CALGARY and LONDON, Aug. 25 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL), is pleased to announce that it has successfully drilled, logged,
cased and is preparing to test the Los Aceites-1 well located on the Guachiria
block in Colombia's Llanos Basin.
Drilling commenced on Los Aceites-1 on August 2, 2008, and reached a
total vertical depth of 7,108 feet on August 11, 2008. Initial log
interpretations, MDT tests and sidewall cores indicate oil pay in the
Carbonera C-7 formation, where 40 degree API oil shows were encountered. Los
Aceites-1 encountered the same sand package, with better log characteristics,
as in the Primavera-1 well which is located approximately 3.3 km to the north
and tested 650 barrels of oil per day from the Carbonera C-7 formation over a
24 hour period.
The Pioneer-52 drilling rig will be used to complete and test the well.
Testing operations are anticipated to take approximately two weeks. Following
Los Aceites-1 testing, Pioneer Rig 52 will be made available to Petrotesting
Colombia S.A. for a two well program in the Llanos basin.
Solana is the operator and holds a 100% working interest in the Guachiria
block with Lewis Energy Colombia holding a 30% beneficial interest in the
block. The Guachiria block is subject to an Ecopetrol S.A., the State oil and
gas company, contract and attracts an additional Ecopetrol S.A. 13% overriding
royalty that is applied after government royalties.
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, mechanical problems, equipment
limitations, 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
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