HOUSTON, November 5 /CNW/ - PetroSouth Energy Corp. (the "Company")
(OTCBB:PSEG) an energy exploration and production company focused on high
impact energy prospects in Colombia, South America, is pleased to announce
positive test results for the Bochica-1 development well. The test yielded an
average daily production of 350 barrels of fluid per day (bfpd) from 70 feet
of perforations in the "Los Pinos" formation. The well produced constantly
with a 20% oil cut, which is expected to increase.
Bochica-1 was spudded on was August 7, 2007 and reached a total depth
(TD) of 5,368 feet on September 02, 2007. Potential oil pay was identified in
a number of zones between 3,078 ft. and 3,462 ft. A drillstem test initiation
program of five zones, (Guaduas, Arenisca-Tierna, Los Pinos, La Luna, and
Chipaque) commenced on October 14, thru to October 30, 2007. Given the initial
positive Bochica-1 results, the Operator will continue testing these
perforations until the end of November 2007 to determine optimal flow rates
and initial reserves. Oil produced during the test is expected to be trucked
to a nearby receiving point.
Bochica-1 is the second well drilled in the Buenavista Block which is
located 38 miles northwest of Colombia's largest oil fields, the
Cusiana/Cupiagua complex, operated by BP. The Bochica-1 well is situated half
a mile northwest of Bolivar-1 well which was the first well drilled on
Buenavista Block which is currently producing 150 barrels of oil per day. UTOE
is the operator of both wells, with PetroSouth Energy holding a 16% working
interest in the Bochica-1 well and Buenavista Block.
Buenavista Block Project, Colombia
PetroSouth Energy is entitled to a 16% share of current production on
this block. The 25,000 acre Buenavista Block lies northeast of Bogota,
Colombia. This contiguous parcel of land contains the Bolivar-1 well, the
Bochica-1 well and three leads representing combined potential reserves of
over 13 million barrels of oil (MMBO). The Buenavista Block is located 38
miles northwest of Colombia's largest oil fields, the Cusiana/Cupiangua
complex, operated by industry giant British Petroleum. Colombia's second
largest field, Cano Limon, lies to the northeast of the Buenavista Block. Cano
Limon was discovered by Occidental Petroleum.
"This is the first time we encounter oil in the Los Pinos formation in
this part of the country," stated Juan Carlos Robles, President and CEO of
PetroSouth Energy. "By the end of the year we will have a better understanding
of the reserve potential of this particular unit."
Fred B Zaziski, Chairman of PetroSouth Energy, states: "We are pleased
with the Bochica-1 well test results which have confirmed the potential of the
Buenavista block. We are planning to drill a third well in Buenavista during
Q1 of 2008 and a fourth one in Q4 of 2008."
Shareholders and prospective investors are encouraged to visit PetroSouth
Energy's website: www.petrosouthcorp.com and download PetroSouth Energy's
Investor Summary. Please feel free to call investor relations toll-free at
1-888-977-6884 to receive a full corporate investor's package.
About PetroSouth Energy Corp
PetroSouth Energy Corp. is a publicly traded independent oil and gas
exploration company with headquarters in Houston, Texas and an operation base
in Bogota, Colombia. PetroSouth Energy aims to secure and develop a portfolio
of oil and gas properties in Colombia, South America. The Company is involved
in over 197,333 acres of prime oil and gas land holdings. PetroSouth Energy
trades on the NASD OTC BB under the ticker symbol: PSEG - "PetroSouth Energy -
High Impact Colombian Energy Exploration."
On behalf of the Board
Fred B. Zaziski, Chairman
Statements in this news release that are not historical facts are
forward-looking statements that are subject to risks and uncertainties. Words
such as "expects", "intends", "plans", "may", "could", "should",
"anticipates", "likely", "believes" and words of similar import also identify
forward-looking statements. Forward-looking statements are based on current
facts and analyses and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management, including, but not limited to, the Company's belief that
PetroSouth Energy can identify and successfully negotiate leases for oil and
gas properties in Colombia and that the Company can participate in the
exploration of those properties. Actual results may differ materially from
those currently anticipated due to a number of factors beyond the reasonable
control of the Company. Additional information on risks and other factors that
may affect the business and financial results of the Company can be found in
filings of the Company with the U.S. Securities and Exchange Commission.
For further information:
For further information: PetroSouth Energy Corp. Chairman Fred B.
Zaziski, Toll Free: 1-888-977-6884 firstname.lastname@example.org