May 10, 2010 (Filing Services Canada) -- McLaren Resources Inc. (MCL - CNSX, 3ML - FWB),("McLaren" / the "Company") is pleased to release the results of a resource evaluation of Exploration Licence 1070, Offshore West Coast, Newfoundland, carried out by AJM Petroleum Consultants ("AJM") in Calgary. The report was commissioned by McLaren Resources, Canadian Imperial Venture Corp. and Shoal Point Energy Limited (see McLaren farm in terms released on December 4, 2009 and February 11, 2010) for corporate planning purposes and for corporate reporting pursuant to Part 5 Section 5.9 of Natural Instrument 51-101. The full report will be posted on the Company's website (www.mclarenresources.com) and SEDAR filed.
The report documents the results of AJM's independent evaluation, with the following table summarizing the Unrisked Estimates for oil within the Cow Head Group/Green Point shale horizon, within Exploration Licence 1070:
Cow Head Group - Green Point shale
"I am delighted with the findings of this report," said Ivan Buzbuzian, President and CEO of McLaren. "The estimate is a large discovered of oil-in-place resource in the multi-billion barrel range and we believe that continued exploration and delineation of the deposit, as well as the advancement of technology for its recovery may establish a significant and valuable oil resource."
Low* Best* High*
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Area acres 35,000 54,544 85,000
Gross Thickness feet 262.4 745.1 2,115.6
metres 80.0 227.2 645.0
Net to Gross Ratio fraction 0.3 0.4 0.5
Porosity fraction 0.04 0.05 0.08
Hydrocarbon
Saturation fraction 0.20 0.32 0.50
Shrinkage fraction 0.70 0.79 0.90
Recovery Factor fraction 0.03 0.04 0.06
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Discovered Oil
Initially-In-Place* Billions of Barrels Oil 0.464858 1.555937 5.207916
Contingent Resource* Millions of Barrels Oil 18.534 63.202 215.522
AJM is independent of the commissioning companies (the "Companies"), as provided in the standards pertaining to the estimating and auditing of oil and gas resource information included in the Canadian Oil and Gas Evaluation Handbook set out by the Society of Petroleum Evaluation Engineers and the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
In the course of the evaluation, the Companies provided AJM with basic information which included ownership and well information, reservoir and geologic studies, budget forecasts, and historical well cost data. Other engineering, geological or economic data required to conduct the evaluation and upon which the report is based were obtained from public records, other operators and from AJM non-confidential files.
In presenting this estimate, the consultants note that the accuracy of any resource estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While the resource estimates presented herein are considered reasonable and adhere to the COGE Handbook and NI 51-101 (as applicable), the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. There is no certainty that it will be commercially viable to produce any portion of the resources.
McLaren Resources Inc. is an independent Canadian-based energy company with interests in petroleum exploration and development in two politically stable regions, an exciting new Canadian shale oil play in Western Newfoundland, and conventional gas fields in the Dutch sector of the North Sea.
McLAREN RESOURCES INC.
By: "Ivan Buzbuzian"
Ivan Buzbuzian
President and CEO
Contact Information:
McLaren Resources Inc.
65 Queen Street West, Suite 500
Toronto ON, M5H 2M5
Tel.: 416-637-1063 / Fax: 416-368-1539
E-mail: ibuzbuzian@mclarenresources.com
website: www.mclarenresources.com
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*Discovered Petroleum Initially-In-Place (equivalent to discovered resources) is defined as that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production.
*Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology, or technology under development, but which are not currently considered to be commercially recoverable.
*The resource numbers are categorized as "Low", "Best" and "High" high estimates, which are the result of probability Analysis to capture the uncertainty inherent in reservoir parameters. In the case of Low Estimate, these should be at least a 90% probability (P90) that the qualities actually recovered will equal or exceed the estimate. In the Best Estimate, there should be at least a 50% probability (P50) that the qualities actually recovered will equal or exceed the estimate. Similarly, in the case of the High Estimate, there should be at least
a 10% probability (P10) that the qualities actually recovered will equal or exceed the estimate. As defined by the Canadian Oil and Gas Evaluation Handbook, the P50 estimate is the "best estimate" for reporting purposes.
Caution:
AJM cautions that this report contains forward looking statements including expectations of future capital expenditures. Information concerning resources may also be forward looking, as estimates imply that the resources described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resources estimates; the uncertainty of estimates and projections relating to costs and expenses, political and environmental factors) and commodity price and exchange rate fluctuation.
Recommendation:
For greater understanding, it is recommended that the AJM report be read in its entirety. As stated above it may be accessed on the Company website (www.mclarenresources.com).
This release includes certain forward looking statements which reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation.
For more information visit our web site at www.mclarenresources.com or contact Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-637-2147 x 4850.
McLAREN RESOURCES INC.
65 Queen Street West, Suite 500
Toronto ON, M5H 2M5
Tel.: 416-637-1063 / Fax: 416-368-1539
E-mail: ibuzbuzian@mclarenresources.com
The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.
McLaren Resources Inc.(MCL - CNSX) www.mclarenresources.com
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