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PetroRio Provides Update on Bijupira and Salema Fields

Source: www.gulfoilandgas.com 5/27/2015, Location: South America

PetroRio announces the results of the geological report received from an external consultant hired by PetroRio respecting the Bijupira and Salema Fields. As previously disclosed, the Company has proposed to acquire 80% of the rights and obligations of the concession contracts for the Bijupira and Salema Fields - Petr?leo Brasileiro S.A. - Petrobras holds the remaining 20%. The transaction also involves the acquisition of, among other assets, the FPSO Fluminense, used in the production process of both fields, with storage capacity for 1.3 million barrels of oil.

Proved developed producing and proved plus probable reserves attributable to the interests in the Bijupira and Salema Fields to be acquired by the Company were evaluated effective January 1, 2015 by Rose & Associates, LLP, an independent qualified reserves evaluator hired by PetroRio, in accordance with the requirements under National Instrument 51-101 (the "Rose Report") and are 24.5 million BOE, of which 71% (17.4 million BOE) are proved developed producing reserves. As further summarized below, the before tax net present value (discounted at 10%) of the future cash flow attributable to total proved and probable reserves is approximately US$570.6 million.

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