Press releases in English

2013 September 6

Misen Energy AB (publ) concludes an independent Competent Persons Report

Misen Energy AB (publ) has concluded an independent Competent Persons Report (CPR) of the Petroleum Reserves and Resources attributable to Misen as a member of Joint Activity Agreement.

AGR-TRACS have been contracted by Misen to prepare the CPR report. Methodology used is compliant with SPE/PRMS project based reserves and resources assessments and as described in the document “Guidelines for Application of Petroleum Resources Management System” November 2011 established jointly by The Society of Petroleum Engineers (SPE), The American Association of Petroleum Geologists (AAPG), The World Petroleum Council (WPC), The Society of Petroleum Evaluation Engineers (SPEE), and The Society of Exploration Geophysicists (SEG).

The CPR report has been based on data as of 1 January 2013.

The following working parameters have been accounted for:
1. Installation of gas-turbine compressors in the surface facilities
2. Improved oil & gas recovery through undertaking of additional field development
3. Drilling of new wells
4. Recovery, capital repair and stimulation of originally inactive and marginal wells

The results of AGR-TRACS’s CPR report concludes on the following net Misen reserves for all projects included for the 2013-2030 development period:

Net Misen Reserves 1P 2P
Total Gas Reserves (bcm) 14.065 17.157
Total LPG Reserves (MMbbls) 1.575 2.275
Total Condensate Reserves (MMbbls) 2.882 3.382


For further general information please contact:

Göran Wolff, MD

Telephone: +46 31 759 50 72
Mobile: +46 709 45 48 48

For further technical information please contact:

Knud Hans Nørve, Board Member

Telephone:  +47 22 40 59 05

Misen Energy AB (publ) (former Svenska CapitalOil AB (publ)) (the “Company”) is a Swedish oil and gas exploration and extraction company with operations in Ukraine. The Company was founded in 2004 and the share is since June 12, 2007, traded on NasdaqOMX First North. In 2011 the Company acquired Misen Enterprises AB and its Ukrainian subsidiary, Karpatygaz, including the rights of 50.01 % of the revenue and profit from a gas production project in Ukraine.  As consideration of this acquisition a new share issue was performed. The gas extraction assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement (the “JAA”) between the wholly owned subsidiaries of the Company, i.e. Misen Enterprises AB, Karpatygaz (together 50.01%) and Ukrgasvydobuvannya, (49.99%) the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz, Ukraine. The value of the assets is estimated to be substantially more than the purchase price for the Misen Enterprises AB. The purpose of the project is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.
The registered office of the Company is in Stockholm and the shares are traded on First North under identification MISE.
The Certified Adviser of the Company at NasdaqOMX First North is Thenberg & Kinde Fondkommision AB.
For further information please visit our web site

This press release contains certain forward-looking statements that reflect the Company's current views or expectations of future events, including the Company's future performance, business prospects and opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, ultimate recovery of reserves or resources, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Words such as "intends", "anticipates", "expects", "plans", "estimates", "may", and similar expressions regarding indications or predictions of future developments or trends that are not based on historical facts, constitute forward-looking information. Although the Company believes that these statements are based upon reasonable assumptions and expectations, the Company cannot give any assurances that any such forward-looking statements will materialize. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Forward-looking statements in this press release apply only at the time of the press release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

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