Monday February 9, 12:09 am ET
http://biz.yahoo.com/ccn/090209/200902090510571001.html?.v=1
BOGOTA, COLOMBIA--(Marketwire - Feb. 9, 2009) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG - News), a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd. ("Petrobank") (TSX:PBG - News), is pleased to announce that our Mapache-2 exploration well flow tested an average 1,300 barrels of 34 degree API oil per day, at a final water cut of 22%, on an initial 30 hour test from 9 feet of high quality sand, in the Upper Carbonera 7 (C7) formation.
The well was originally spudded on March 27, 2008, reached a total depth of 8,112 feet on April 9, 2008 and was cased as a potential oil well in the Mirador and Carbonera formations. At that time, however, we were unable to economically access the area due to the deterioration of the road during the Llanos rainy season. On January 27, 2009, we commenced our program to test the potential of the Guadalupe, Mirador and C7 formations.
All zones tested demonstrated excellent inflow characteristics. The Guadalupe zone tested wet. Two Mirador zones, with a combined net pay of 10.5 feet, were swab tested together and recovered 750 bbls of formation fluid at a stabilized 20% oil cut. The well was then completed in the C7 formation and began flowing oil in commercial volumes. We intend to flow the well through temporary facilities, and then install a progressive cavity pump to conduct a longer-term production test. We will then move the completion rig to Mapache-1, which appears to have similar potential in the two Upper Mirador sands which were oil bearing in Mapache-2. Later this spring, we plan to acquire an additional 91 square kilometres of 3D seismic adjacent to our existing 3D seismic data on the Mapache Block. These two seismic surveys will allow us to evaluate approximately 30% of the 107,861 acre Mapache Block.
The ultimate potential of the Mapache Block will be further refined through revaluation of the existing seismic data, additional seismic acquisition and additional delineation drilling.
Petrominerales Ltd.
Petrominerales Ltd. is a Latin American-based exploration and production Company producing oil in Colombia with 16 exploration blocks covering a total of 1.9 million acres in the Llanos and Putumayo Basins and 2.6 million acres in the Ucayali Basin of Peru. Petrominerales is 76.5% owned by Petrobank (TSX: PBG - News).
Forward-Looking Statements
Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Specifically, this press release contains forward-looking statements relating to the timing of capital projects and the results of operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our Canadian securities filings. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; timing and rig availability, outcome of exploration contract negotiations; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of the Company. There is no representation by Petrominerales that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Petrominerales assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contact:
John D. Wright
Petrominerales Ltd.
President and Chief Executive Officer
(403) 750-4400 or 011 571 629 2701
Corey C. Ruttan
Petrominerales Ltd.
Vice-President Finance and Chief Financial Officer
(403) 750-4400 or 011 571 629 2701
Jack F. Scott
Petrominerales Ltd.
Executive Vice-President and Colombian Country Manager
(403) 750-4400 or 011 571 629 2701
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Source: Petrominerales Ltd., Petrobank Energy and Resources Ltd.
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