MD&ASounds like they expect to be able to produce from Visure 1X:
The Company's oil and gas interests are in the early production stage and the Company has only
determined whether its petroleum and natural gas properties contain reserves that are
economically recoverable on two of its Blocks to date, namely Moriche and Buganviles.
Also, with regards to the Talora farmout, they farmed out 30% for 5.2M in cash plus a reasonable carry on first 2 wells. Look what they paid for it in late 2010: Not too shabby once you pro-rate it.
On October 27, 2010, the Company acquired PetroSouth Energy Corp. (“PetroSouth”) for cash
consideration of $1,500,000. The assets of PetroSouth principally included an undivided 20% working
interest in the Talora Block in Colombia.
Alange energy (or PMD) finally got their permits for Santa Cruz, and rumour is that QEI is about to get theirs for Canaguaro. Hopefully PDQ gets theirs for CPO-5 as well. We need some drilling already.