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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Twoco Petroleums Ltd. Reserves Update

CALGARY, ALBERTA -- (Marketwire) -- 11/09/12 -- Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces an update of its overall oil and natural gas reserve base from December 31, 2011 to September 30, 2012, as evaluated by Sproule Associates Limited ("Sproule") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The reserves and cash flow runs represent a computer recalculation to September 30, 2012 of the evaluation of the natural gas reserve base of the Company as of December 31, 2011 for all properties with the exception of the Warspite oil property. The Warspite oil property was updated by Sproule as of July 31, 2012 with cash flows recalculated to September 30, 2012.

A summary of the Company's reserves volumes according to reserve category as at September 30, 2012 is as provided in the following table. Unless otherwise stated, the reserves information included in this news release is stated on a "company interest" basis, which represents Twoco's working interest (operated and non-operated) share of remaining reserves before deduction of royalties and including any royalty interests. Numbers presented in table may not add exactly due to rounding.


                           Light and    Heavy Solution  Natural   Total Oil 
                          Medium Oil      Oil      Gas      Gas  Equivalent 
Reserves Category              (Mbbl)   (Mbbl)   (MMcf)   (MMcf)      (Mboe)
----------------------------------------------------------------------------
                                                                            
Proved                                                                      
  Producing                        0    164.8      172    1,059       369.9 
  Non-Producing                    0        0        0      364        60.7 
  Undeveloped                      0    769.2      796        0       901.8 
----------------------------------------------------------------------------
Total Proved                       0    934.0      967    1,423     1,332.4 
Probable                           0  1,734.2    2,365    1,138     2,318.0 
----------------------------------------------------------------------------
                                                                            
Total Proved plus                                                           
 Probable                          0  2,668.2    3,333    2,561     3,650.4 

A summary of the Company's estimated future net revenues associated with Twoco's reserves as at September 30, 2012 based on the Sproule September 30, 2012 price forecast is provided in the following table. It should not be assumed that the net present values estimated by Sproule represent the fair market value of the reserves. Numbers presented in table may not add exactly due to rounding.


                             Before Income Taxes Discounted at (%/year)     
                                   0%       5%      10%      15%         20%
Reserves Category                (M$)     (M$)     (M$)     (M$)        (M$)
----------------------------------------------------------------------------
                                                                            
Proved                                                                      
  Producing                    7,694    6,731    5,981    5,386       4,907 
  Non-Producing                  353      307      268      236         208 
  Undeveloped                 18,853   14,699   11,567    9,153       7,251 
----------------------------------------------------------------------------
Total Proved                  26,900   21,737   17,816   14,774      12,365 
Probable                      59,275   43,023   32,188   24,637      19,160 
----------------------------------------------------------------------------
                                                                            
Total Proved plus                                                           
 Probable                     86,174   64,760   50,004   39,411      31,526 

The decline in overall reserve values from December 31, 2011 is primarily due to a significant reduction in the price forecast used by Sproule on September 30, 2012 versus December 31, 2011 as well as a decline in overall reserve quantities. The change in reserve quantities is related to revised recovery assumptions based on additional production history from the Company's producing heavy oil wells.

Relevant portions of the Sproule September 30, 2012 price forecast used in the Company's evaluation are as follows:


                 WTI   Edmonton   Hardisty   Hardisty    Alberta            
                  at  Par Price  Bow River      Heavy       AECO     US/Cdn 
             Cushing     40 Deg   24.9 Deg     12 Deg    Average   Exchange 
            Oklahoma        API        API        API      Price       Rate 
Year        ($US/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/mcf) ($US/$Cdn)
----------------------------------------------------------------------------
2012           96.34      91.97      79.09      64.38       2.76      0.994 
2013           97.02      97.64      83.97      74.21       3.25      0.994 
2014           93.63      94.24      81.05      71.62       3.67      0.994 
2015           92.33      92.93      79.92      70.63       4.31      0.994 
2016           99.37     100.01      86.01      76.01       5.80      0.994 
2017          101.35     102.01      87.73      77.53       5.92      0.994 
2018          103.38     104.05      89.43      79.08       6.05      0.994 
2019          105.45     106.13      91.27      80.66       6.18      0.994 
2020          107.56     108.25      93.10      82.27       6.31      0.994 
2021          109.71     110.42      94.96      83.92       6.44      0.994 
2022          111.90     112.63      96.86      85.60       6.57      0.994 
Thereafter  +2%/year   +2%/year   +2%/year   +2%/year   +2%/year      0.994 

Twoco is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the Province of Alberta.

In this news release the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (Mcf) of natural gas for one barrel (Bbl) of oil based on an energy equivalency conversion method. Boes may be misleading particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1Bbl is based on an energy equivalency conversion method primarily applicable to the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twoco's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Twoco believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements, including whether the Company has the ability to raise or generate sufficient capital in order to develop its undeveloped and probable reserves on a timetable assumed by Sproule in its report. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Twoco does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Twoco Petroleums Ltd.
Wayne A. Malinowski
President and Chief Executive Officer
(403) 231-8653
(403) 237-6048 (FAX)

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