Welcome!

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
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
They say multi-cloud is coming, but organizations are leveraging multiple clouds already. According to a study by 451 Research, only 21% of organizations were using a single cloud. If you've found yourself unprepared for the barrage of cloud services introduced in your organization, you will need to change your approach to engaging with the business and engaging with vendors. Look at technologies that are on the way and work with the internal players involved to have a plan in place when the ine...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...