VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) - Further to the Tartaruga production test results, released on February 14, 2011, Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) provides the following report on production and reserves on the Tartaruga Block, Brazil. Petro Vista's right to a 37.5% working interest in the Tartaruga Block remains subject to approval from both the Agencia Nacional do Petroleo (ANP) and Petroleo Brasileiro S.A. - Petrobras, following the Company having completed its farm-in obligations.
Petro Vista is pleased to report initial gross daily production of 701 barrels of oil per day (bopd) (263 bopd (net)) of 41 degree API gravity oil from the Tartaruga well as at the end of March 2011.
Additionally, Petro Vista is pleased to release the results of an independent reserves and prospective resource evaluation on the Tartaruga Block, Brazil, entitled "Evaluation of the Interests of Petro Vista Energy Corp. in the SES-107D Block (Tartaruga Filed) in Sergipe-Alagoas Basin of Onshore Brazil" dated effective February 28, 2011 prepared by the firm of Petrotech Engineering Ltd. ("Petrotech"), in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and filed under the Company's profile at www.sedar.com. Following is a summary of Petrotech's reserve and prospective resource evaluation of the Tartaruga Block, effective February 28, 2011. All reserves and prospective resources presented are based on Petrotech's forecast pricing as at the effective date of the report.
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Light & Medium Oil |
|
NPV of Future Net Revenue Before Tax |
| |
|
(Thousand bbl) |
|
US$ thousand discounted at 1: |
| |
|
Gross |
Net |
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0% |
5% |
10% |
15% |
20% |
| Tartaruga (onshore Brazil)2: |
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Proved |
936 |
255 |
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20,934 |
18,798 |
17,085 |
15,686 |
14,524 |
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Proved and Probable |
2,630 |
716 |
|
53,395 |
46,102 |
40,371 |
35,780 |
32,034 |
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Proved and Probable and Possible 3 |
2,833 |
772 |
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56,938 |
49,249 |
43,175 |
38,290 |
34,295 |
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Unrisked Prospective Resource 4
Best Estimate |
1,380 |
376 |
|
25,059 |
21,061 |
17,939 |
15,453 |
13,436 |
| 1 |
All evaluations and reviews of future net cash flow are stated prior to any provision for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimated future net cash flow shown below is representative of the fair market value of the Company's properties. There is no assurance that such price and cost assumptions will be attained, and variances could be material. The recovery and reserve estimates of crude oil provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil reserves may be greater than or less than the estimates provided herein. The estimated values disclosed do not represent fair market value. |
| 2 |
Effective date: 28 February 2011 |
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| 3 |
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a less than 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. |
| 4 |
Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that they will be commercially viable to produce any portion of the resources. |
The Company previously had reported net proved and net proved and probable reserves of 223,000 and 413,000 barrels of oil respectively related to the Company's interest in the Morichito Block, Columbia. With the addition of the Tartaruga reserves detailed above, Petro Vista will have increased its proved reserves by 114% and its proved and probable reserves by 173%.
Petro Vista Chairman Keith Hill commented: "We are very pleased with the current rates of oil production from Tartaruga and the recognition of significant quantities of reserves and prospective resources on this Block. The Company will continue to expand its production and operating cash flow base with planned 2011 exploration and development activities on both the Morichito Block and the Tartaruga Block on completion of the assignment of its interest."
About Petro Vista Energy
Petro Vista Energy Corp. is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 721,375 acres gross (196,283 net) leasehold acres in Colombia and Brazil. The Company's website at www.pvecorp.com provides additional information about the Company's plans, including photographs and other information with respect to its operations and asset.
Definitions
Proved Reserves are those reserves that can be estimated with high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves.
Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves.
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates, assuming their discovery and development, and may be sub-classified based on project maturity.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Keith Hill, Chairman of the Board of Directors
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling, completion and production risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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. 
