SHAMARAN ANNOUNCES AN INCREASE IN CONTINGENT RESOURCES
2/4/2013 2:00 AM EST
ShaMaran Petroleum Corp
Company Announcement
SHAMARAN ANNOUNCES AN INCREASE IN CONTINGENT RESOURCES
February 4, 2013 (TSXV-SNM, NASDAQ OMX First North-SNM)… ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") is pleased to provide an update of
estimated contingent and prospective resources for the Atrush block provided by
third party auditors McDaniel & Associates (“McDaniel”) prepared as at December
31, 2012 in accordance with standards set out in the Canadian National
Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).
McDaniel estimates have taken into account the results of the Atrush-2 well
(including the additional discovery in the Butmah formation) and remapping
based on the recently acquired 3D seismic. The Triassic Kurra Chine C is a new
Prospective Resource for 2012 based on 3D seismic and reported results from
nearby wells.
PROPERTY GROSS ESTIMATED CONTINGENT RESOURCES – ATRUSH JURASSIC OIL DISCOVERY*
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
* Barsarin, Sargelu, Alan, Mus, Adaiyah & Butmah formations
Low Estimate Best Estimate Mean Estimate High Estimate
(1C) (2C) (3C)
--------------------------------------------------------------
Crude Oil (Mbbl) 392,561 608,222 647,854 950,444
Natural Gas 72,132 114,647 124,076 186,907
(MMcf)
Total (Mboe) 404,583 627,330 668,534 981,595
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*
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
* Cretaceous (Garagu & Chia Gara formations), Triassic (Kurra Chine C formation)
Unrisked Low Unrisked Best Unrisked Unrisked High Risked Mean
Estimate Estimate Mean Estimate Estimate
Estimate
--------------------------------------------------------------------
Crude Oil 29,896 60,213 69,936 121,357 14,480
(Mbbl)
Natural Gas 65,567 213,220 309,405 672,253 42,039
(MMcf)
Condensate 4,265 26,677 46,332 111,228 6,227
(Mbbl)
Total 40,824 95,750 121,504 233,400 21,486
(Mboe)
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 pleased with
the significant increase in the contingent resources in the Atrush field
following the success of the Atrush-2 well in 2012 and will continue to focus
on the appraisal and development of the Atrush Field.”
In summary, the changes in gross Contingent resources for the Atrush field by
category between 2011 and 2012 are (MMBOE):
Low estimate Best estimate High estimate
1C 2C 3C
Mean
2011 275.6 465.6 813.0
512.7
2012 404.6 627.3 981.6
668.5
% change +46% +35% +21%
+30%
The Atrush Block (subject to the Kurdistan Regional Government’s 25% carried
option) is operated by the Abu Dhabi National Energy Company PJSC ("TAQA")
which holds a 53.2% working interest. ShaMaran Petroleum Corp, through its
wholly owned subsidiary General Exploration Partners Inc.( “GEP”) holds a 26.8%
working interest. Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon
Oil Corporation (NYSE: MRO), holds a 20% interest in the block. Atrush resource
estimates presented represent solely the view of GEP and its experts.
About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration
vehicle with a working interest in the Atrush oil discovery currently
undergoing appraisal and development.
ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture
Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the
symbol "SNM".
On behalf of the Board,
Pradeep Kabra,
President and CEO
This press release contains statements about expected or anticipated future
events and financial results that are forward-looking in nature and, as a
result, are subject to certain risks and uncertainties, such as legal and
political risk, civil unrest, general economic, market and business conditions,
the regulatory process and actions, technical issues, new legislation,
competitive and general economic factors and conditions, the uncertainties
resulting from potential delays or changes in plans, the occurrence of
unexpected events and management’s capacity to execute and implement its future
plans. Actual results may differ materially from those projected by management.
Further, any forward-looking information is made only as of a certain date and
the Company undertakes no obligation to update any forward-looking information
or statements to reflect events or circumstances after the date on which such
statement is made or reflect the occurrence of unanticipated events, except as
may be required by applicable securities laws. New factors emerge from time to
time, and it is not possible for management of the Company to predict all of
these factors and to assess in advance the impact of each such factor on the
Company’s business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in
any forward-looking information.
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.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is Pareto
Öhman AB.
FOR FURTHER INFORMATION PLEASE CONTACT:
ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
or
ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
or
ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.shamaranpetroleum.com