TORONTO, April 26 /CNW/ - Pacific Stratus Energy Ltd. (TSX-PSE) announced
today that it has spudded its La Creciente-2 (LC-2) exploratory well in
Colombia's prolific Lower Magdalena Basin. This well is the first to be
drilled with the recently contracted 1500 HP Saxon 126 rig, which will be
fully dedicated to drill two wells in prospect A, and one well each at
prospects B, C, and D in the La Creciente Block.
The company estimates that it will take 45 days to reach final measured
depth of approximately 12,000 feet and a further 15 days to complete and test
the well. The LC-2 drilling target is the Ciénaga de Oro Formation 3
kilometres northwest from the La Creciente-1 discovery well that encountered
590 feet of gas-bearing sandstones with an all open flow potential exceeding
200 million cubic feet per day. New 3D seismic interpretation and correlation
shows an increase of gross thickness of the Ciénaga de Oro Formation at LC-2.
Jose Francisco Arata, Chief Executive Officer stated, "We are all very
excited to resume drilling prospect A and are now preparing to tie in both
wells to the Guepaje - Corozal pipeline as soon as possible to commence early
gas production and sales."
Pacific Stratus holds a 100% interest in the La Creciente Block under its
2004 contract with the Agencia Nacional de Hidrocarburos (ANH) of Colombia.
The phase 1 commitment of this contract that called for 150 kilometres of
seismic acquisition by Pacific Stratus was completed in 2005, phase 2 was
completed by drilling LC-1 and now the company is initiating phase 3, ahead of
schedule, by drilling LC-2. Recently the company also completed an additional
140 square kilometres of 3D and 70 kilometres of 2D seismic acquisition to
pinpoint future drilling locations. Upon completion of LC-2 the company will
proceed to obtain commercial approval of the field and move the rig to drill
La Creciente-3 down dip from the structure of Prospect A to seek the as yet
undetected water contact.
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 Ontario 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
For further information:
For further information: Manfred Kruger, Vice President - Investor
Relations, (416) 362-7735, email@example.com