TORONTO, March 6 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) is
pleased to announce results of the wireline logs run on its 80% owned Mauritia
Norte 1 well located in the Moriche block in the Llanos Basin of Colombia.
Heavy and light oil have been discovered in the Ubaque and Mirador reservoirs
and production tests will commence on March 9th.
The well was drilled to a total measured depth of 10,000 feet and
encountered Carbonera C7, Mirador, Gacheta and Ubaque Formations at depths of
8,726, 8,973, 9,520, and 9,693 feet respectively. The well's primary objective
was the Mirador Reservoir, which presented one oil bearing sandstone with five
feet of net pay zone. The Company also found the following secondary target
zones: Carbonera C7, Gacheta, and Ubaque reservoirs, with gross thicknesses of
253, 214, and 296 feet, respectively. The table below gives estimates of net
pay and other reservoir parameters derived from log analysis for the various
Net Pay Porosity Water Saturation
(feet) (%) (%)
CARBONERA C7 6 18-23 30-35
MIRADOR 5 25-28 25-28
GACHETA 9 30-35 19-29
UBAQUE 23 16-22 39-40
Based on the wirelog interpretation, the company chose 28 points where
Repeat Formation Tests (RFT) were recorded and three fluid samples were taken.
These points were located in all four reservoirs and fluids were taken from
Ubaque, Mirador, and Carbonera Formations.
Pressure gradients were made based on the RFT data and well defined water
oil contacts were confirmed in the Ubaque and Mirador Formations. The fluid
samples taken from Ubaque and Mirador are heavy and light oils, with API
gravity of 12.8 and 38.5 respectively.
The Company will run and cement the seven-inch production casing and will
commence production tests immediately thereafter. The Ubaque, Gacheta and
Mirador intervals will be tested and production test results will be announced
by the end of March.
Pacific Stratus is the operator in this block. By drilling this well, the
company has fulfilled the second phase of its contractual commitment with the
Colombian Hydrocarbons Agency, the grantor of the Moriche association
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 2,500 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente and Moriche blocks in Colombia. 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: Robert Doyle, Executive Vice President & CFO,
(416) 362-7735, email@example.com