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PFM.V About 41 million shares on issue.

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rossi   Thursday, 05/17/07 02:14:36 PM
Re: rossi post# 1789
Post # of 1820 
PFM.V About 41 million shares on issue.
Independent Resource Report Estimates 1.15 Billion Barrels of Initial Bitumen in Place
12:09 EDT Thursday, May 17, 2007


CALGARY, May 17 /CNW/ - Platform Resources Ltd. ("Platform") (TSXV: PFM) is pleased to announce that Ryder Scott Petroleum Consultants ("Ryder Scott"), an independent petroleum consulting firm, has completed its assessment of the bitumen resources attributable to Platform's initial oil sands land parcel encompassing 23 sections. The land is situated within the Athabasca East oil sands area of North East Alberta Canada.

The Ryder Scott report (the "Report") estimates 1.15 billion barrels of initial bitumen in place (IBOP) on this 23 section parcel.

Net bitumen resource pay was determined using a 27 percent porosity cutoff and a 25 ohm-m resistivity cutoff (corresponding roughly to an 8 to 10% weight bitumen). For mapping purposes, only basal McMurray sands with a minimum continuous thickness of 10 meters were included in the bitumen resource calculations. An average porosity of 30 percent and an average water saturation of 20 percent were used in the bitumen resource calculations.

The 1.15 billion bbl of IBOP was calculated from the main bitumen pay zone (referred to as the "Basal McMurray"). The Report notes that bitumen saturation is also present in the Upper McMurray sands in some of the wells on and adjacent to the lands; this has not been included in the resource calculation but may have economic potential in the future.

The report concludes that the subject lands are surrounded to the south, east and north by several in-situ oil sands projects in various stages of development and confirms that in-situ steam assisted gravity drainage (SAGD) techniques will be utilized to recover the bitumen. SAGD projects adjacent to the assessed lands are estimated to achieve ultimate recovery factors of 50-60% of the initial bitumen in place.

These estimates are subject to change in light of additional data or as a result of future operations or other activities relating to a future delineation program.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy and accuracy of this release.

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