BUDAPEST, Hungary, June 17 /CNW/ -- Falcon Oil and Gas
Ltd., (TSXV: FO) announced today that it has received a new independent
assessment of the potential resource of the Mako Trough Pannonian Basin Gas
Accumulation, Falcon's deep gas exploration project in southeastern Hungary.
The Scotia Group, Inc. of Dallas, Texas, was commissioned by Falcon to
independently assess and evaluate the potential resource of the Mako Trough
Pannonian Basin Gas Accumulation using all available historic data and the
latest new information. The Scotia Group assessment provides its estimation of
the possible range of hydrocarbon volume that theoretically may be produced.
"BCGAs [Basin Centered Gas Accumulations] are being successfully developed in
the United States and knowledge of these reservoir systems is a key part of
assessing the Mako Trough resource," The Scotia Group reported in its letter
to Falcon, a copy of which will be available on http://www.sedar.com and on
Falcon's Web site. "This analysis focused on the deep BCGA, and does not
address any oil or gas resources that may occur in associated conventional or
unconventional reservoirs outside of the BCGA," the letter stated. The Scotia
Group assessment of the potential resource of the Mako Trough Pannonian Basin
Gas Accumulation describes technically recoverable resources and does not
represent an estimate of reserves.
Based on all available data, The Scotia Group has assigned the following
probabilistic estimation of technically recoverable resources to the Falcon
interests in the Mako Trough Pannonian Basin Gas Accumulation, measured in
trillions of cubic feet (Tcf):
Probability
Probability Greater Than P90 (90%) P50 (50%) P10 (10%)
Technically Recoverable Resource 18.0 Tcf 45.2 Tcf 96.3 Tcf
"The Scotia Group is a highly respected international oil and gas advisory
service organization that has significant expertise and experience in
evaluating unconventional gas resources throughout the world, including recent
studies assessing unconventional gas resources for a major, multi-national
exploration and production company," said Marc A. Bruner, Chairman and CEO of
Falcon Oil & Gas, Ltd. "We are pleased to have their expert assessment of the
potential resource in the Mako Trough BCGA."
About The Scotia Group
Founded in 1981, The Scotia Group is an independent firm providing
advisory services to the oil and gas industry. The firm specializes in
technical and economic analysis of projects, properties and companies,
providing clients with traditional consulting services and strategic advice.
The Scotia Group has offices in Dallas, Houston, and Reynosa, Mexico, and
maintains professional associations with a number of respected domestic and
international firms. The Scotia Group's clients include banks, financial
institutions, the legal community, government agencies, and major and
independent international energy organizations including ChevronTexaco,
EnCana, Petrobras, Repsol Exploration, Qatar Petroleum, Woodside Petroleum and
the U.S. Department of Energy.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the
business of oil and gas exploration and production. It has operations in
Hungary through its wholly-owned subsidiary TXM Oil and Gas Exploration, and
in Romania through its wholly-owned subsidiary JVX Energy Corporation. Further
information about Falcon is available at http://www.falconoilandgas.com.
Contacts: Falcon Oil & Gas Ltd.
Marc A. Bruner, President, Chairman & CEO
Michael K. Lam, Corporate Development
(416) 303-8810
United States - CTA Public Relations
Bevo Beaven Vice President/General Manager
(303) 665-4200
Canada - Brisco Capital Partners Corp.
Graeme Dick
(403) 215-5979
United Kingdom - 4C Burvale
Carina Corbett, Director
020-7907 4760 / 4761
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
