Ecosse Energy Announces Increase In Indonesian Resources To 496 Million Barrels

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1st April 2010, 09:45am - Views: 951






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MEDIA RELEASE PR38980


Ecosse Energy Announces Increase in Indonesian Resources to 496 Million Barrels


CALGARY, Mar. 31 /CNW-AsiaNet/ --


     Company Files New 51-101 Report for Bengkulu PSC Offshore Resources - Net

Present Value Increases to More Than $1,100 Million


     Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration

and production in Indonesia, today announced its offshore resources estimate based on

an independent evaluation by Chapman Petroleum Engineering Ltd of Calgary of its

offshore acreage in its Bengkulu PSC.


     The independent evaluation carried out by Chapman Petroleum Engineering

for the offshore portion of Bengkulu PSC gives a Best Estimate Recoverable Oil

In Place (ROIP) of more than 290 million barrels. This, combined with the

recently updated onshore resource figures, give a total Best Estimate ROIP for

the Bengkulu PSC of 496 million barrels. The offshore resource numbers are for

12 prospects identified from the geological and geophysical interpretation

performed by the Company this year. The undiscounted net present value of

Bengkulu PSC based on the Best Estimate figures for offshore and onshore now

totals USD $1,104 million.


     "Based on this improved resource estimate Ecosse Energy is now planning

an offshore drilling program for 2012 as a follow on to our 2010 onshore

drilling activities," said Alan Morrison, President and CEO of Ecosse Energy

Corp. "In an effort to begin unlocking some of the value present at Bengkulu,

we are putting together a full data package with the intent of farming out

part of our offshore acreage."


     

     -------------------------------------------------------------------------

          Bengkulu PSC - Gross Prospective Resources - Best Estimate

     -------------------------------------------------------------------------

       ONSHORE Ultimate ROIP (MMSTB) -      OFFSHORE Ultimate ROIP (MMSTB) -

             Feb 2010 Evaluation                   Mar 2010 Evaluation

     -------------------------------------------------------------------------

     Prospect K                  57.200    Prospect P                  87.085

     -------------------------------------------------------------------------

     Prospect L                  32.175    Prospect Q                  29.028

     -------------------------------------------------------------------------

     Lead M                      22.344    Prospect R                  27.093

     -------------------------------------------------------------------------

     Prospect N                  29.062    Prospect S                  43.543

     -------------------------------------------------------------------------

     Prospect O                  65.315    Prospect T                   7.257

     -------------------------------------------------------------------------

                                           Prospect U                  41.123

                                           -----------------------------------

                                           Prospect V                  18.702

                                           -----------------------------------

                                           Prospect W                   8.777

                                           -----------------------------------

                                           Prospect X                   1.787

                                           -----------------------------------

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                                           Prospect Y                   6.052

                                           -----------------------------------

                                           Prospect Z                  10.707

                                           -----------------------------------

                                           Prospect AA                  9.221

     -------------------------------------------------------------------------

     TOTAL ONSHORE              206.096    TOTAL OFFSHORE             290.375

     -------------------------------------------------------------------------


     -------------------------------------------------------------------------

         TOTAL ONSHORE & OFFSHORE                    496.471 MMSTB

     -------------------------------------------------------------------------




          NET VALUE OF ONSHORE & OFFSHORE RESOURCES - MILLIONS of USD


                       -------------------------------------------------------

                       ONSHORE Feb 2010      OFFSHORE Mar    TOTAL ONSHORE &

                          Evaluation       2010 Evaluation       OFFSHORE

                       -------------------------------------------------------

                        Prospects K, L,  Prospects O to AA  ALL PROSPECTS AND

                       N & O and Lead M    (12 Prospects)         LEAD

     -------------------------------------------------------------------------

     Undiscounted            552.0             552.0             1,104.0

     -------------------------------------------------------------------------

     Discounted (at)

      5% / year              346.0             353.0              699.0

     -------------------------------------------------------------------------

     Discounted (at)

      10% / year             232.0             236.0              468.0

     -------------------------------------------------------------------------

     Discounted (at)

      15% / year             163.0             163.0              326.0

     -------------------------------------------------------------------------

    

Discounted (at)

      20% / year             118.0             114.0              232.0

     -------------------------------------------------------------------------

     


     The Chapman Petroleum Engineering February & March 2010 Reports for

Evaluation of Onshore & Offshore Prospective Resources for the Bengkulu PSC



     About the Company


     Ecosse Energy Corp. was incorporated under the Canada Business

Corporations Act and is a reporting issuer in the Provinces of Alberta,

British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Ecosse

Energy (Bengkulu) Pty Ltd ("EEB") is a private Australian company, operating

in Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra,

Indonesia which allows it the rights to explore and exploit the hydrocarbons

within the PSC. The Bengkulu PSC covers 4,101km(2) (1,013,602 acres) and

consists of both onshore and offshore portions. EEB is currently planning to

drill 5 onshore exploration wells in the Bengkulu PSC in 2010.


     Further information concerning the Company can be found at www.sedar.com



     Neither the Canadian National Stock Exchange nor its regulation services

provider accepts responsibility for the adequacy or accuracy of this release.


     The Chapman Report has been utilized predominantly for formulating and

supporting recommendations on the work plan on the project and the estimated

values disclosed do not necessarily represent the "fair market value" of these

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prospective resources.


     The Chapman Report evaluation has been conducted in accordance with

Canadian National Instrument (NI) 51-101, Sec 5.9, pertaining to prospective

resources, utilizing forecast prices and costs.


SOURCE: Ecosse Energy Corp 


    CONTACT: Alan W Morrison, 

             President & CEO, 

             Ph: (403) 218-2862,  

             Ecosse Energy Corp., 

             email: info(at)ecosseenergy.com

(ECS.)



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