TORONTO, Nov. 26 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE) announced
today that the company has officially signed the Exploration and Production
Contracts for Blocks 135, 137 and 138 with the Peruvian Government in a
ceremony hosted by Peruvian President Alan Garcia. These blocks, which are
located in the Maranon Basin and total 1,883,553 hectares, were awarded to
Pacific Stratus through a bidding process organized by Perupetro in July 2007.
The main criteria used for the company's selection of these blocks were the
size of the potential resources, the proximity to existing transport
infrastructure and the economics of the projects. The commitments for the
first exploration phase include regional studies and seismic acquisition. Upon
successful completion of phase one, the company has the option to continue the
exploration program with additional seismic acquisition and drilling one well
for each block.
In Colombia, the company recently signed an agreement with Petro Rubiales
(TSXV: PEG) to utilize Pacific Stratus's storage and pipeline facilities at
the Guaduas field to transport up to 20,000 barrels of oil per day (bopd) of
Rubiales blended crude to the export port of Covenas. Pacific Stratus expects
to obtain a net margin of approximately US$2 per barrel from this throughput
agreement, which has been structured in two phases - in phase one, which
commenced last week, the company will handle up to 4,000 bopd, while phase two
will provide a total throughput capacity of 20,000 bopd. Phase two will
commence at the end of the first quarter of 2008 upon completion of new
At the LCD-1 well located at La Creciente, Prospect D, drilling has
reached 7,600 feet within the Porquero formation and is expected to reach the
top of the Cienaga de Oro reservoir at 10,583 feet by mid-December.
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.
This press release contains 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: Jose Francisco Arata, Chief Executive Officer,
(416) 362-7735, email@example.com