PetroMagdalena announces resumption of operations in the province of Casanare
06 May 2012 - 6:03PM
PR Newswire (Canada)
TORONTO, May 7, 2012 /CNW/ - PetroMagdalena Energy Corp. announces
that production operations have resumed at its Cubiro Block located
in the province of Casanare, with the blockade being lifted on the
morning of Saturday May 5, 2012. As previously announced on
April 24, 2012, public roads in the province of Casanare were being
blocked and this led to a lack of public order in the area,
impacting production from PetroMagdalena's Cubiro block. No
employees or contractors of the Company were involved. Discussions
between all four levels of government are focusing on delivering a
long term solution for the local communities. 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. 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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