Petro Vista Energy Corp. PTVYF

brazil

[Hawkdog]

The Tartaruga Block is located in Brazil's prolific Sergipe-Alagoas Basin, north-eastern Brazil and currently produces approximately 90 boe/d from one zone in one well which has been on production for over 12 years. This well has multiple additional pay zones identified on logs that have not yet produced. In December 2009, a fluid treatment was done on the existing SES-107D well increasing production of the well up to 448 boe/d. A workover planned for March 2010 is expected to increase the rate of production. The work over is anticipated to take approximately 14 days to complete.

Currently, the new sidetrack development well (7-TTG-1DP-SES) is being drilled. The well is expected to be drilled to a depth of -3794m MD and intersect 13 of the previously logged Penedo Sands. This deviated well will be drilled off of the current pad which can accommodate up to 4 new wells. Drilling of the development well is estimated to take 45 days and is expected to be completed in March 2010. 

Following the work over and drilling the new development well, both wells will be put immediately on production. The crude oil currently being produced from Tartaruga is a light high quality crude (approximately 41 API). All facilities are in place including drilling permit, tank batteries, separators, and other. An oil sales contract with Petrobras exists. The crude oil is currently trucked to a nearby refinery. Once sufficient production rates are established, a lateral pipeline into the nearby main line within 5 km of the Tartaruga Block may be constructed.