HOUSTON, October 10 /CNW/ - PetroSouth Energy Corp. (the "Company") (NASD
OTC BB:PSEG), an energy exploration and production company focused on high
impact energy prospects in Colombia, South America, is pleased to provide
summary of the Company's current producing property and prospect inventory.
PetroSouth Energy was founded with the specific aim of securing and
developing a portfolio of oil and gas properties in Colombia's most prolific
hydrocarbon producing areas. PetroSouth Energy is positioned strategically in
two high impact oil and gas production areas outside of Bogota, Colombia. With
their operating partners, PetroSouth is ready to begin exploration of its
prime oil and gas land holdings with a focus on adding additional oil and gas
production to our portfolio of assets.
PetroSouth Energy currently has participation stakes in two separate
Colombian blocks representing 133,333 acres and potential reserves of 222.01
million barrels of oil (MMBO) cumulatively.
Talora Block Project
PetroSouth Energy has a 20% participation stake in the Talora Block that
lies southwest of Bogota, Colombia. The 108,333 acre contiguous parcel of land
contains 5 prospects with combined potential reserves of 209 million barrels
of oil (MMBO). Brazil's state owned Petrobras has operated the Guando field
just southeast of the Talora block since November of 2002 which has
recoverable reserves of approximately 117 million barrels.
Buenavista Block Project
PetroSouth Energy has a 16% participation stake in the Buenavista
Exploration and Production Contract. As of July 1, 2007, PetroSouth is
entitled to a 16% share of current production on this block, which currently
is in excess of 100 barrels of oil per day. The 25,000 acre Buenavista Block
lies northeast of Bogota, Colombia. This contiguous parcel of land contains
the Bolivar field, the Bolivar prospect 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.
Fred B Zaziski, Chairman of PetroSouth Energy, states: "We are extremely
gratified with the progress of our business ventures to date and remain
focused on distinguishing our Company from our peers. Through the continued
efforts of our management team, employees and alliances, we look forward to
executing our business plan and becoming a premier player in the exploration
and production of oil and gas in Colombia. We now have the ability to move
forward and execute our strategic development plan for PetroSouth Energy as we
aim to enhance shareholder value for current and future investors."
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. Investors
should take note that some of the key players within the prospect areas of
PetroSouth Energy include but are not limited to; Petrobras, Total S.A.,
Chevron Corporation, Occidental Petroleum Corporation, Exxon-Mobil, British
Petroleum, and Talisman Energy Inc.
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 133,000 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. Fred B Zaziski,
1-888-977-6884 Chairman firstname.lastname@example.org http://www.petrosouthcorp.com