10:04 AM EST - Granite Oil Corp. : Presented the summary results of the independent reserves report prepared by Sproule Associates Limited with an effective date of December 31, 2019.In 2019, Granite invested approximately $6.4 million of capital expenditures (unaudited) into its 100%-owned Bakken oil property, representing approximately 45% of its Corporate funds from operations (unaudited), and replaced its Proved Developed Producing oil reserves. During the year, Granite drilled and completed one 100% working-interest horizontal development well, and conducted one recompletion in which additional frac stages were added to an existing producing well. Associated PDP finding and development costs for oil were approximately $11.55 per barrel, generating a recycle ratio of 3.0 times. Additionally, a significant portion of the Company’s capital expenditures for the year were invested in projects intended to reduce future operating costs and further enhance the Company’s early-life-cycle gas injection EOR scheme. Granite Oil Corp.
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