Petrodorado Commences Drilling Program in California
Petrodorado Commences Drilling Program in California
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Calgary, Alberta CANADA, July 16, 2013 /FSC/ - Petrodorado Energy Ltd.,("Petrodorado" or the "Company") (TSXV-PDQ) is pleased to announce the start of drilling operations for the Kreyenhagen project in California.
Kreyenhagen Project Drilling Program started in California
The three well Kreyenhagen Project drilling program in the San Jaoquin Basin of California commenced on July 11, 2013. The objective of these three wells (one vertical and two slant) is to confirm oil in place, Reservoir Characterization (porosity, oil saturation, net pay, oil water contact) and initial test production rates and to provide primary recovery factors. In addition, all of the parameters acquired from these three wells will provide a robust data set in order to evaluate different steam recovery techniques.
As per the operational plan, these three wells will be drilled, logged and cased with a drilling rig, released and then promptly tested by a testing rig. Of the three wells drilled, one well will be tested for a period of one month while the other two wells are each tested for one week.
The drilling and testing of these three wells is the first half of Phase I of the farm-in agreement as per the Company press release dated May 27, 2013. With the initial data acquired, the second component of Phase I, which consists of geological and thermal recovery modelling, will be performed. Based on the modelling results, Petrodorado has the option to enter into Phase II of the farm-in agreement whereby the Company would fund 100% of a pilot thermal project, up to a maximum of US$4Million with costs in excess to be paid at 40%, and earn an additional 25% non-operated working interest (40% total non-operated working interest) in this 1,720-acre project.
Krishna Vathyam, Chairman, President and CEO of Petrodorado Energy Ltd.
"Within six weeks of signing our farm-in agreement we have started the drilling campaign of three wells - justifying our decision to diversify into a faster regulatory approval environment. These three wells will provide significant information for Petrodorado to make its decision to enter the pilot production phase of this project over the next two months."
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol "PDQ".
For further information, please contact:
Krishna Vathyam, Chairman, President and CEO
Chris Reid, VP of Finance and CFO
(403) 800-9240
Email: info@petrodorado.com
Website: www.petrodorado.com
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". Such forward-looking statements, including but not limited to the expected timing from the Company's drilling and testing results are subject to numerous 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 assumptions 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. These forward looking statements are based upon assumptions that the Company has made concerning the oil and gas industry in Colombia, the reliability of available data regarding the properties in question, and the continuing market for oil and gas. Risk factors may include the uncertainty of conducting operations under a foreign regime, the availability of labour and equipment, the fluctuating price of oil and gas, and the Company's dependence upon other participants in the property areas. Neither the Company nor any of its subsidiaries nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention and assumes 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 above.
"Data obtained from the initial testing results at the well identified in this press release, which may include barrels of oil produced and levels of water-cut, should be considered to be preliminary until a further and detailed analysis or interpretation has been done on such data. The well test results obtained and disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. The reader is cautioned not to unduly rely on such results as such results may not be indicative of future performance of the well or of expected production results for the Company in the future."
Neither the 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.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/petrodorado07162013.pdf
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) http://www.petrodorado.com
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