Post by
Golongagain on Nov 04, 2010 4:11pm
THIS could be PKP . . .
Not pumping these guys. Just an example how interest will really spark when /if Well #3 comes in!
Best GOLONG
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FOR: LOON ENERGY CORPORATION
TSX VENTURE SYMBOL: LNE
NOVEMBER 4, 2010
Loon Energy Announces Exploratory Success in Colombia
CALGARY, ALBERTA--(Marketwire - Nov. 4, 2010) - Loon Energy Corporation (TSX
VENTURE:LNE) ("Loon") announces today a new exploratory success at its
Visure-1X well, located in the Buganviles Block, Upper Magdalena Valley
Basin, Colombia.
The Visure-1X well, drilled on the southwestern flank of the Visure Prospect
near to the southeastern border of the Buganviles Block, was drilled to
evaluate a structural trap, similar to the trap at the nearby Abanico Field
to the northeast. The well had three main exploratory objectives: the
Cretaceous Lower and Upper intervals of the Guadalupe Formation and the
Tertiary Barzalosa Formation. The well was spud on October 16, 2010 and
reached a final depth of 3,380 feet measured depth ("MD") or 2,205 feet true
vertical depth subsea ("TVDSS") on November 1st, 2010. The well was drilled
slightly deviated at an angle of 9 degrees and found the top of the
Barzalosa Formation at 2,206 feet MD (1,040 feet TVDSS), the Upper Guadalupe
at 2,995 feet MD (1,825 feet TVDSS), the Lower Guadalupe Interval at 3,079
feet MD (1,908 feet TVDSS), and the top of Villeta Formation at 3,272 feet
MD (2,099 feet TVDSS).
The petrophysical evaluation of the well in the Barzalosa, Upper Guadalupe
and Lower Guadalupe Formations indicated a total net pay of liquid
hydrocarbons of 114 feet in the three intervals, ranging from 24.5 to 45.5
feet of net pay and 16% to 26% average porosity. In addition to the oil
bearing sandstones, the well also showed gas saturated sandstones in the
Barzalosa Formation. A summary of the petrophysical evaluation for each
interval is presented below which was supplied to Loon by the operator of
the Visure-1X well: