Alberta Based Marsa Energy Announces 21 bcf Reserves at Turkish Field

Alberta based Marsa Energy has announced the results of an independent reserves and economic evaluation of company’s Poyraz Ridge field in the Ortakoy Block in Turkey by DeGolyer and MacNaughton effective November 30, 2014.

“This report marks a major company milestone with the recognition of reserves for the first time on the Ortakoy Block highlighted by Proved plus Probable reserves of 21.2 billion cubic feet of gas having a net present value (after Turkish income taxes) at 10 percent discount rate of $85.7 million (approximately $100 million Canadian),” Marsa said.

The company also announced the results of a prospective resource evaluation of the Eocene formations on the entire Ortakoy block effective December 31, 2014 along with the testing results of the Poyraz S4-1 and Poyraz N3-1 wells that were drilled in third quarter of 2014.

The Poyraz Ridge field was discovered in 2013 with the drilling of the Poyraz-1ST and Poyraz-2 wells respectively and further appraised in 2014 with the Poyraz West-1 well. It is located in the AR/MRS/3913 block (the Ortakoy Block), in the Thrace Basin on the Gallipoli Peninsula in the northwest or European side of Turkey.

Marsa is operator and holds 100 percent working interest in the Ortakoy Block through its wholly owned subsidiary Marsa Turkey BV.