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Advantagewon Oil Corp. Updates NI 51-101 Report Combined Undiscounted Reserves Increase by 57% from USD $135,000,000 to USD $212,000,000
April 30, 2018 9:44 AM EDT | Source: Advantagewon Oil Corp.
Toronto, Ontario--(Newsfile Corp. - April 30, 2018) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") is very pleased to announce that MKM Engineering Oil and Gas Consulting Services ("MKM"), of Plano Texas, has completed an update on the Oil & Gas reserves and economics evaluation report for both Advantagewon's LaVernia and Saratoga properties. Both reports are in compliance to National Instrument 51-101 ("NI 51-101"). Copies of the two reports have been posted onto the homepage of the Corporation's website www.aoc-oil.com and Form 51-101F1 (Statement of Reserves Data and Other Oil and Gas Information), which references the information contained within the two reports has been filed onto SEDAR.
Set out below are summary tables of the value of the future net revenue for the companies two core properties and of the Corporation in total as at December 31, 2016 and December 31, 2017 as evaluated by MKM in the 2016 and 2017 Year-End 2017 reports. All economic evaluations stated in this press release, and disclosed in the two reports are and have been quoted in US Dollars. AOC's reserves are 100% light and medium gravity crude oil.
LaVernia Reserve Values
Key highlights of the report concluded that the undiscounted reserve value for the LaVernia field increased by 78% in 2017 vs. 2016.
| Effective Date | Undiscounted | NPV 10 | NPV15 |
| Dec 31, 2016 | $98,712,300 | $39,779,870 | $26,311,820 |
| Dec 31, 2017 | $175,867,450 | $74,618,070 | $52,807,490 |
Saratoga Reserves
Key highlights of the report concluded that the undiscounted reserve value for the Saratoga field remained stable.
| Effective Date | Undiscounted | NPV 10 | NPV15 |
| Dec 31, 2016 | $36,060,750 | $24,264,700 | $20,308,150 |
| Dec 31, 2017 | $36,345,750 | $23,004,010 | $18,670,580 |
Combined and Total Reserves
Key highlights of the report concluded that the combined undiscounted reserve value for the two properties increased 57.45%
| Effective Date | Undiscounted | NPV 10 | NPV15 |
| Dec 31, 2016 | $134,773,050 | $64,044,570 | $46,619,970 |
| Dec 31, 2017 | $212,212,450 | $97,622,080 | $71,478,070 |
Mr. Charles Dove stated: "All of us at AOC are extremely pleased with the findings in the LaVernia report. Since my appointment to AOC, both Derek Stonehouse, our Geologic Technologist, and I, have been diligently working on evaluating and identifying existing geological areas on the LaVernia field that could unlock further Oil reserves. Thus far, the work we have put into the LaVernia field has allowed us to increase the known Undiscounted reserves by 78%. We have many other areas on the property that we want to further investigate and we are very optimistic that we will locate further discoveries on the field."
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10-15% to up to 75% for each pool. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE:AOC). For more information please visit www.aoc-oil.com
For further information please contact:
Mr. Charles Dove
CEO & Director
Advantagewon Oil Corp.
T: (403) 815-2440
E: charles.dove@aoc-oil.com
W: www.aoc-oil.com
Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501
E: paul.haber@aoc-oil.com
W: www.aoc-oil.com
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
E: frank.kordy@aoc-oil.com
W: www.aoc-oil.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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