TORONTO, Sept. 25 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE)
announced today that the La Creciente-3 (LCA-3) well, located at Prospect "A"
in the Lower Magdalena Basin of Colombia, has been drilled to a measured depth
of 11,942 feet and has encountered the top of the reservoir in the Cienaga de
Oro Formation at 11,927 feet, 127 feet higher in the structure than the top of
the formation at LCA-1. While drilling the reservoir, cuttings of well-sorted,
coarse-grained sandstones were recovered at the surface. This interval also
showed counts of methane, despite the high mud weight (15.3 pounds per square
inch) used to control reservoir pressures.
The company is now preparing to record electrical logs in the well and
then run and cement the 7-inch casing to protect the borehole before resuming
drilling to the planned final depth at a measured depth of 12,950 feet or
11,060 feet true vertical depth below sea level.
Production facilities at the 100%-owned La Creciente block have been
completed and the company has received the authorization from the Ministry of
Energy to start production from the La Creciente 1 well. A public auction to
sell 35 million cubic feet of gas per day will be held on October 9, 2007 in
Bogota, Colombia. To date, 15 companies have registered to participate in this
Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 1,900 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, La Creciente, Moriche,
Guama and Arauca blocks in Colombia and blocks 135, 137 and 138 in Peru. The
company has offices in Toronto, Caracas and Bogota. Further information is
available on our website at www.pacificstratus.com.
For further information:
For further information: Manfred Kruger, Vice President Investor
Relations, (416) 362-7735, email@example.com