TORONTO, March 14 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) is
pleased to announce that the National Agency of Hydrocarbons (ANH) of Colombia
has awarded the Guama Block to its wholly owned subsidiary SEEP S.A.
Pacific Stratus has obtained a 100% working interest in the Guama Block
that has a total area of 216,123 acres and is located in the Lower Magdalena
Basin near the La Creciente Block, where the company recently discovered gas.
The company will pay US$400,000 and will issue 400,000 shares as an
agency fee to an arm's length third party in relation to the granting of the
block. The company is committed to reprocess 300 kilometres of existing
seismic and to acquire 200 kilometres of new 2D seismic in the first 18
months. The commitment for the second phase is to drill a well.
The company has mapped five gas and oil prospects in the block. One of
these prospects was proved almost 20 years ago when the Ligia-1 well flowed
500 thousand cubic feet gas and 450 barrels 39 API crude oil per day during
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
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: Robert Doyle, Executive Vice President & CFO,
(416) 362-7735, firstname.lastname@example.org