Mooncor Oil & Gas Corp.
TSX VENTURE : MOO

Mooncor Oil & Gas Corp.

March 22, 2017 14:47 ET

Mooncor Oil & Gas Corp Releases Statement of Reserves Data and other Oil and Gas Information

TORONTO, ONTARIO--(Marketwired - March 22, 2017) - Mooncor Oil & Gas Corp. (TSX VENTURE:MOO) (the "Company") is pleased to announce that it has filed its Statement of Reserves Data and other Oil and Gas Information (the "Report") highlighting the oil and natural gas reserves, which are in the Provinces of Alberta and Saskatchewan, and the value of future net revenue of the Company. A copy of the Report can be found under the Company's profile on the SEDAR website (www.sedar.com).

The reserves data is based on an evaluation by DeGolyer and MacNaughton Canada Limited ("DeGolyer MacNaughton") with an effective date of December 31, 2015. The reserves data summarizes the Company's crude oil, natural gas liquids and natural gas reserves (Table 1 below) and the net present values of future net revenue for these reserves using constant prices and costs and forecast prices and costs (Table 2 below).

Table 1
Summary of Reserves
Light & Medium Oil Heavy Oil Natural Gas (1) Natural Gas Liquids
RESERVE CATEGORY Gross (2) (Mbbls) Net (3) (Mbbls) Gross (2) (Mbbls) Net (3) (Mbbls) Gross (2) (MMcf) Net (3) (MMcf) Gross (2) (Mbbls) Net (3) (Mbbls)
PROVED
Developed Producing - - - - - - - -
Developed Non-Producing - - 40 34 - - - -
Undeveloped - - 26 24 - - - -
TOTAL PROVED - - 66 58 - - - -
Probable - - 100 84 - - - -
TOTAL PROVED + PROBABLE - - 166 142 - - - -
Possible - - 56 46 - - - -
TOTAL PROVED + PROB + POSS - 222 188 - - - -
1. Estimates of reserves of natural gas include associated and non-associated gas.
2. "Gross Reserves" are Company's working interest reserves before the deduction of royalties.
3. "Net Reserves" are Company's working interest reserves after deduction of royalty obligations plus the Company's royalty interests.
Table 2
Net Present Value of Future Net Revenue
Net Present Value (NPV) of Future Net Revenue (FNR)
Before Income Taxes - Discounted at (%/yr.) After Income Taxes - Discounted at (%/yr.)
RESERVE CATEGORY 0
(M$)
5
(M$)
10
(M$)
15
(M$)
20
(M$)
0
(M$)
5
(M$)
10
(M$)
15
(M$)
20
(M$)
10%/yr
($/BOE)
PROVED
Developed Producing - - - - - - - - - - -
Developed Non-Producing 857 715 604 516 445 857 715 604 516 445 17.54
Undeveloped 571 467 387 323 273 571 467 387 323 273 16.41
TOTAL PROVED 1,428 1,182 991 839 718 1,428 1,182 991 839 718 17.08
Probable 3,078 2,235 1,668 1,277 998 2,954 2,162 1,624 1,250 981 19.76
TOTAL PROVED + PROBABLE 4,506 3,417 2,659 2,116 1,716 4,382 3,344 2,615 2,089 1,699 18.67
Possible 1,987 1,216 783 528 371 1,454 906 596 411 296 17.32
TOTAL PROVED + PROB + POSS 6,493 4,633 3,442 2,644 2,087 5,836 4,250 3,211 2,500 1,995 18.34
1. NPV of FNR includes all resource income: Sale of oil, gas, by-product reserves; processing of third party reserves; other income.
2. Income taxes includes all resource income, appropriate income tax calculations and prior tax pools.
3. The unit values are based on net reserve volumes before income tax (BFIT).

About Mooncor Oil & Gas Corp.

Mooncor is a junior oil and gas exploration company. Mooncor holds interests in lands in the Pondera and Teton Counties in Northwestern Montana, the Muskwa / Duvernay liquids rich shale gas area in Hamburg, Alberta, and in southwest Ontario where the focus has been on conventional oil and gas opportunities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

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