Petromin Resources Ltd.: Reserve Report Confirms 9.6% Increase in Reserves
Wednesday, 10 January 2007
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 10, 2007) - Petromin Resources Ltd. (the "Company") (TSX VENTURE:PTR) is pleased to announce that the Company's Proved Plus Probable reserves as at September 2006 was 179,900 Barrels Oil equivalent (BOE). The updated reserve value is a 9.6 percent increase over the same period last year. The increase in reserve is mainly the result of successful drilling activities in the Company's operated and non-operated properties along the Western Canada Sedimentary Basin in Central Alberta namely Frog Lake, Redwater and Morningside properties.
To note: the three operated heavy oil wells at the Company's Frog Lake property have not indicated any production decline and will have more recoverable reserves booked compared to the current decline analysis method used by the independent engineering firm (Trimble Engineering Associates Ltd.) in 2007.
Petromin Resources Ltd. is a micro-cap Canadian energy company listed on the Toronto Venture Stock Exchange. The Company's focus is oil and gas production and enviro-energy project development. Core operations include five oil and gas properties in Alberta, Canada along the Western Canada Sedimentary Basin. The Company is currently pursuing high impact CBM exploration and development opportunities in China. By applying the latest C02 Geological Sequestration Technology (Carbon Capture and Storage Technology), Petromin aims to implement projects that enhance oil recovery and extract coal bed methane while significantly lowering CO2 green house gas emissions.
On Behalf of Petromin Resources Ltd.
Kenny W. Chan, Co-Chairman and Chief Executive Officer