Veraz Petroleum Ltd.

Veraz Petroleum Ltd.

December 17, 2009 09:00 ET

Veraz Announces Completion of 3D Seismic Program

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2009) - Veraz Petroleum Ltd. (CNSX:VRZ) ("Veraz") is pleased to announce that together with its joint venture partner, Petrominerales Ltd. ("Petrominerales"), it has completed the acquisition of 150 sq. km of 3D seismic on Block 126 located in east-central Peru.

The 3D is situated along a Southeast-Northwest trending, reactivated normal fault called the La Colpa Structure. The structure was tested in 1989 by Occidental Petroleum with the drilling of the La Colpa 1x well. The well encountered oil in three distinct Lower Cretaceous and Permian clastic and carbonate reservoirs. At this time, Occidental assigned 59mmbbl original oil in place and 7.9mmbbl recoverable to the La Colpa 1x well. Veraz acquired the 3D seismic to better evaluate the structural and stratigraphic potential of the La Colpa Structure, highlight delineation opportunities near the La Colpa 1x well and to identify exploration targets further away.

The acquisition of 50 km of additional 2D seismic on separate geological features on Block 126 is currently ongoing and is expected to be completed by year-end.

The Corporation anticipates processing of the 3D will be completed by late January, with an initial interpretation ready by early February. Once this work is accomplished final drilling locations will be determined in consultation with Petrominerales.

Veraz is a junior international oil and gas exploration company based in Calgary and listed on the Canadian National Stock Exchange (CNSX) under the symbol VRZ.


This news release contains forward-looking statements or forward-looking information, in particular with respect to the timing and interpretation of seismic. These forward-looking statements are based on certain assumptions and analysis made by Veraz in light of current conditions and expected future developments, as well as other factors it believes appropriate in the circumstances. These forward-looking statements are subject to a variety of risks and uncertainties beyond Veraz' ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including those inherent in exploration activities and those relating to the ability to undertake and complete planned work at an acceptable and expected cost. Should one or more of these risks or uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward-looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.

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