CALGARY, March 26 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL) announces that the Calcedonia-1 well located in the Guachira Norte
Block in the Llanos Basin, Colombia, has been plugged and abandoned. This well
was drilled to a total depth of 8,138 feet and successfully penetrated a large
Carbonera C7 structure that had oil shows and excellent reservoir parameters.
Subsequent extensive testing proved the structure was water bearing. Solana is
the operator of the Guachira Norte Block with a 70% working interest. Pursuant
to a farm out agreement Solana was responsible for only 40% of the
Calcedonia-1 well costs.
In the immediate vicinity there remains a significant Carbonera C5 target
which the Company intends to test in the near future. Activity in the Llanos
Basin, which includes drilling the Bevea-1 exploration well and the
acquisition of over 300 square kilometres of 3-D seismic data, is part of a
wider extensive exploration and development program for the first half of
2007. This program includes drilling two wells in the Putumayo Basin
(Juanambu-1 has already been press released as a discovery) and an additional
two wells in the Catatumbo Basin. This program is fully funded with existing
Mr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum
Geologist, is the qualified person who has reviewed the technical information
contained in this news release.
Forward Looking Statements
Certain information regarding the Company, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks
associated with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers and ability to access sufficient capital from
internal and external sources; as a consequence, actual results may differ
materially from those anticipated.
Solana Resources Limited
Solana (www.solanaresources.com) is an international resource company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company's properties are located in Colombia, South America
and are held through its wholly owned subsidiary, Solana Petroleum Exploration
(Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Enquiries, Solana Resources, Scott Price,
email@example.com, (403) 770-1822; Ricardo Montes,
firstname.lastname@example.org, (403) 668-6604; Nabarro Wells & Co. Limited
(Nominated Adviser), John Wilkes, email@example.com, +44 20 7710
7400; Tristone Capital Limited (UK Broker), Nick Morgan,
firstname.lastname@example.org, +44 207 399 2486; Pelham Public Relations,
Charles Vivian, email@example.com, +44 207 743 6672; Philip Dennis,
firstname.lastname@example.org, +44 207 743 6363