Petrominerales Ltd.

Petrominerales Ltd.

September 08, 2011 09:48 ET

Petrominerales Provides Information on Blockade of Roads and Temporarily Suspends Operations in Corcel and Guatiquia

BOGOTA, COLOMBIA--(Marketwire - Sept. 8, 2011) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG) (BVC:PMGC) advises that groups of persons are illegally blocking public roads near Corcel and Guatiquia, which has led to a lack of public order in the area.

On the evening of September 6, 2011, small groups of people began illegally blocking roads near Corcel and Guatiquia. These persons are not employees or contractors of, or associated in any way, with Petrominerales. These blockades and the actions of those involved have resulted in a lack of public order which impacts Petrominerales' operations in the area. Petrominerales has taken all precautions necessary and acted prudently to ensure the safety of our staff and contractors, including releasing all non-essential personnel from the applicable areas.

As a result of these measures, a temporary production halt has been initiated on certain wells located on our Corcel and Guatiquia Blocks. We estimate that approximately 15,000 barrels of oil per day are currently shut-in as a result. We will continue to take all necessary measures to maintain the safety of our personnel and contractors and to limit any potential damages.

These actions are illegal under Colombia law and accordingly, the Colombian government is currently in the process of restoring public order to the area.

Petrominerales' social responsibility practices and policies include project planning and consultation with local communities, representation in communities in which we conduct operations, the creation of local employment opportunities, education and training programs to strengthen community relationships, and engaging local communities in studies and processes related to environmental management by combining the Company's expertise with local knowledge. Petrominerales is committed to open and honest dialogue with all stakeholders and encourages and facilitates meaningful discussions with stakeholders and members of the communities in the areas in which we operate.

Petrominerales Ltd. is an international oil and gas company operating in Latin America since 2002. Today, Petrominerales is the most active exploration company and the fourth largest oil producer in Colombia. Our high quality land base and multi-year inventory of exploration opportunities provides long-term growth potential for years to come.

Forward-Looking Statements. Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to the blockade of roads and the impact on our operations. The forward-looking statements are based on certain key expectations and assumptions, including expectations and assumptions concerning the conclusion of the blockades and restoration of public order in the affected areas. 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: government response to the blockades, security issues in the impacted areas general economic, market and business conditions; and other factors, many of which are beyond the control of the Company. There is no representation by Petrominerales that actual results and outcomes 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.
    Corey C. Ruttan
    President and Chief Executive Officer
    403.750.4400 or 011.571.629.2701

    Petrominerales Ltd.
    Jack F. Scott
    Chief Operating Officer
    403.750.4400 or 011.571.629.2701

    Petrominerales Ltd.
    Kelly D. Sledz
    Chief Financial Officer
    403.750.4400 or 011.571.629.2701