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Perisson Petroleum Corporation, as part of its continuous revision of historical technical data on its VMM-17 oil property located in the Middle Magdalena Basin, in the Province of Tolima, central Colombia, has reported that the VMM-17 project is now estimated to contain 32 million barrels of contingent resources, and 350 million barrels of unrisked prospective resources.
This latest review was completed by Netherlands, Sewell & Associates, Inc. of Dallas, Texas, an independent qualified reserves evaluator.
The 51-101 Report filed in 2012 by a Qualified Reserves Evaluator, other than NSAI, allocated 3 million barrels of contingent resources and 109 million barrels of unrisked prospective resources to the VMM-17 property.
This updated Resources Report from NSAI was produced with the support of Perisson technical staff, in parallel with an effort to optimize the location of its upcoming three exploratory wells. NSAI were the consultants originally engaged in 2010 by Morichal Sinoco, S.A., ("MSSA"- Perisson's 100% Colombian subsidiary) to interpret all existing 2D seismic data and geophysical well logs.
The 2013 re-evaluation of the data in the 2012 Resources Report led NSAI to confirm an increase in contingent resources (where applicable) and unrisked prospective resources on three VMM-17 prospects, known as Mendez, Yaguali Updip and Yaguali West. A fourth prospect, Lumbi, was allocated new Contingent Resources and Unrisked Prospective Resources.
NSAI had performed the initial porosity and oil saturation calculations for all prospects, in 2010. These values were the foundation for all subsequent Resource Evaluation work, and are unchanged. The key technical difference in the 2013 update is that NSAI's interpretation of VMM-17 reservoirs allocates somewhat greater reservoir thickness and areal extent, compared to the 2012 estimates.