Invicta reports 78% increase in oil reserves in 2012
Tuesday, Feb 12, 2013
CALGARY, Feb. 11, 2013 /CNW/ - Invicta Energy Corp ("Invicta" or the "Company") (TSXV:VCA) is pleased to announce the results of its independent reserve evaluation prepared by Fekete Associates Inc. ("Fekete") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and dated effective December 31, 2012, evaluating the Company's crude oil, natural gas liquids and natural gas reserves (the "Report"). The Report is primarily based on 34 gross (20 net) producing light oil wells at Kindersley, Saskatchewan and 92 gross (50 net) proved undeveloped Kindersley
locations. Invicta has drilled 7 gross (3.6 net) of the proved undeveloped locations so far in 2013.
The following tables provide summary information presented in the Report
effective December 31, 2012. The Report evaluated the oil, NGL and natural gas reserves attributable to the Company's crude oil, natural gas liquids and natural gas reserves effective December 31, 2012. Detailed reserve information will be presented in the Statement of Reserves Data and Other Oil and Gas Information section of the Company's Annual Information Form scheduled to be filed on SEDAR on or before April 15, 2013. Also due to rounding, certain columns may not add exactly.
The net present value of future net revenue attributable to reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures and well abandonment costs for only those wells assigned reserves by Fekete. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to reserves estimated by Fekete represent the fair market value of those
reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of oil, NGL and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein.
SOURCE Invicta Energy Corp.
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