TORONTO, April 18 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE)
announced that it has completed the production test of the Mauritia Norte-1
well (MN-1), located in the Moriche Block in the Llanos Basin of Colombia. The
well produced 1,116 barrels of 36.5 degree API gravity oil per day by natural
The production tests consisted of drill stem tests executed at the
Mirador, Gacheta and Upper and Lower Ubaque Formations at depths of
8,965-8,967 feet, 9,637-9,642 feet, 9,775-9,787 feet and 9,792-9,797 feet.
Production tests performed at the Mirador Formation, which were carried
out using different choke sizes, achieved natural flow of 36.8 API gravity oil
with a 20.1% bottoms, sediment & water (BSW) content through a 24/64 inch
choke. The pressure recorded at the reservoir level at a depth of 8,965-8,967
feet was 3,755 psi. The company has determined that MN-1 will be completed to
produce from this interval.
Variable production of 13.7 degree API gravity oil was obtained from the
Upper Ubaque Formation, resulting in a calculated open flow potential of 202
barrels per day with a BSW content of 27.5%. This formation will be tested
again with future development wells to determine whether it can yield
commercial production levels. Production tests were also completed on the
Lower Ubaque and Gacheta Formations, but neither proved as attractive as the
Mirador Formation due to lower production rates with higher water cuts.
Pacific Stratus holds an 80% working interest in and is the operator of
the Moriche block. By drilling the MN-1 well, the company has fulfilled the
second phase of its contractual commitment with the Colombian Hydrocarbons
Agency, the grantor of the Moriche association contract. The company is
planning to drill another development well in this prospect in mid-2007 and
will begin long term production tests at MN-1 as soon as production facilities
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 2,200 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has
offices in Toronto, Caracas and Bogota. Further information is available on
our website at www.pacificstratus.com.
This press release may contain 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: Manfred Kruger, Vice President - Investor
Relations, (416) 362-7735, firstname.lastname@example.org