SOURCE: Far Vista Petroleum Corp.

October 03, 2013 07:00 ET

Far Vista Petroleum Corp Reports Additional Oil Reserves

LEVITTOWN, NY--(Marketwired - Oct 3, 2013) - Far Vista Petroleum Corp (OTC Pink: FVSTA) advises that it was informed by Lukoil that it discovered a sizeable deposit of oil at the boundary of its territory with that of Far Vista and that this oil is common to both areas. This was a result of the drilling of well no. 15 on its Lekker field. At a depth of 3,790 meters the well has opened a high pressure oil saturated deposit. Considering the close proximity of Lukoil's Lekker field with Far Vista's Chedty field and the fact that they both have a common geomorphology of Lower Devonian and Silurian deposits, the presence of a hydrocarbonic mine of a size no less that 36 square kilometers is highly probable.

The report states that no less than 5 hydrocarbonic mines can be predicted with geological reserves up to 10 million tons. An expert committee advised the Board of Far Vista about this high probability of oil reserves in exploring at least 4 new horizons from the Lower Permian to the Lower Devonian discharges in the south-western part of Chedty field.

Lukoil is Russia's second largest oil producer and is listed on NASDAQ and its stock is trading at $64.52 at today's closing.

The Board immediately allocated funding to explore this area for the additional deposits. Mr. Plekhanov, president, states, "This is excellent news from Lukoil as it most certainly indicates additional unknown reserves within our territory. We may possibly envisage a common exploration of this area and a possible joint venture to extract the oil more efficiently and sooner.''

The Subsoil Department of the Komi Republic, the Ministry of Natural Resources, the Department of Nature Control and the Russian Technical Control of the Republic held a joint meeting and approved the present and past steps taken by Far Vista towards protecting the environment as well as employee working conditions. Consequently, they approved Far Vista's plan and it permitted its technological project for this area to commence in November 2013.

The Company's geologist reports that since our neighbor discovered reserves at the very boundary with our territory indicates that there remain previously undiscovered additional huge deposits within this territory which were not included in the original evaluation report.

This report of the estimated net oil reserves was completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas.

The oil reserves are "Proved, developed and producing" 1,584,000 barrels having a value of $166,320,000; "Proved undeveloped" 4,134,000 barrels having a value of $434,070,000; "Probable" 10,351,000 barrels having a value of$1,086,855,000 and "Possible" 14,201,000 barrels having a value of $1,491,105,000.

About Far Vista Petroleum Corp

Far Vista Petroleum Corp has the business objectives of interacting with Russian operators in the oil/gas industry with the goal of building a strong vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures in oil/gas operations. Its first acquisition is that of CJSC Chedty Neft.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include the fluctuations in the price of gold and in the event of severe weather conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

Contact Information