Gran Tierra Energy Continues Building Production Capacity at Costayaco Field,
Colombia
Five Million Barrel Cumulative Production Threshold Attained
"On top of meeting our daily production plateau target of 19,000 BOPD at the end of August, ahead of schedule, we have now tied in an additional production well and are preparing to drill the final development well in the field for 2010, which will allow us to maintain these production levels as the field matures." said
Costayaco-9 Production Test Results
Gran Tierra Energy has completed production testing on Costayaco-9, a vertical development well located 1,950 feet southwest of Costayaco-8. In early September, two separate production tests were conducted with a jet pump on Costayaco-9. A 24.5 hour production test was conducted on the T sandstone of the Villeta formation. This test covered a 40 foot interval and tested at approximately 926 BOPD with less than 1% watercut. A second 23.5 hour production test was conducted on the Caballos sandstone. This test covered a 64 foot interval and tested at approximately 1,840 BOPD with less than 1.5% watercut. Costayaco-9 has been tied in and is currently on production (from the T sandstone only) at approximately 1,860 BOPD.
Costayaco-10 Update
Costayaco-10 will be drilled approximately 2,500 feet southwest of Costayaco-9. Lease construction is currently underway and the well is expected to spud in the last week of September. The main objective for Costayaco-10 is to add production capacity to assist in maintaining the gross production plateau of 19,000 BOPD from the Costayaco field. In addition, it is expected to convert probable and possible reserves into proven and probable reserves respectively. This is the last well planned to be drilled in the Costayaco field in 2009.
Production Update
Costayaco field reached the five million cumulative barrels of oil production milestone on
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in
Gran Tierra Energy's Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.
Forward Looking Statements:
The statements in this news release regarding Gran Tierra Energy's expectations that it can maintain these production levels as the field matures and Costayaco-10 is expected to spud in the last week of September are forward looking statements or financial outlook (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations and the
For further information: For further information: For media and investor inquiries please contact David Feick, Equicom Group, (866) 973-4873, (403) 536-5903, [email protected]
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