TORONTO, Dec. 18 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced
today that the La Creciente D-1 (LCD-1) well located at Prospect "D" in the
Lower Magdalena Basin of Colombia, 6,000 metres to the northeast of LCA-1, has
been drilled to a Measured Depth of 10,850 feet and has encountered the top of
reservoir in the Cienaga de Oro Formation at 10,837 feet Measured Depth. The
company is now preparing to record electrical logs in the well and then run
and cement the 7-inch liner to protect the borehole before resuming drilling
to the planned final depth at 11,510 feet Measured Depth.
While drilling through 13 feet of reservoir, cuttings of well-sorted,
fine to coarse grained sandstones were recovered at the surface. This interval
also showed significant counts of methane, over 55,700 parts per million,
despite the high mud weight (15.0 pounds per square inch) used to control
The company also announced that it has spudded the La Creciente A-4
(LCA-4) well. This appraisal well will target the Cienaga de Oro Formation at
a depth of 10,550 feet at approximately 800 metres SW of LCA-1.
Production facilities and flow lines at La Creciente are undergoing final
testing and the company expects to start the first commercial gas deliveries
against existing contractual commitments by the end of the month.
Pacific Stratus holds a 100% interest in the La Creciente Block.
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.
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Jose Francisco Arata, Chief Executive Officer,
(416) 362-7735, firstname.lastname@example.org