Rich Minerals Corporation announces successful bids in Brazil land auctions


    CALGARY, Dec. 7 /CNW/ - Rich Minerals Corporation ("Rich" or the
"Company") whose common shares trade on the TSX Venture Exchange (the
"Exchange") under the symbol "RMC" is pleased to announce that the Agencia
Nacional do Petroleo, Gas Natural e Biocombustiveis, Brazilian Federal Oil and
Gas Agency ("ANP") has awarded Rich Minerals Corporation two onshore blocks in
the Potiguar Basin. In addition Rich, in a Joint Venture with Tarmar Energia e
Participaçoes Ltda. ("Tarmar"), a Brazilian oil and gas exploration company,
were awarded two blocks in the Rio de Peixe Basin. Rich has a 20%
participation in these two blocks.
    The four blocks total approximately 71 square kilometres (17,444 acres)
of land under concession for oil and gas exploration.
    Rich's technical team, consisting of Dr. Augusto Mendonca and Dr. Roberto
Moraes were responsible for the evaluation and strategy definition of the
blocks in the Potiguar Basin. The Company's technical team selected the blocks
to bid on based on geophysical data re-processing and interpretation of
gravity and magnetic data. The evaluation was supported by geological
information and well data.
    The Potiguar Basin is the largest on-shore production area in Brazil, and
has excellent infrastructure. The blocks awarded to Rich are located beside a
Petrobras producing field, Belem. The Belem field is approximately 150 square
kilometres and produces 2200 boe/day. The oil occurs in the Acu Formation at a
depth between 200 and 350 meters. The Company focused on two structures
revealed by magnetic and gravimetric data evaluation, located in the SE and SW
portions of the Belem field. The technical team believes the structures could
be extensions of the existing fields. The Company was awarded the blocks
located over the identified SW structure, and Starfish Oil and Gas S.A., a
medium size Brazilian oil company, won the blocks located in the SE structure.
Additional seismic lines will be necessary in order to define well prospects
in these blocks.
    Although the Rio de Peixe Basin is a new frontier, the correlation of
successful plays in the Potiguar Basin, indicate that the Rio de Peixe Basin
has prospective areas.


    The Brazilian Energy Policy Council, CNPE, confirmed the validity of the
8th round and determined that it must be concluded as soon as possible. The
ANP announced that the 8th round must be concluded in the first quarter of
2008 and all blocks must be awarded.
    Rich Minerals Corporation was the successful bidder of four blocks in
Tucano Basin, primarily a gas-producing region of Brazil. The blocks represent
approximately 720 square kilometres (178,000 acres) of land for oil and gas

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: regarding this press release, please contact
the following officer of the Corporation: Debra L. Senger, Rich Minerals
Corporation, 4100 - 6A Street N.E., Calgary, Alberta, T2E 4B1, Telephone:
(403) 531-9100, Facsimile: (403) 531-9699

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890