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Red Rock Energy Inc. Obtains a Reserve Estimate for the Caribou Property in NE British Columbia
(via Thenewswire.ca) Calgary, Alberta, October 24, 2011: Red Rock Energy Inc. (RRK-TSX-V) ("R...
About this update from New Stratus Energy Inc
[{"type":"text","content":"\nRed Rock Energy Inc. Obtains a Reserve Estimate for the Caribou Property in NE British Columbia\n\n(via Thenewswire.ca)\n\n \nCalgary, Alberta, October 24, 2011: Red Rock Energy Inc. (RRK-TSX-V) (\"Red Rock\" or the \"Company\") is pleased to provide a summary of the independent evaluation and estimates of the Company's proved and probable reserves for its Caribou, British Columbia, properties.\n\n\n \nRed Rock has received an independent reserve and economic evaluation report on the Caribou properties as prepared by Chapman Petroleum Engineering Ltd. pursuant to National Instrument 51-101(the \"Report\"). Dated October 17, 2011 and with an effective date of September 1, 2011, the key conclusions of the Report are summarized in table format below, and include a combined estimate of gross reserves of 126 MSTB on a combined proved developed, proved non-producing and probable basis. The tables presented illustrate a before tax discounted net present value which due to Red Rock's existing tax pool (approx $6.6 million) is also equivalent to an after tax net present value.\n\n\n \nRed Rock has a 100% working interest in 1,398 acres in the Caribou Property. The Company has planned a three well workover program for the 2012 winter season and pending results of the program, Red Rock anticipates production in the spring of 2012 from the two wells evaluated in the report and a third well not included in the report. Red Rock has additionally secured interests in 11 sections in the region utilizing the same geological model and evaluation tools.\n\n\n \nIn discussing the Report, Sandy Loutitt, President of Red Rock, noted: \"From its inception, our new oil and gas technical team has focussed its attention on the unexploited potential in this region. The receipt of this Report represents a confirmation of the validity of the team's theories and value added potential\".\n\n\n \n\n-----------------------------------------------------------------\n|Summary of Oil and Gas Reserves | |\n|as of September 1, 2011 | |\n|---------------------------------------------------------------|\n|Forecast Prices and Costs (CDN$) | |\n|---------------------------------------------------------------|\n|  |Light |Heavy Oil |Sales | |\n| |and | |Gas | |\n| |Medium | |and | |\n| |Oil | |Natural | |\n| | | |Gas | |\n| | | |Liquids | |\n|-------...