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Northern Petroleum Plc

Northern Petroleum Plc is an EU oil company that acquires low entry cost exploration, production and development assets and is committed to adding high value to shareholders from production and asset sales.

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Reserves Summary

Unaudited Statement of Net Commercial Oil and Gas Reserve Quantities

Licenses: Italy

Oil Gas Petroleum
At 30 June 2011
Proven Reserves - - -
Probable Reserves 53.16 - 53.16
53.16 - 53.16
  Oil Gas Petroleum
At 31 December 2010
Proven Reserves - - -
Probable Reserves 53.16 - 53.16
  53.16 - 53.16

Notes

  1. The Reserve estimates shown in this report are based upon the joint reserve and resource definitions of the Society of Petroleum Engineers, the World Petroleum Congress, and the American Association of Petroleum Geologists.

  2. Proven and probable reserves in Italy represent the Group’s reserves as determined by Blackwatch Petroleum Services in independent valuations of some of the Group’s oil and gas assets in that country during the fourth quarter of 2007.

  3. Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per boe.