UpdatePetrodorado Provides Operational Update on Its Colombia Assets
Apr. 12, 2010 (Marketwire Canada) -- CALGARY, ALBERTA--(Marketwire - April 12, 2010) -
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Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSX VENTURE:PDQ) is pleased to provide an operational update on its Colombia assets.
Mauritia Este Prospect (Moriche Block):
As previously announced on February 25, 2010, Petrodorado, along with its joint venture partner Pacific Rubiales Energy Corp. ("PRE"), successfully completed a discovery well ME-1 as a Mirador producer on the Moriche block in the Llanos Basin of Colombia.
The ME-1 well tested at a peak rate of 693 bopd of 14 degree API oil and is expected to be tied in and on production in May 2010. The drilling of additional production wells in the same structure is being planned by the Company and PRE utilizing data from the ME-1 discovery well. These additional wells are expected to be drilled during the second quarter of 2010. Petrodorado has a 49.5% beneficial interest in the Moriche Block.
Buganviles Block:
Petrodorado has a 49.5% working interest in the Buganviles Block located in the Upper Magdalena Basin of Colombia. Final well locations are presently being defined in conjunction with the working interest partner PRE. The first exploration well is expected to commence drilling in June 2010.
Talora Block:
Petrodorado has a 55% working interest in the Talora Block located in the Upper Magdalena Basin of Colombia. The Company acquired 122km of 2D seismic data in March 2010 and seismic processing and interpretation are underway. An exploration well targeting 25 to 35 degree API oil is planned for September 2010.
Tacacho Block:
In January 2010, Petrodorado acquired a 49.5% working interest in the Tacacho Block located in the Putumayo Basin of Colombia. The Tacacho block measures approximately 599,000 hectares and is located in the foreland basin of the Putumayo mountain range, in the Eastern Cordillera of Colombia. PRE has a 50.5% working interest in the block.
The 24 month-long exploration program includes the acquisition, processing and interpretation of 480 kilometers of 2D seismic data. Initial environment assessments are underway for the seismic program.
La Maye Block:
Petrodorado drilled the Noelia-1 an oil well on the La Maye Block in October of 2009. A second exploration well is expected to commence drilling in June of 2010 and the first exploration well is planned to be tested after the testing of the second well. Petrodorado has a 20% beneficial interest in this block.
Krishna Vathyam, President and CEO of Cap-Link stated:
"We are pleased with our progress year to date in Colombia where Petrodorado started its drilling campaign in Colombia with a discovery. We look forward to the rest of the year to execute our strategy and continue to add value to our asset base."
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to performance of the ME-1 well, drilling results in the Moriche Block, drilling results in the Buganviles Block, drilling results in the Talora Block, seismic results in the Tacacho Block, drilling results in the La Maye Block and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward- looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed.
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 release.
Source: Marketwire Canada (April 12, 2010 - 12:29 AM EDT)
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