Feb. 17, 2011 (Canada NewsWire Group) --
CALGARY, Feb. 17 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that its oil and gas evaluation by the Company's independent engineering firm, Sproule Associates Limited for the year ended December 31, 2010, conducted pursuant to National Instrument 51-101 standards of disclosure for oil and gas activities and the Canadian Oil and Gas Evaluation Handbook (COGEH) reserve definitions has increased by 90% over last years' reported numbers. The current NPV @ 10% evaluation for the year end December 31, 2010 is at $11,975,000 or a 90% increase over the December 31, 2009 value of $ 6,295,000. Gross Company P+P reserves have been increased by 88% to 739,800 barrels of oil from 393,600 barrels as reported last year. This increase (346,200 barrels) represents a replacement of 14.96 years of 2010's total production.
The Company also reports that it has been actively involved in an extensive re-evaluation and optimization of its 100% controlled oil properties at Tomahawk and Carrot Creek, Alberta. PanTerra's new focus on oil exploitation includes immediate well re-activations, re-entries and water-flood development at its Carrot Creek property. At Tomahawk, development wells are planned for 2011 plus the Company is currently in the process of licensing a step-out well which it hopes to commence drilling prior to spring break-up.
PanTerra is a diversified junior public oil and gas company listed on the TSXV (PRC.V) with holdings in both conventional and unconventional projects in Western Canada. The Company has an operated production base of 75 BOPD and 200 Mcf/d gas with excellent optimization and exploitation potential. Additionally PanTerra holds 'rights' in excess of 100,000 acres in various properties in Western Canada. PanTerra trades on the TSX Venture Exchange under the symbol "PRC". Company information can be found at: www.panterraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|Fred P. Rumak P.Geol.||Jake Pronk P. Geol|
|President and C.E.O.||V.P. Exploration|
|Email: firstname.lastname@example.org||Email: email@example.com|