Mr. Chris Cory reports
POND TECHNOLOGIES HOLDINGS INC. ANNOUNCES FILING OF 2019 YEAR-END STATEMENT OF RESERVES DATA
Pond Technologies Holdings Inc.'s statement of reserves data and other oil and gas information for the year ended Dec. 31, 2019, have been filed and are available for review on the SEDAR website or on the corporation's website.
Sproule, an independent qualified reserves evaluator, completed its evaluation of the corporation's reserves in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook and reported the estimated net present value before income taxes of Pond's proved plus probable reserves at $2,863,000 using a 10-per-cent discount rate, effective Dec. 31, 2019. Such estimated value does not represent fair market value. This supports the corporation's carrying value. During the nine months ended Sept. 31, 2019, the corporation's revenue from its oil and natural gas property was $1,269,000.
About Pond Technologies Holdings Inc.
Located in Markham, Ont., Pond is a technology company that provides profitable solutions to the global health and wellness challenges of pollution abatement and nutrition.
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