PetroMagdalena Energy announces the Petirrojo-2 development well on production at a rate of 1,108 bopd and the spudding of an...
12 December 2011 - 11:30PM
PR Newswire (Canada)
TORONTO, Dec. 12, 2011 /CNW/ - PetroMagdalena Energy Inc. is
pleased to announce that the Petirrojo-2 development well
has been on production for the last 24 hours with an average rate
of 1,108 bopd natural flow with a 21.3% water cut of 40.4
degrees API light oil. This represents approximately 775 bopd gross
working interest share for the Company. Luciano Biondi, Chief
Executive Officer of PetroMagdalena stated, "We are very pleased to
announce the Petirrojo-2 development well is now on production, and
that completion operations on Petirrojo-3 have started. This
development has now increased our daily production average to
approximately 4,400 boepd. The last two Llanos basin exploration
wells for this year will be drilled before year end, and is part of
our plan to increase light oil production and reserves." The
drilling rig used to drill and complete Petirrojo-2 is now being
mobilized to drill the Azor-1 exploration well on the adjacent
Arrendajo block where the Company now has a 67.5% beneficial
working interest, subject to ANH approval. A workover rig is also
currently being mobilized to Petirrojo-3, which was drilled and
cased in November 2011, to complete the well and put it on
production. The Petirrojo-3 well is expected to be on
production in approximately 12 days. The Company is also pleased to
announce that on December 11, 2011, the Yopo-1 exploration well was
spudded on the Cubiro Block, four kilometers north of the Petirrojo
production facility. Yopo-1 will test an exploration prospect
located between the Petirrojo field and the Palmarito located six
kilometers north of the Yopo-1 well. It is anticipated the
well will reach total depth (TD) in approximately 12 days.
PetroMagdalena is a Canadian-based oil and gas exploration and
production company, with working interests in 19 properties in five
basins in Colombia. Further information can be obtained by visiting
our website at www.petromagdalena.com. All monetary amounts in U.S.
dollars unless otherwise stated. This news release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of
PetroMagdalena. Forward-looking statements and forward-looking
information include, but are not limited to, statements with
respect to estimated production and reserve life of the various oil
and gas projects of PetroMagdalena; the estimation of oil and gas
reserves; the realization of oil and gas reserve estimates; the
timing and amount of estimated future production; costs of
production; success of exploration activities; and currency
exchange rate fluctuations. Except for statements of historical
fact relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of PetroMagdalena and there is no assurance they will prove
to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include changes in market conditions, risks relating to
international operations, fluctuating oil and gas prices and
currency exchange rates, changes in project parameters, the
possibility of project cost overruns or unanticipated costs and
expenses, labour disputes and other risks of the oil and gas
industry, failure of plant, equipment or processes to operate as
anticipated. Although PetroMagdalena has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
PetroMagdalena undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning oil and gas reserve estimates may
also be deemed to constitute forward-looking statements to the
extent they involve estimates of the oil and gas that will be
encountered if the property is developed. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Estimated values of future net
revenue disclosed do not represent fair market value. 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 news release.
PetroMagdalena Energy Corp. CONTACT: Michael DaviesChief Financial
Officer(416) 360-7915Miranda SmithInvestor Relations
Representative(647) 428-7422
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