SOURCE: Sunrise Energy Resources, Inc.

November 20, 2007 11:35 ET

Sunrise Energy Resources, Inc. Commences Reserve Study

NEW YORK , NY--(Marketwire - November 20, 2007) - Sunrise Energy Resources, Inc. (OTCBB: SEYR) announces commencement of the reserve study in compliance with the Ukrainian standards and continues to work with Netherland, Sewell and Associates, Inc. on the SEC compliant reserve study.

Esko Pivnich, Sunrise's wholly owned subsidiary, commenced production from Well #21 of Karaikozovsk property in the beginning of September 2007. During September 2007, Sunrise produced 73MMCF of natural gas (12,167 boe or 406 boepd). Our total revenues for the third quarter of 2007 increased to $1,074,142 from $611,438 in the second quarter of 2007 and $584,116 in the first quarter of 2007.

Since the beginning of production from Well #21, the Company has performed flow tests on different choke sizes as well as shut-in formation pressures tests. Similar tests have also been performed on Well #2 of Karaikozovsk property. On October 16, 2007, the Company executed an agreement with the Ukrainian State Institute of Geophysics to conduct the Karaikozovsk property reserve evaluation study for the Ukrainian purposes. The Ukrainian State Institute of Geophysics is currently processing the test data furnished by the Company and the Ukrainian reserve study is expected to be concluded during first quarter of 2008. Upon completion of the above reserve study, Esko Pivnich will file the results with the Ukrainian State Reserve Committee. In accordance with the standard procedure, in order to upgrade the current exploration license currently held by Esko Pivnich for Karaikozovsk property to a 20 year production license, Esko Pivnich must prove the reserves with the Ukrainian State Reserve Committee. Simultaneously, the Company is working with Netherland, Sewell and Associates, Inc. to prepare a reserve study in compliance with the SEC guidelines which is also expected to be completed during the first quarter of 2008.

The Company also informs that starting from November 15, 2007 our address has changed to: 950 Third Avenue, Suite 501, New York, NY 10022. Phone: (917) 338-7045, Fax: (917) 338-6848. Our Web address is: www.sunriseenergy.us

About Sunrise Energy Resources

Sunrise Energy Resources, Inc., through its wholly owned subsidiaries, Esko Pivnich and Pari, engages in the exploration and production of oil and gas in Ukraine. The Company produces from Karaikozovsk field in the Eastern Ukraine and develops Rakitnyansk and Rogan properties in the Eastern Ukraine as well as Peremyshlyansk, Chukvinsk, Niklovitsk, Pilipivsk and Sheremetyevsk properties in the Western Ukraine.

Please visit the Company's website www.sunriseenergy.us for more information.

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

Contact Information

  • Contact:
    Sunrise Energy Resources, Inc., New York
    Investor Relations
    Konstantin Tsiryulnikov
    646-825-8083