VANCOUVER, BC / ACCESSWIRE / May 4, 2017 / Molori Energy Inc. (MOL.V) (MOLOF) ("Molori" or the "Company") is pleased to provide an operational and National Instrument 51-101 reserve report ("NI 51-101") update.
Molori currently owns a 25 percent working interest in certain leases located in the bifurcated Texas panhandle owned by Texas-based independent oil and gas producer Ponderosa Energy, LLC ("Ponderosa"). This latest NI 51-101 covers 77 of the leases in which Molori holds a working interest.
In summary, the initial projected average production was 40 barrels of oil equivalent per day ("BOEPD")* in June 2016, when Molori made its first investment into Ponderosa. For the month of March 2017, production averaged 412 BOEPD, a ten-fold increase in daily average production. This production increase is due primarily to an aggressive work-over campaign to return non-producing wells to production, while keeping Lease Operating Expenses ("LOE") below USD$15 per barrel due to tight cost controls.
Further, the initial NI 51-101 report dated April 01, 2016, resulted in USD$5.15 million of 1P (Total Proven Reserves) consisting of US$1.25 million PDP (Proved Developed Producing) and USD$2.89 million PDNP (Proved Developed non-Producing). The new updated NI 51- 101 report dated May 03, 2017, effective April 01, 2017 and prepared by Amiel David, Ph.D of PeTech Enterprises Inc, has resulted in US$30.1 million 1P (Total Proven Reserves), including USD$21.9 million in PDP and USD$8.2 million in PDNP.
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