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Falcon Oil & Gas Receives Independent Resource Assessment from The Scotia Group for Its Mako Trough Deep Gas Project in Hungary
Falcon Oil & Gas Receives Independent Resource Assessment from The Scotia Group for Its Mako Trough Deep Gas Project in Hungary.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n\nBUDAPEST, Hungary, Sept. 25 /CNW/ -- Falcon Oil and Gas Ltd. (TSXV: FO)\nannounced today that it has received a new independent report (the \"Scotia\nReport\") disclosing a resource estimate of the Mako Trough Pannonian Basin Gas\nAccumulation (the \"Mako Trough\"), Falcon's deep gas exploration project in\nsoutheastern Hungary.\nThe Scotia Report is compliant with National Instrument 51-101 \"Standards\nof Disclosure for Oil and Gas Activities\" (\"NI 51-101\").\n\nThe Scotia Group, Inc. (the \"Scotia Group\") of Dallas, Texas was\ncommissioned by Falcon to independently describe and quantify the resource of\nthe Mako Trough using all data available as of an effective date of August 15,\n2006. The Scotia Group report is limited to an estimation of the possible\nrange of hydrocarbon volume that theoretically may be produced and does not\ninclude any economic modeling or valuation of the resources. The Scotia\nReport focuses on Basin Centered Gas Accumulation (\"BCGA\") unconventional\nresources, and does not address any oil or gas resources that may occur in\nassociated conventional or unconventional reservoirs outside of the BCGA. The\nScotia Report on the resource of the Mako Trough describes a probabilistic\ndistribution of the potentially recoverable portion of \"Contingent Resources\"\nas defined by the Canadian Oil and Gas Evaluation Handbook (COGEH) and does\nnot represent an estimate of reserves.\nBased on all available data, the Scotia Group has assigned the following\nprobabilistic estimation of potentially recoverable Contingent Resources to\nthe Falcon interests in the Szolnok formation, the Lower Endrod, the Basal\nConglomerate and the Synrift Sequence. The Scotia Report measures the Mako\nTrough in trillions of cubic feet (Tcf):\n\n\n\n>\n\n\"The Scotia Group is an international oil and gas advisory service\norganization that has significant expertise and experience in evaluating\nunconventional gas resources throughout the world, including recent studies\nassessing unconventional gas resources for a major, multi-national exploration\nand production company,\" said Marc A. Bruner, Chairman and CEO of Falcon Oil &\nGas Ltd. \"We are pleased to have their expert assessment of resources located\nin the Mako Trough.\" A copy of the Scotia Report is available at\nwww.sedar.com.\n\n>\nFounded in 1981, The S...