News

Oryx Petroleum Announces its Year End 2014 Reserves and Resources

19 February 2015

Calgary, Alberta, February 19, 2015

27% Increase in Proved Plus Probable Oil Reserves and a 41% Increase in Related After-Tax Net Present Value(1) of Future Net Revenues versus December 31, 2013

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announced its reserves and resources as at December 31, 2014 as evaluated by Netherland, Sewell & Associates, Inc. (“NSAI”), an independent oil and gas consulting firm, and as set forth in a report prepared in accordance with National Instrument 51-101 by NSAI dated February 16, 2015 (the “2014 NSAI Report”). The reserves and resources disclosure coincides with the filing on SEDAR at www.sedar.com of a material change report (the “Material Change Report”), which includes additional information derived from the 2014 NSAI Report.

Highlights of the report for Oryx Petroleum’s gross (working interest) reserves and resources volumes, and future net revenue related to reserves and contingent resources in the Hawler license area, as compared to estimates prepared by NSAI as at December 31, 2013 (the “2013 NSAI Report”) include:

• 27% increase in proved plus probable oil reserves to 271 million barrels (“MMbbl”), including:
  - addition of first reserves at the Banan field in the Hawler license area
  - 59% increase at the Zey Gawra field in the Hawler license area
  - 20% decrease at the Demir Dagh field in the Hawler license area
  - higher percentage of lighter gravity crude oil
• 41% increase in the after-tax net present value of future net revenue related to proved plus probable oil reserves to USD $1.8 billion 
• 16% decrease in best estimate (2C) contingent oil resources to 188 MMbbl, including:
  - 98% increase at the Ain Al Safra field in the Hawler license area
  - 90% increase at the Banan field in the Hawler license area
  - 41% decrease at the Demir Dagh field in the Hawler license area
• Unrisked best estimate prospective oil resources of 929 million barrels versus 1,167 million barrels at December 31, 2013, reflecting:
  - category changes and adjustments in the Hawler license area
  - adjustments in the AGC Shallow and Haute Mer A license areas

(1) This estimated value is calculated using a 10% discount rate and valid as at December 31, 2014. Estimated value of future net revenue does not represent fair market value. 

CEO’s Comment

Commenting today, Oryx Petroleum’s Chief Executive Officer, Michael Ebsary, stated:

“We are very pleased to report that our 2014 drilling program continued our successful conversion of prospective and contingent resources into reserves. The drilling of nine wells during the year has provided us with a higher degree of certainty and confidence in our reserves and resources base. The sizeable reserves increase also reveals that we now have three fields in Hawler each with booked gross (100%) proved and probable reserves approximating or exceeding 100 million barrels. Our Hawler development will combine all three fields within a phased approach to support our continued production growth for many years to come.”