|By Marketwired .||
|February 10, 2014 08:00 AM EST||
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.
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.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 30, 2015 10:00 PM EDT Reads: 342
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 30, 2015 06:45 PM EDT Reads: 367
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 30, 2015 05:00 PM EDT Reads: 131
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 30, 2015 05:00 PM EDT Reads: 461
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 30, 2015 04:00 PM EDT Reads: 149
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 30, 2015 01:30 PM EDT Reads: 216
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 30, 2015 01:30 PM EDT Reads: 185
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 30, 2015 01:00 PM EDT Reads: 281
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 30, 2015 12:00 PM EDT Reads: 265
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 30, 2015 11:00 AM EDT Reads: 170
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 30, 2015 10:30 AM EDT Reads: 433
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 30, 2015 10:30 AM EDT Reads: 873
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Aug. 30, 2015 10:15 AM EDT Reads: 224
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 30, 2015 10:00 AM EDT Reads: 338
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 30, 2015 10:00 AM EDT Reads: 232