Sentinel Rock Oil Corporation ("Sentinel" or the "Company") (TSX
VENTURE: SEN) is pleased to announce that it has filed on Sedar
it's reserve report for the period ended July 1, 2008 as evaluated
by DeGolyer and MacNaughton Canada Ltd. ("D&M") and prepared in
accordance with National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities.
This report documents the results achieved by the company on its
activities previously reported throughout 2007 - 2008 from its
ongoing drilling programs.
Sentinel's President and CEO Tyler Cran commented, "We are
pleased and encouraged by the reserve increases in all categories.
As a result of our last drilling operations, we have established
Proved Reserves, our Proved plus Probable Reserves (2P) have
increased by 1,770% and our Proved plus Probable plus Possible (3P)
Reserves by over 534%. The combined reserves have increased from
1.477 to 5.307 MMboe and are consistent with our strategy of
growing the resource base of the company. This reserve growth
positions us well to take advantage of the current strong
developing market for heavy oil."
Cran also commented "The drilling activity and results from the
drilling program were on plan as well as in line with expectations
that management had set out at the beginning of the program."
The Reserves report will be available at www.sedar.com.
RESERVES REPORT
Based on reserves reports prepared by D&M, using forecast prices and
costs, Sentinel's Gross Reserves for July 1, 2008 as compared to the
previous year end are as follows.
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Dollars - Company share 2007 2008 % Change
Proved $ 0 $ 528,000
Proved + Probable $ 2,266,000 $ 40,119,000 1,770%
Proved + Probable + Possible $ 21,063,000 $ 112,376,000 534%
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oil/STB - company share
2007 2008 % Change
Proved 0 0 0%
Proved + Probable 291,265 1,605,660 551%
Proved + Probable + Possible 1,472,591 4,972,005 338%
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gas/MMCF - company share
2007 2008 % Change
Proved 0 145
Proved + Probable 144 851 591%
Proved + Probable + Possible 763 2,012 264%
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----------------------------------------------------------------------------
Combined Gas and Oil to standard BOE
2007 2008 % Change
Proved 0 24,167
Proved + Probable 292,129 1,747,493 598%
Proved + Probable + Possible 1,477,169 5,307,338 359%
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NAV Calculations
shares outstanding 28,264,431 2007 2008 % Change
Proved + Probable (2P) $ 0.08 $ 1.42 1,770%
Proved + Probable + Possible (3P) $ 0.75 $ 3.98 534%
----------------------------------------------------------------------------
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NAV Calculations
fully diluted 30,426,931 2007 2008 % Change
Proved + Probable (2P) $ 0.07 $ 1.32 1,770%
Proved + Probable + Possible (3P) $ 0.69 $ 3.69 534%
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- The net present value of Sentinel's proved plus Probable
reserves increased to $40.12 million, a 1,770% increase while the
NPV of the total Proved plus Probable plus Possible reserves
increased to $112.37 million, a 534% increase.
(1) Proved Reserves are those reserves that can be estimated
with a high degree of certainty to be recoverable. It is likely
that the actual remaining quantities recovered will exceed the
estimated proved reserves.
(2) Probable Reserves are those additional reserves that are
less certain to be recovered than proven reserves. It is equally
likely that the actual remaining quantities recovered will be
greater or less than the sum of the proven plus probable
reserves.
(3) Possible Reserves are those additional reserves that are
less certain to be recovered than probable reserves. There is only
a 10-percent probability that the quantities actually recovered
will equal or exceed the sum of the proven plus probable plus
possible reserves.
(4) The Net Present Value (NPV) based on D&M Forecast
Pricing and costs, before taxes, discounted at 10%. The estimated
NPV does not necessarily represent the fair market value of our
reserves. There is no assurance that forecast prices and costs
assumed in the D&M evaluations will be attained, and variances
could be material.
Additional information on Sentinel Rock Oil Corporation is
available on the Company's website at www.sroc.ca.
All references in this release to BOE's are based on a 6 to 1
conversion ratio. Boe's may be misleading, particularly if used in
isolation. A BOE conversion of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Sentinel is a Calgary, Alberta based oil Exploration Company
focusing on heavy oil with operations currently located in Northern
Alberta and mid west Saskatchewan.
This news release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "expect", "believe", "estimate", "should"
"anticipate" and "potential" or other similar wording.
Forward-looking information in this news release includes, but is
not limited to, references to: well drilling programs and drilling
plans, estimates of reserves and potentially recoverable resources,
and information on future production and project start-ups. By
their very nature, the forward-looking statements contained in this
news release require Sentinel and its management to make
assumptions that may not materialize or that may not be accurate.
The forward-looking information contained in this news release is
subject to known and unknown risks and uncertainties and other
factors, which could cause actual results, expectations,
achievements or performance to differ materially, including without
limitation: imprecision of reserve estimates and estimates of
recoverable quantities of oil, changes in project schedules,
operating and reservoir performance, the effects of weather and
climate change, the results of exploration and development drilling
and related activities, demand for oil and gas, commercial
negotiations, other technical and economic factors or revisions and
other factors, many of which are beyond the control of Sentinel.
Although Sentinel believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no
assurances that the expectations of any forward-looking statements
will prove to be correct.
28,264,431 common shares issued
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
Contacts: Sentinel Rock Oil Corporation Tyler Cran President and
CEO (403) 538-8441 Sentinel Rock Oil Corporation Bryce Bonneville
Vice President Business Development (403) 538-8441 Website:
www.sroc.ca
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