ShaMaran Announces an Increase in Contingent Resources
VANCOUVER, BRITISH COLUMBIA, Feb 04, 2013 (Menafn - MARKETWIRE via COMTEX) --ShaMaran Petroleum Corp. (omx:SNM) ("ShaMaran"or the "Company") is pleased to provide an update of estimatedcontingent and prospective resources for the Atrush block provided bythird party auditors McDaniel & Associates ("McDaniel") prepared asat December 31, 2012 in accordance with standards set out in theCanadian National Instrument NI 51-101 and Canadian Oil and GasEvaluation Handbook (COGEH).
McDaniel estimates have taken into account the results of theAtrush-2 well (including the additional discovery in the Butmahformation) and remapping based on the recently acquired 3D seismic.The Triassic Kurra Chine C is a new Prospective Resource for 2012based on 3D seismic and reported results from nearby wells.
PROPERTY GROSS ESTIMATED CONTINGENT RESOURCES - ATRUSH JURASSIC OIL
DISCOVERY(i)
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
(i) Barsarin, Sargelu, Alan, Mus, Adaiyah & Butmah formations
LowBestMeanHigh
Estimate (1C)Estimate (2C)EstimateEstimate (3C)
----------------------------------------------------------
Crude Oil (Mbbl)392,561608,222647,854950,444
Natural Gas (MMcf)72,132114,647124,076186,907
Total (Mboe)404,583627,330668,534981,595
(1) There is no certainty that it will be commercially viable or technically
feasible to produce any portion of the resources.
(2) These are unrisked contingent resources that do not take into account
the chance of commerciality.
(3) Total based upon the probabilistic aggregation of pools within the
field.
(4) 6 Mcf is equivalent to 1 BOE.
PROPERTY GROSS ESTIMATED PROSPECTIVE RESOURCES - ATRUSH BLOCK(i)
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
(i) Cretaceous (Garagu & Chia Gara formations), Triassic (Kurra Chine C
formation)
UnriskedUnriskedUnriskedUnriskedRisked
LowBestMeanHighMean
EstimateEstimateEstimateEstimateEstimate
----------------------------------------------------------
Crude Oil (Mbbl)29,89660,21369,936121,35714,480
Natural Gas (MMcf)65,567213,220309,405672,25342,039
Condensate (Mbbl)4,26526,67746,332111,2286,227
Total (Mboe)40,82495,750121,504233,40021,486
(1) There is no certainty that any portion of the prospective resources will
be discovered. If discovered, there is no certainty that it will be
commercially viable or technically feasible to produce any portion of the
resources.
(2) These are partially risked prospective resources that have been risked
for chance of discovery, but have not been risked for chance of
development.
(3) Total based on the probabilistic aggregation of undiscovered pools
within the field/prospect.
(4) 6 Mcf is equivalent to 1 BOE.
Pradeep Kabra, President and CEO of ShaMaran commented, "We are pleasedwith the significant increase in the contingent resources in theAtrush field following the success of the Atrush-2 well in 2012 andwill continue to focus on the appraisal and development of the AtrushField."
In summary, the changes in gross Contingent resources for the Atrushfield by category between 2011 and 2012 are (MMBOE):
Low estimateBest estimateHigh estimate
1C2C3CMean
2011275.6465.6813.0512.7
2012404.6627.3981.6668.5
% change46%35%21%30%
The Atrush Block (subject to the Kurdistan Regional Government's 25%carried option) is operated by the Abu Dhabi National Energy CompanyPJSC ("TAQA") which holds a 53.2% working interest. ShaMaranPetroleum Corp., through its wholly owned subsidiary GeneralExploration Partners Inc. ("GEP") holds a 26.8% working interest.Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon OilCorporation MRO, holds a 20% interest in the block. Atrushresource estimates presented represent solely the view of GEP and itsexperts.
About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development andexploration vehicle with a working interest in the Atrush oildiscovery currently undergoing appraisal and development.
ShaMaran Petroleum is a Canadian oil and gas company listed on theTSX Venture Exchange under the symbol "SNM" as well as NASDAQ OMXFirst North under the symbol "SNM".
On behalf of the Board,
Pradeep Kabra, President and CEO
This press release contains statements about expected or anticipatedfuture events and financial results that are forward-looking innature and, as a result, are subject to certain risks anduncertainties, such as legal and political risk, civil unrest,general economic, market and business conditions, the regulatoryprocess and actions, technical issues, new legislation, competitiveand general economic factors and conditions, the uncertaintiesresulting from potential delays or changes in plans, the occurrenceof unexpected events and management's capacity to execute andimplement its future plans. Actual results may differ materially fromthose projected by management. Further, any forward-lookinginformation is made only as of a certain date and the Companyundertakes no obligation to update any forward-looking information orstatements to reflect events or circumstances after the date on whichsuch statement is made or reflect the occurrence of unanticipatedevents, except as may be required by applicable securities laws. Newfactors emerge from time to time, and it is not possible formanagement of the Company to predict all of these factors and toassess in advance the impact of each such factor on the Company'sbusiness or the extent to which any factor, or combination offactors, may cause actual results to differ materially from thosecontained in any forward-looking information.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North isPareto Ohman AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
khill@namdo.com
ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
pradeep.kabra@shamaranpetroleum.com
ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
sophias@namdo.com
www.shamaranpetroleum.com
SOURCE: ShaMaran Petroleum Corp.
mailto:khill@namdo.com
mailto:pradeep.kabra@shamaranpetroleum.com
mailto:sophias@namdo.com
http://www.shamaranpetroleum.com
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