DENVER CITY, Texas,
March 11, 2013 /PRNewswire/
-- Multi-Corp International Inc. (the "Corporation") (OTCQB:
MULI) is pleased to announce the results of an independent reserve
evaluation on its oil property in the Cave Pool field in
Eddy County, New Mexico, USA.
The Corporation owns a 100% working interest in 2,800 acres in
the Cave Pool Unit and field, which contains approximately 40
wells, that have produced but are currently shut-in. An independent
reserve evaluation prepared by Chapman Petroleum Engineering Ltd.
indicates estimated Proved light oil reserves of 386,000 STB having
a net present value of $11,954,000 at
10% DCF/annum and additional Probable reserves of 1,570,000 STB,
having a value of $67,479,000 at 10%
DCF/annum. Production of these reserves will be realized through
drilling of wells on unexploited locations from the Grayburg sand
identified on well logs of the existing wells on these lands. Some
of the wells on these lands will be re-entered for production from
previously uncompleted zones in the Grayburg reservoir.
The Current Net Present Value of the P1 and P2 reserves are
estimated to be worth combined around $79,433,000 plus and this does not include the
value in the P3 reserve.
All numbers are obtained from the Independent Reserve Evaluation
report, Reference Page 20 of the Report for P1 and P2 Reserve.
A copy of the report can be found as an exhibit to the Form 8-K
the Corporation filed with the SEC on March
6, 2013.
About Multi-Corp International, Inc.
(MULI)
Multi-Corp International is an Exploration and
Production (E&P) company focused on delivering superior
operating and financial results by developing and acquiring oil and
gas resources initially in New
Mexico and then throughout North
America, that are contributing to the country's energy
security and vital to the world's health and welfare.
The Cave Pool Unit property covers 2,800 acres located within
Eddy County, NM. It is located
within the prolific Artesia Vacuum Trend – more specifically within
the Grayburg Jackson Pool. The Artesia Vacuum Trend play contains
thirteen reservoirs with more than 1 MMBO cumulative production.
Cumulative production from these 13 reservoirs was 796 MMBO as of
2000. Depths to the top of reservoirs range from 1290 to 4700 ft.
This is a mature play, especially within the highly productive San
Andres carbonates. Recent development of lower permeability
Grayburg sandstones in the Grayburg Jackson reservoir during the
mid-1990's has been successful to the point of reversing production
decline and is a major focus of current and future development.
Notice Regarding 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 which are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, the
development, costs and results of our exploration program at our
properties and any anticipated future production. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with petroleum exploration and
development stage exploration companies. These forward-looking
statements are made as of the date of this news release, and we
assume 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 we believe
that the 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. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
ON BEHALF OF THE BOARD
Multi-Corp International, Inc.
Contact
Investor Relations:
info@multi-corpinternational.com
SOURCE Multi-Corp International Inc.