OilVoice - San Leon Energy Reports Maiden Financial Results

San Leon Energy Reports Maiden Financial Results

Tuesday, June 30, 2009

San Leon Energy, the AiM listed international oil and gas company with assets in Morocco, Italy, Poland, the Netherlands and the USA is pleased to announce its maiden financial results as a listed company.

Highlights:
• Creation of a portfolio of exploration and development assets in Morocco, USA and Netherlands
- Best estimate prospective resource volume of 195.6 million barrels of oil estimated by Netherland Sewell & Associates (Competent Person)
- Estimated up to 1.053 billion barrels of oil of prospective resources, net to San Leon by Netherland Sewell & Associates
• Admission to AiM: flexibility to create value for current and new shareholders

Post balance sheet highlights:
• Award of a portfolio of Italian assets, total area of 1,820.2 km2 or 449,781 acres:
- Three successful offshore permit applications off the coast of Sicily
- Previously discovered and produced 800,000 barrels of oil on one licence
- 7 million barrels of oil mean case estimated by CPR Fugro Robinson – valued at $350m
- Two successful onshore permit applications in the Po Valley
- Highly prospective exploration licences, adjacent to producing fields

• Significant success in Morocco
- New oil shale project: proven oil producing shale and exclusive new technology
- Completion of aeromagnetic survey on Zag reconnaissance paves way for upgrade of licence

• Acquisition of Gold Point Energy: new development and exploration assets
- All share deal preserves cash
- New assets bring both development and exploration upside
- Poland: development of proven reserves, field rehabilitation and exploration
- USA: field rehabilitation of previous producer

Oisín Fanning, Chairman of San Leon commented:
“It has been an exciting year for San Leon. We have created and then significantly improved on an exciting portfolio of assets which we believe are easily monetiseable through intelligent development

We also have an excellent team on board, with regional, geological, engineering and financial expertise.

With oil prices at their current and predicted levels, and a fair wind behind us, I have every reason to be confident that the next twelve months will be just as positive for San Leon and its shareholders.”

Review all our latest Alternative Investment Market news and associated company profiles