Secondary targetPacific Stratus Energy Clarifies Test Results
TORONTO, Nov. 24 /CNW/ - Pacific Stratus Energy Ltd. (TSX-V: PSE) wishes to clarify that the announcement yesterday that it had encountered no commercial quantities of gas in the Porquero formation at its 100%-owned La Creciente-1 (LC-1) well in the Lower Magdalena Basin of Colombia is in regard to a secondary target within the LC-1 well.
As previously announced, the primary target of the LC-1 well projected an all open flow production potential of up to 71.8 million standard cubic feet per day of gas for the Ci Denaga de Oro reservoir, which is expected to start production during the second quarter of 2007 upon completion of the connection of LC-1 to the nearby gas pipeline at an estimated cost of US$4.2 million.
Pacific Stratus Energy is a Canadian based oil and gas company that initiated operations in 2004 and has acquired a total land base that exceeds one million acres. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. PSE has a current net production of 2,500 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente and Moriche blocks in Colombia. The company has offices in Toronto, Caracas and Bogota. Further information is available on our website at www.pacificstratus.com
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