/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, Dec. 10 /CNW/ - Benchmark Energy Corp. ("Benchmark" or the
"Company" - TSX Venture: BEE) is pleased to report that it has entered into a
Memorandum of Understanding ("MOU") with Ecopetrol S.A. ("Ecopetrol") whereby
Benchmark will undertake a pilot project on up to 5 wells in 3 fields operated
by Ecopetrol in the Republic of Colombia, to use its propriety
well-performance enhancement technology. Benchmark secured the preferential
right for the technology for Colombia through a previously-announced
Cooperation Agreement with Dominion Oil (USA) Corporation of Spring, Texas.
Under the terms of the MOU, Benchmark shall cover 100% of the cost of the
pilot project, which will involve 2 wells within the Sardinata Field, 2 wells
within the Petrolea Field, and an option to Ecopetrol to have either a second
zone in one of the wells performed on, or a 5th well enhanced utilizing the
technology, and which can be within either the Sardinata or Petrolea Fields,
or eventually on the Tibz Field, where Ecopetrol has a production sharing
contract with Petrobras. All 3 fields are mature oil fields located in the
Catatumbo Basin in northeastern Colombia. The Sardinata Field has been
producing since 1950 and currently produces 300 barrels of oil per day
("bopd"), the Petrolea Field has been producing since 1933 and is currently
producing 1,200 bopd, and the Tibz Field is currently producing an estimated
The candidate wells have been mutually chosen by Benchmark and Ecopetrol.
The pilot project commenced on December 9, 2007, with the first of the
Sardinata Field wells; the pilot project for all of the wells is due to be
completed within the next 45 days. Upon completion of the pilot project, and
assuming Ecopetrol is satisfied with the results of the pilot project,
Benchmark will attempt to negotiate a farm-in agreement with Ecopetrol on one
or more of the fields involved in the pilot project.
Elsewhere in Colombia, the Company continues its negotiations and due
diligence on a number of acquisition and farm-in opportunities that have been
presented to Benchmark. And in Argentina, the Company is actively working on
the possible purchase of a mature, producing field. Further information will
be provided on these opportunities if and when it becomes available.
Benchmark is a junior Canadian oil and gas exploration Company, focused
Certain information regarding Benchmark contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, anticipations,
expectations, opinions, forecasts, projections, guidance or other similar
statements that are not statements of fact.
Although Benchmark believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to be correct. These statements are subject to certain
risks and uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or implied in the
forward-looking statements. Benchmark's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Benchmark Energy Corp.: David R. Robinson,
President, Phone: (403) 802-0770, Fax: (403) 266-5732, E-Mail: