NEWS RELEASE
PETRORIO: UPDATE ON ACQUISITION OF THE BIJUPIRÁ
AND SALEMA OIL FIELDS AND FPSO FLUMINENSE
Rio de Janeiro, May 27, 2015 – PetroRio1
(or the “Company”) (BM&FBOVESPA: HRTP3,
TSX-V: HRP), announces the results of the geological report received from an external
consultant hired by PetroRio respecting the Bijupirá and Salema Fields. As previously
disclosed (by Material Fact dated February 13, 2015), the Company has proposed to acquire
80% of the rights and obligations of the concession contracts for the Bijupirá and Salema
Fields – Petróleo Brasileiro S.A. - Petrobras holds the remaining 20%. The transaction also
involves the acquisition of, among other assets, the FPSO Fluminense, used in the
production process of both fields, with storage capacity for 1.3 million barrels of oil.
Proved developed producing and proved plus probable reserves attributable to the interests
in the Bijupirá and Salema Fields to be acquired by the Company were evaluated effective
January 1, 2015 by Rose & Associates, LLP, an independent qualified reserves evaluator
hired by PetroRio, in accordance with the requirements under National Instrument 51-101
(the "Rose Report") and are 24.5 million BOE, of which 71% (17.4 million BOE) are proved
developed producing reserves. The before tax net present
value (discounted at 10%) of the future cash flow attributable to total proved and probable
reserves is approximately US$570.6 million.
file:///C:/Users/CYBER04/Downloads/2015.05.27%20Announcing%20Reserves%20ENGL.pdf
