Petrominerales Ltd.
TSX : PMG

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

Petrobank Energy and Resources Ltd.

March 05, 2009 13:33 ET

Petrominerales to Case Corcel-D3 Exploration Well

BOGOTA, COLOMBIA--(Marketwire - March 5, 2009) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG), a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd. ("Petrobank") (TSX:PBG), is pleased to announce that we are casing our Corcel-D3 exploration well as a potential oil producer.

Drilling and logging operations have been completed at our Corcel-D3 exploration well on the Corcel Block in the Llanos Basin of Colombia. The well spud on January 31, 2009 and was drilled directionally to a total depth of 12,580 feet. Well logs indicate 111 feet of potential net oil pay in the Mirador, Guadalupe and Lower Sand 1 zones and we are casing the well as a potential oil producer. This is our third well drilled into the Corcel-D structure. We expect to spud the next well in our multi-well Corcel exploration program, Corcel-E1 in mid-March. Corcel-D3 will be completed with the completion rig and we anticipate production results by the end of March.

Petrominerales Ltd.

Petrominerales Ltd. is a Latin American-based exploration and production Company producing oil in Colombia with 16 exploration blocks covering a total of 1.9 million acres in the Llanos and Putumayo Basins and 2.6 million acres in the Ucayali Basin of Peru. Petrominerales is 76.5% 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 timing of capital projects and the results of operations. 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
    or
    Petrominerales Ltd.
    Calle 113 No. 7-45, Torre B Oficina 1506
    Bogota, Colombia