Maple Energy provide reserves and contingent resources update

Maple Energy plc (AIM: MPLE; LIMA: MPLE) provide an update on its reserves and contingent resources for its Maquia, Agua Caliente, and Pacaya oil fields.

The Company's 2011 and 2010 Competent Person's Reports (the "CPRs") were prepared by Netherland, Sewell & Associates, Inc. ("NSAI"), Maple's independent reserve engineer. All of the year-end reserve and resource information contained in the CPRs is independently engineered by NSAI in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.

Year-End Reserves Update

Maple's proved, probable, and possible reserves in the fields indicated below, as at 31 December 2011 and 2010, are shown below:



Notes:
(1) The Agua Caliente and Maquia fields are subject to a sliding-scale royalty capped at 30 and 50 percent, respectively, and the Pacaya field is subject to a fixed 15 percent royalty. All royalty payments are payable to the Peruvian government and are calculated based on a basket of international oil prices multiplied by the fiscalized volumes of produced oil.
(2) Under Peruvian hydrocarbon law, the contractor has rights to 100 percent of the hydrocarbons produced, and because Maple Gas Corporation del Peru S.R.L. ("Maple Gas") owns a 100% interest in each of the fields described above, gross and net reserves differ only by the estimated amount of shrinkage between field-reported and actual sales volumes.
(3) Totals may not add due to rounding.

Maple's total year-end Proved net oil reserve amounts increased from 800.8 Mbbls as of 31 December 2010 to 950.9 Mbbls as of 31 December 2011 while Maple's total year-end Proved, Probable, and Possible net oil reserve amounts decreased from 3,265.0 Mbbls as of 31 December 2010 to 2,401.9 Mbbls as of 31 December 2011. The increase in Proved oil reserves of 150.1 Mbbls is principally due to the results of the fracture stimulation results in the Agua Caliente and Maquia oilfields and a continued better than estimated production profile in the Pacaya oilfield offset by production during the year. The reduction in Probable and Possible oil reserves is primarily due to the reclassification of Probable reserves to Proved and other adjustments based on additional production and well performance data obtained during 2011.

Contingent Oil Resources Update

Contingent resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from known accumulations, but for which the applied project or projects are not yet considered mature enough for commercial development due to one or more contingencies. The contingent resources set forth below reflect estimated volumes of currently uneconomic resources which are estimated to be technically recoverable before the end of the concession term governing the particular field. In order for these contingent resource volumes to become economically viable, some major change or combination of changes in economic conditions, including royalty rate reductions, commodity price increases, or reductions in operating costs, are required. If any of these major changes were to occur, all or a portion of the contingent resources set forth below may be reclassified as reserves.

Maple's estimated contingent oil resources in the Maquia, Agua Caliente, and Pacaya fields, as at 31 December 2011, are shown below. These estimates include crude oil only and have been calculated using deterministic methods. The estimates of contingent resources below have not been adjusted for commercial risk.



Notes:
(1) The Agua Caliente and Maquia fields are subject to a sliding-scale royalty capped at 30 and 50 percent, respectively, and the Pacaya field is subject to a fixed 15 percent royalty. All royalty payments are payable to the Peruvian government and are calculated based on a basket of international oil prices multiplied by the fiscalized volumes of produced oil.
(2) Under Peruvian hydrocarbon law, the contractor has rights to 100 percent of the hydrocarbons produced, and because Maple Gas owns a 100% interest in each of the fields described above, gross and net contingent resources differ only by the estimated amount of shrinkage between field-reported and actual sales volumes.
(3) Contingent Resources were estimated by calculating total recoverable volumes and then subtracting the portion of those volumes that are economic.
(4) Contingent Resources were estimated by calculating total recoverable volumes and then subtracting the portion of those volumes that are economic. For the best and high estimate cases, a significant portion of the volumes are economic; therefore, these economic volumes are classified as reserves rather than uneconomic contingent resources.

Rex Canon, CEO of Maple Energy, commented today:

"The results of the Agua Caliente and Maquia fracture treatments have allowed us to offset this year's production and increase the Proved reserves. It also gives us a continued expectation of similar results this year with 10 additional fracture treatments planned in the Agua Caliente oilfield and two additional fracture treatments planned in the Maquia oilfield. In addition, well performances in the Pacaya oilfield were better than expected which also positively impacted our year-end reserves."