Borie Field Acquisition Will Increase Reserves by 55%
Borie Field Acquisition Will Increase Reserves by 55%
Perth, Oct 23, 2017 AEST (ABN Newswire) - Incremental Oil and Gas Limited (ASX:IOG) (OTCMKTS:ICRMF) ("IOG" or "the Company") is pleased to report a 55% increase in proven (1P) certified reserves subject to completion of the acquisition of the Borie Oilfield in the prolific DJ Basin in Wyoming - announced on October 10, 2017.

Key Points

- Proven Certified Reserves to increase by 55% to 2.1 MBOE on close of Borie Field purchase

- Acquisition of Borie Oilfield will add 756 MBOE to 1P Reserves

- Development potential, three new proved undeveloped well locations

Borie Oilfield Reserves

Incremental's technical team have completed a full evaluation of historic data, and potential new well locations, which has resulted in reserves of 0.76 million barrels of oil for the Borie Field which have been independently certified. The proven producing reserves, and the PUD's (new well locations) substantiate the value of the acquisition and lift IOG's total 1P reserves (see Note 1 below) to 2.1 million BOE are shown below.
 
-----------------------------------------------------------------------
1P Reserve Category       Existing Fields     Borie Oilfield     TOTAL 
(MBOE-see Note 2 below) (see Note 3 below)  (see Note 4 below)  

Proved Developed 
Producing (PDP)              1,159                 284           1,443

Proved Developed 
Not Producing (PDNP)           225                 Nil             225 

Proved Undeveloped (PUD)       Nil                 472             472 
----------------------------------------------------------------------- 
Total 1P Reserves (MBOE)     1,384                 756           2,140 
-----------------------------------------------------------------------

Reserves from the Borie Field are 100% oil. This acquisition will rebalance the proportion of hydrocarbons within the Group from gas weighted to majority oil reserves which gives IOG greater leverage to crude prices.

Permitting of the new wells will commence this quarter.

Notes:

1 Reserves are shown as net of royalty and non-working interests;

2 MBOE - thousands of barrels of oil equivalent (Gas volume (MCF - thousands of cubic feet) is converted to BOE at a ratio of 6 MCF of gas per barrel of oil.)

3 Silvertip Field (Wyoming), Sheep Springs Field (California) and Round Mountain Field (California). Values are based on certified reserves as at December 31, 2016 (as reported in IOG's 2016 Annual Report dated April 2, 2017) less production between January 1, 2017 and September 30, 2017. The estimate of oil and gas reserves for the Silvertip, Sheep Springs and Round Mountain Fields were prepared for Incremental Oil and Gas by Mr. Kent Lina, Petroleum Engineer (License No. 60897). In relation to these reserves, the report has been prepared in accordance with the guidelines set forth in the SPE/WPC/AAPG/SPEE Petroleum Resource Management System (2007).

4 See Reserves Disclosure (see link below)

To view tables and Reserves Disclosure, please visit:
http://abnnewswire.net/lnk/61717T49


About EON NRG Ltd

EON NRG Ltd (ASX:E2E) is a USA onshore focused energy company. The Company is targeting high impact energy exploration projects in oil, gas, and or battery minerals, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow.

   


Contact

Australia -
Simon Adams, CFO & Company Secretary
Email: sadams@i-og.net
Phone: +61-8-6144-0590
Mobile: +61-439-845-435
Web site: www.eonnrg.com

USA -
John Whisler, Managing Director
Email: jwhisler@i-og.net
Phone: +1-720-763-3183

Twitter: @EonNRG



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