable law.

Contacts:
Investor relations
Mr. Dominique St-Louis
CFO
514-573-9066
[email protected]

Mr. Mario Drolet
President, MI3 Communications
514-904-1333
[email protected]

Chien-Yeh (Gary) Chen
Chairman of the Board and CEO
514-552-1616
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable clou...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
With the arrival of the Big Data revolution, a data professional is expected to master a broad spectrum of complex domains including data processing, mathematics, programming languages, machine learning techniques, and business knowledge. While this mastery is undoubtedly important, this narrow focus on tool usage has divorced many from the imagination required to solve real-world problems. As the demand for analysis increases, the data science community must transform from tool experts to "data...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the dat...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
SYS-CON Events announced today that Emcien will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Emcien’s vision is to let anyone use data to know the future. Emcien has built an automated, predictive analysis product that improves the lives of real people. Emcien allows people to automate their data analysis so they can build a better future.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...