Cap-Link Ventures Ltd.

January 26, 2010 09:00 ET

Petrodorado Signs a Definitive Agreement With Pacific Rubiales Energy Corp. for the Tacacho Block in Colombia and Cap-Link Welcomes a New Director

CALGARY, ALBERTA--(Marketwire - Jan. 26, 2010) -


Cap-Link Ventures Ltd. (the "Company" or "Cap-Link") (TSX VENTURE:CAV) announces that its wholly owned subsidiary Petrodorado Ltd. ("Petrodorado") has signed a definitive agreement with Pacific Rubiales Energy Corp. ("PRE") to farm-in on the Tacacho Block in Colombia. The Tacacho Block is a part of a five block joint venture previously announced on November 24, 2009 between PRE and Petrodorado in Colombia and Peru. In addition, Mr. Douglas Urch has joined Cap-Link as a Director effective January 25, 2010 following the resignation of Mr. Iftikar A. Ahmed.

Krishna Vathyam, President and CEO of Cap-Link stated:

"We are looking forward to working closely with PRE over the upcoming years and successfully bringing this significant opportunity to fruition. Furthermore, the Joint Ventures between the two companies provide Petrodorado an excellent portfolio of critical mass assets that, when combined with our other projects, provide our Company with near term and long term exposure to high potential resource projects both in Colombia and Peru".

Tacacho Block

Petrodorado has acquired a 49.5% working interest in the Tacacho Block located in the Putumayo Basin of Colombia. In exchange, Petrodorado will provide 100% of the total investment required to complete the first phase of the minimum exploration program ("MEP") for the block, equal to US$8.0 million.

The Tacacho block measures approximately 599,000 hectares and is located in the foreland basin of the Putumayo mountain range, in the Eastern Cordillera of Colombia. The area lies along a prominent structural high that trends north northwest from Ecuador and continues through the Tacacho Block.

The 24 month-long first exploration phase of the MEP requires a minimum investment of US$8.0 million, which will be spent on the acquisition, processing and interpretation of 480 kilometers of 2D seismic. PRE will retain a 50.5% working interest in the block.

Petrodorado's working interest is subject to Colombian governmental and/or regulatory approvals.

Appointment of a New Director

Cap-Link is pleased to announce that Mr. Douglas Urch has been appointed a Director of the Company effective January 25, 2010. Mr. Urch is Executive VP, Finance and CFO of Bankers Petroleum Ltd. a Canadian based public oil and gas company with heavy oil assets in Albania and current production exceeding 8,000 bopd.

From September 2000 until January 2008, Mr. Urch was VP, Finance and CFO of Rally Energy Corp., which had heavy oil operations in Egypt. Previously, Mr. Urch provided financial management services for a variety of public and private companies. He has over 25 years of oil and gas industry experience, is a Certified Management Accountant (CMA) and holds a Bachelor of Commerce degree from the University of Calgary. Mr. Urch will also act as Chairman of Cap-Link's Audit Committee.

Mr. Urch replaces Mr. Iftikar A. Ahmed who resigned as a director of Cap-Link effective January 19, 2010. Mr. Ahmed has been involved with Petrodorado since inception and has been an integral part of its development through to the acquisition of Petrodorado by Cap-Link. The Board of Directors and Officers of the Company thank him for his many valuable contributions and wish him continued success in his business endeavors.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to Colombian government and/or regulatory approvals, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or Petrodorado to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company and Petrodorado disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company and Petrodorado undertake no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Neither 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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