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Centaurus Energy Inc. (Formerly Madalena Energy Inc.) Announces 172% Growth in Proved and 178% Growth in Proved Plus Probable Reserves of Tight Oil
Buenos Aires, Argentina--(Newsfile Corp. - April 3, 2020) - Centaurus Energy Inc. (TSXV: CTA) ...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"Centaurus Energy Inc. (Formerly Madalena Energy Inc.) Announces 172% Growth in Proved and 178% Growth in Proved Plus Probable Reserves of Tight OilBuenos Aires, Argentina--(Newsfile Corp. - April 3, 2020) - Centaurus Energy Inc. (TSXV: CTA) (OTCQX: CTARF) (\"Centaurus\" or the \"Company\") is pleased to announce the results of its annual independent reserves assessment as at December 31, 2019.All dollar amounts are in United States dollars and all reserves and production volumes are on a working interest before royalties (\"WI\") basis and are expressed in barrels (\"bbl\") of oil equivalent (\"boe\"), unless otherwise indicated.Centaurus' Interim CEO David Tawil commented: \"In 2019, Centaurus grew its reserves across all reserves categories, largely thanks to a successful initial pilot development plan being put in place for the Vaca Muerta shale on the Coiron Amargo Sur Este (CASE) block. We are excited to have generated this substantial reserves growth with the activity levels the Company had in 2019, in advance of 2020, during which we expect to finalize the pilot development in CASE.\" 2019 Year-End Reserves Report: Discussion of ReservesCentaurus' year end 2019 reserves were evaluated by independent qualified reserves evaluators GLJ Petroleum Consultants Ltd. (\"GLJ\"). The evaluation of Centaurus' properties in Argentina was done in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The following tables summarize information contained in the independent reserves report prepared by GLJ with an effective date of December 31, 2019, dated January 24, 2020 (the \"GLJ 2019 Report\"), with comparatives to the independent reserves report prepared by GLJ with an effective date of December 31, 2018 (the \"GLJ 2018 Report\", and collectively with the GLJ 2019 Report and the GLJ 2018 Report, the \"GLJ Reports\"). Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which the Company expects to file on SEDAR by April 22, 2020. Consistent with the Company's reporting currency, all amounts are in United States dollars unless otherwise noted.The recovery and reserve estimates provided in this news release are estimates only, a...