Petrominerales Ltd.
TSX : PMG

Petrominerales Ltd.
Petrobank Energy and Resources Ltd.
TSX : PBG

Petrobank Energy and Resources Ltd.

November 21, 2008 19:05 ET

Petrominerales Announces Temporary Suspension of Operations at the Orito Field and Las Aguilas Exploration Block

BOGOTA, COLOMBIA--(Marketwire - Nov. 21, 2008) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG), a 76.4% owned subsidiary of Petrobank Energy and Resources Ltd. ("Petrobank") (TSX:PBG) announces that, in conjunction with the suspension of certain operations by Ecopetrol, the Colombian national oil company and the Orito field operator, our drilling and completion operations at the Orito field have been suspended temporarily, pending resolution of a general strike currently ongoing in the Colombian Department of Putumayo. These measures also apply to our Las Aguilas exploration block. We have released all non-essential personnel from the areas and have taken appropriate measures to secure property, equipment and the integrity of the wells where our drilling and completion operations have been suspended.

We will continue to take joint measures with Ecopetrol that maintain the safety of both our personnel and of our contractors and limit any potential damages. The Colombian Government has indicated that they expect that the President of Colombia will be convening a meeting with the Mayors of the municipalities on Tuesday to address the strike. Petrominerales is in frequent contact with the appropriate Colombian government authorities.

Petrominerales Ltd.

Petrominerales Ltd. is a Latin American-based exploration and production company producing oil in Colombia with 14 exploration blocks covering a total of 1.6 million acres in the Llanos and Putumayo Basins. Petrominerales is 76.4% owned by Petrobank (TSX:PBG).

Forward-Looking Statements

Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Specifically, this press release contains forward-looking statements relating to the temporary suspension of Petrominerales' operations at the Orito Field and Las Aguilas Exploration Block. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our Canadian securities filings. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; timing and rig availability, outcome of exploration contract negotiations; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of the Company. There is no representation by Petrominerales that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Petrominerales assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Contact Information

  • Petrominerales Ltd.
    John D. Wright
    President and Chief Executive Officer
    (403) 750-4400 or 011 571 629 2701
    or
    Petrominerales Ltd.
    Corey C. Ruttan
    Vice-President Finance and Chief Financial Officer
    (403) 750-4400 or 011 571 629 2701
    or
    Petrominerales Ltd.
    Jack F. Scott
    Executive Vice-President and Colombian Country Manager
    (403) 750-4400 or 011 571 629 2701