Quetzal Energy Ltd.
TSX VENTURE : QEI

Quetzal Energy Ltd.

November 29, 2011 16:30 ET

Quetzal Energy Ltd. Updates Operations and Financials for Third Quarter 2011

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) - November 29, 2011, Quetzal Energy Ltd. ("Quetzal" or the "Company") (TSX VENTURE:QEI) is pleased to announce its 2011 third quarter financial and operating results.

Consolidated financial statements with Management's Discussion and Analysis ("MD&A") for the financial and operating results for the three and nine months ended September 30, 2011 and 2010 are now available on the Company's website at www.quetzalenergy.com and will be available on SEDAR at www.sedar.com.

Highlights for the quarter ended September 30, 2011:

  • Appointment of new Director, CFO and Interim President and CEO;
  • Workover of Atzam-1 well in Guatemala;
  • Received blanket environmental permit in Colombia paving the way to proceed with drilling of first well on Los Llanos Block 27, which was spudded on October 21, 2011;
  • Completed seismic on Los Llanos Block 21 and filed for a blanket environmental permit for this block;
  • Completed seismic on Los Llanos Block 36;
  • Further progress made towards closing of sale of Horden Lake property;
  • Exited the Quarter with cash and cash equivalents of $17.3 million and working capital of $14.5 million and no long-term debt.

About Quetzal Energy Ltd.

Quetzal is a junior oil and gas company with its primary assets in the Llanos Basin of Colombia; the Company also has oil and gas assets in Guatemala.

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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