LEVITTOWN, NY--(Marketwired - Jul 15, 2013) - Far Vista Petroleum Corp (OTC Pink: FVSTA) is pleased to announce that, having completed the acquisition of all the outstanding shares of CJSC Chedty Neft, the Company is active in the oil industry with important reserves.
A report of the estimated net oil reserves was completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas.
| The oil reserves are: | Barrels | Gross Value |
| Proved, developed and producing: | 1,584,000 barrels | $166,320,000 |
| Proved undeveloped | 4,134,000 barrels | $434,070,000 |
| Probable | 10,351,000 barrels | $1,086,855,000 |
| Possible: | 14,201,000 barrels | $1,491,105,000 |
Proved, probable and possible reserves were estimated in accordance with standards of the Society of Petroleum Engineers. No director, officer, or key employee of Miller and Lents has any financial ownership in Chedty Neft or any related company.
As new wells are drilled, portions of these probable and possible reserve quantities may be upgraded.
In order to create a link with its shareholders and describe its current assets and equipment, the Company is finalizing the modifications to its website and it should soon be fully operational.
About Far Vista Petroleum Corp
Far Vista Petroleum Corp has two business objectives.
It is interacting with Russian operators in the oil/gas industry with the goal of building a strong vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures in oil/gas operations. Its first acquisition is that of CJSC Chedty Neft.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include the fluctuations in the price of gold and in the event of severe weather conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.