Azabache Energy Inc.

Azabache Energy Inc.

August 14, 2012 09:00 ET

Azabache Energy Inc.: Drilling Commence on Lemaya Well-Antares Block (Colombia)

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2012) -


Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that on August 12, 2012, the Operator of the Antares Block (where the Company has a 50% working interest) has commenced the drilling of the Lemaya Well on the Antares Block in Colombia. The target of the well is to test the presence of oil in sandstones of the Caballos Formation the main reservoir of the Upper Magdalena Valley Basin. The Operator's prognosis anticipates this reservoir will be encountered between 2,360 and 2,900 ft. The drilling and completion are expected to take approximately three weeks.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Company's operational activities as well as the timing of completion of the Lemaya Well. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Azabache. Although Azabache believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azabache can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to conclude arrangements with joint venture partners to assess the viability of the Company's shale oil and gas assets, the failure to obtain other regulatory and governmental approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Azabache undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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