News Releases
March
14, 2007
TSX:
“ISR”
Shares
Outstanding: 13,915,084
34%
INCREASE IN OVERALL RESERVES
International
Sovereign Energy Corp. (the “Company”) 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.
For
further information, please contact:
Omair
Choudhry
Chief
Financial Officer
Tel:
(604) 684-7372
Fax:
(604) 684-2407
Or
visit our website at www.isove.com
The
Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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.
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