International Sovereign Energy Corp.

International Sovereign Energy Corp.

March 14, 2007 11:52 ET

International Sovereign Energy Corp.: 34% Increase in Overall Reserves

CALGARY, ALBERTA--(CCNMatthews - March 14, 2007) - International Sovereign Energy Corp. (the "Company") (TSX:ISR) reports that it has received its 2006 year-end reserves as evaluated by Chapman Petroleum Engineering Ltd. (independent engineers) for the Company's oil and gas property interests in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) as specified by National instrument 51-101.

At year-end 2006, proved reserves increased to 1.4 million barrels of oil equivalent, up 60%; proved-plus-probable reserves increased to 3.75 million barrels of oil equivalent, up 34% all on a year-over-year basis. The net present value discounted at 10% (before tax) increased from $43.4 million in 2005 to $56.06 million in 2006.

The Company is also pleased to report that it was the highest bidder for acquiring the Injra Block in the prolific oil-producing region of Potwar Basin, in Pakistan. Injra Block covers an area of 1,465 Sq. Kms. The major source rock of the area, Patala Shale, has a thickness of 150 meters, there are five producing formations which are currently producing in the surrounding blocks, namely chorgali sakesar limestone, lockhart limestone, datta sandstone, kingriali and khewra sandstone. All these formations have good porosity and permeability.

International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Vancouver, British Columbia, Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.

Shares Outstanding: 13,915,084

Certain information provided in this press release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Sovereign Energy Corp.
    Omair Choudhry
    Chief Financial Officer
    (604) 684-7372
    (604) 684-2407 (FAX)