MEDIA RELEASE PR38878
Ecosse Energy Announces Increase in Onshore Resources to 206 Million Barrels -
Company Files New 51-101 report for Bengkulu PSC Onshore Resources - Net Company
Value Increases by over 77%
CALGARY, Mar. 23/CNW-AsiaNet/ --
Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration
and production in Indonesia, today announced it has increased its onshore resources
estimate based on an independent evaluation by Chapman Petroleum Engineering Ltd of
Calgary of Onshore Prospective Resources for the Bengkulu PSC in South Sumatra
Indonesia.
"The independent evaluation carried out by Chapman Petroleum Engineering
increases our Best Estimate Ultimate Recoverable Oil In Place from 110 million
barrels to over 206 million barrels - a substantial increase of 87% from the
original figures when we listed on CNSX last year," said Alan Morrison,
President and CEO of Ecosse Energy Corp. "This increase has been due to two
new major Prospects N and O being identified onshore from the geological and
geophysical interpretation we performed in the last five months. The
undiscounted net present value based on the Best Estimate figures has also
increased by 77% from USD 311 million to USD 552 million."
"These figures are for the onshore portion of the Bengkulu PSC. An
independent evaluation report is currently being completed for the offshore
portion of the Bengkulu PSC and is due to be available shortly. We are working
towards maximising the potential of the Bengkulu PSC and are currently
negotiating to acquire majority interest in other PSC oil and gas blocks in
Indonesia," said Mr. Morrison.
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Bengkulu PSC - Gross Prospective Resources - Best Estimate
---------------------- ------------------------------------------------
Increase %age
Ultimate ROIP (MMSTB) Ultimate ROIP (MMSTB) in Ultimate Increase in
- Jul 2009 Evaluation - Feb 2010 Evaluation ROIP Ultimate
(MMSTB) ROIP
---------------------- --------------------
Lead K 56.708 Prospect K 57.200
---------------------- --------------------
Prospect L 31.420 Prospect L 32.175
---------------------- --------------------
Prospect M 22.345 Lead M 22.344
---------------------- --------------------
Prospect N 29.062
--------------------
Prospect O 65.315
---------------------- ------------------------------------------------
TOTAL 110.473 TOTAL 206.096 95.623 87%
---------------------- ------------------------------------------------
NET VALUE OF ONSHORE RESOURCES - MILLIONS of USD
-----------------------
Jul 2009 Feb 2010
Evaluation Evaluation
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%age
Prospects Prospects Increase Increase
L & M K, L, N in over Jul
and & O and Value of 2009 Eva-
Lead K Lead M Resources luation
-------------------------------------------------------------------------
Undiscounted 311.3 552.0 240.7 77%
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Discounted @ 5% / year 169.7 346.0 176.3 104%
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Discounted @ 10% / year 101.7 232.0 130.3 128%
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Discounted @ 15% / year 65.3 163.0 97.7 150%
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Discounted @ 20% / year 44.0 118.0 74.0 168%
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The Chapman Petroleum Engineering February 2010 Report for Evaluation of
Onshore Prospective Resources for the Bengkulu PSC can be viewed online at
sedar.com or on cnsx.ca
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business
Corporations Act and is a reporting issuer in the Provinces of Alberta,
British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Endeavour
Energy (Bengkulu) Pty Ltd. ("EEB") is a private Australian company, operating
in Jakarta, Indonesia. EEB owns a 100% working interest in the Bengkulu PSC
("Production Sharing Contract") in Sumatra, Indonesia which allows it the
rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu
PSC covers 4,101.92.94 km2 (1,013,602 acres) and consists of both onshore and
offshore portions. EEB is currently planning to drill 5 onshore exploration
wells in the Bengkulu PSC in 2010.
Further information concerning the Company can be found at www.sedar.com.
Neither the Canadian National Stock Exchange nor its regulation services
provider accepts responsibility for the adequacy or accuracy of this release.
The Chapman Report has been utilized predominantly for formulating and
supporting recommendations on the work plan on the project and the estimated
values disclosed do not necessarily represent the "fair market value" of these
prospective resources.
The Chapman Report evaluation has been conducted in accordance with
Canadian National Instrument (NI) 51-101, Sec 5.9, pertaining to prospective
resources, utilizing forecast prices and costs.
SOURCE: Ecosse Energy Corp
/CONTACT: Alan W Morrison,
President & CEO,
+1 (416) 815-8311,
Ecosse Energy Corp.,
E-mail: info@ecosseenergy.com/
(ECS.)
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