PetroMagdalena announces normalization of operations at Cubiro in the province of Casanares
07 March 2012 - 9:15AM
PR Newswire (Canada)
TORONTO, March 8, 2012 /CNW/ - PetroMagdalena Energy Corp. is
pleased to announce the normalization of operations in our Cubiro
Block located in the province of Casanares. In previous days there
was an illegal protest where public roads in the province of
Casanares were being blocked and this led to a lack of public order
in the area. Rig operations were interrupted and trucking
operations were also halted which impacted production schedules.
The unlawful blockade was lifted Wednesday evening, March 7(th).
With the blockade now removed, operations are returning to normal
levels. PetroMagdalena wishes to thank the Colombian Government for
its involvement in the process of the blockade and its resolution
to restore order in the area. The Company also expresses its
gratitude to the Governor of Casanare, the Mayors of Trinidad and
San Luis de Palenque and the members and leaders of the communities
of these two municipalities for their hard work in this respect.
PetroMagdalena is fully committed to working with all stakeholders
on these matters, and acknowledges the need to continue a
discussion on the implementation of sustainable solutions for the
area. 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: Peter VolkGeneral Counsel and
Secretary(416) 360-7915Belinda LabatteInvestor Relations
Representative(647) 436-2152
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