CALGARY, June 27 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)
announces that the Bevea-1 well located in Gaviotas Block, in the Llanos Basin
of Colombia will be plugged and abandoned. Bevea-1 was drilled to a total
measured depth of 3,802 m (12,475 ft) penetrating the primary objectives, the
Mirador and Gacheta formations. While there were minor oil and gas shows
during drilling, subsequent well log analysis determined the presence of
hydrocarbons in sub-commercial quantities. Solana is the operator of the
Gaviotas Block with a 70% working interest. Pursuant to a farm out agreement
Solana was responsible for only 40% of the Bevea-1 well costs.
Bevea-1 is the fourth well in the six exploration well drilling program
Solana initiated at the beginning of 2007. To date, under this program, Solana
has announced two new field discoveries, Juanambu and Costayaco (both in the
Putumayo Basin) and two dry holes, Calcedonia-1 and Bevea-1 (both in the
Llanos Basin). The impending Tres Curvas-1 and Cocodrilo-1 wells will complete
this six well drilling program.
Tres Curvas-1 is located in the Catguas Block in the Catatumbo basin. The
access road and drilling pad have been built and a drilling rig is currently
in transit to the well site. This well is expected to spud on or about July 6,
2007 and is targeting a relatively shallow 1,036 m (3,400 ft) Barco formation
structure that is defined by 2D seismic and supported by a strong geochemical
hydrocarbon anomaly. Tres Curvas-1 is also offsetting a well drilled some 50
years ago which tested oil in the Barco formation.
Following Tres Curvas-1, the rig will be moved to drill the nearby
Cocodrilo-1 wildcat exploration well that is testing a similarly defined
shallow Barco structure. Solana is the operator of the Catguas Block with an
85% working interest in the area where these two wells will be drilled.
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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