TORONTO, Jan. 2 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced
today that the La Creciente D-1 (LCD-1) well has reached the total depth of
11,450 feet Measured Depth (or 10,711 feet True Vertical Depth at Sub-Sea
level). The petrophysical evaluation indicates a water gas contact at a
Measured Depth of 10,869 feet (10,131 True Vertical Depth at Sub-Sea level),
32 feet below the top of the reservoir. As result of this evaluation, 28 feet
of net reservoir sandstones have been identified, with a net to gross ratio of
86%, an average porosity of 18.1% and an average water saturation of 38.8%.
The formation pressure recorded at the top of the reservoir was 6,492 pounds
per square inches (psi), which is 150 psi lower than the pressure registered
at the same depth on Prospect "A". The gas bearing area attributable to this
new discovery measures 430 acres.
The Cienaga de Oro Formation consists of 483 feet of well-sorted coarse
to fine grain sandstones (upper unit) and an interbedded sequence of silts,
shales and fine grain sandstones. The Cienaga de Oro was logged using
resistivity, gamma ray and density Logging While Drilling (LWD) tools. The
company is now finishing wireline logging and preparing to run and cement the
production liner in order to commence formation testing shortly thereafter.
The company also announced that the production facilities at the La
Creciente Field have been officially certified by the Ministry of Energy. On
December 28, 2007, the company began delivering 35 million cubic feet of gas
per day to the Guepaje-Sincelejo main pipe line.
Pacific Stratus has been advised by the Agencia Nacional de Hidrocarburos
(ANH) that it has secured the Tacacho Technical Evaluation Agreement. The
Tacacho block measures approximately 598,959 hectares and is located in the
foreland basin of the Putumayo mountain range, in the Eastern Cordillera of
Colombia. The area lies along a prominent structural high that trends North
Northwest from Ecuador and continues through the Tacacho block.
The main exploration targets in Tacacho are the tertiary Pepino Formation
and the cretaceous sandstones of the Villeta Formation, prolific producers in
the Ecuadorian portion of the basin. Oil generation in the Putumayo and nearby
Napo basins is renowned and proved, as well as the charge of the petroleum
system and trapping against structural highs in combined
A final agreement will be signed within the next 30 days. Work
commitments comprise a minimum investment of US$3.0 million to reprocess
640 kilometres of 2D seismic, 4,400 kilometres of aeromagnetogravimetric
survey and the acquisition of 100 kilometres of new 2D seismic.
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: Jose Francisco Arata, Chief Executive Officer,
(416) 362-7735, email@example.com