CALGARY, ALBERTA--(Marketwired - Dec. 17, 2013) - Suroco Energy Inc. (TSX VENTURE:SRN) ("Suroco" or the "Corporation") is pleased to announce the commencement of drilling operations for the Quinde-4 well in the Suroriente Block and results of completion and testing operations for the recently drilled Quinde-2 well.
Suroriente Block Drilling Program Update
The Quinde-2 well (see the Corporation's October 29, 2013 press release) has been successfully drilled to a total depth of 10,200 feet, and completed to evaluate two Villeta sand intervals through November and into early December. The well encountered 10 feet of oil-bearing Upper Villeta sand, and 5.5 feet of oil pay over water in the Villeta Lower T Sand. The Upper Villeta sand was perforated from 9,167 to 9,179 feet and the Villeta T sand was perforated from 9,983 to 9,989 feet, and a dual-zone completion system was installed in the well. Initial testing of the Upper Villeta interval with a hydraulic pumping unit indicated minimal inflow, with a small amount of 18 degree API oil recovered. The Villeta T interval was not tested due to a malfunction of the dual completion equipment that will require the intervention of a service rig.
The drilling rig has now commenced drilling the Quinde-4 location from the same multi-well pad, targeting a bottomhole location approximately 640 metres north of the Quinde-2 well. Results from the Quinde 2 well have confirmed the Corporation's seismic model which indicates thicker and higher quality Upper Villeta Sand at the Quinde 4 location.
Completion activities will continue at the Quinde-2 well after the drilling rig has moved from the Quinde multi-well pad. In addition to a production test of the Villeta T sand, remedial work to remove possible wellbore damage of the Upper Villeta sand will be considered.
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia. Further details of the Corporation's activities are contained in an updated presentation to be available shortly on the Corporation's website. The Corporation's common shares trade on the TSX Venture Exchange under the symbol SRN.
This press release contains forward-looking statements relating to the operational and exploration activities for Suroco, the evaluation of certain prospects in which the Corporation holds an interest, estimated number of drilling locations, estimated timing of drilling of wells, expected capital program (including its allocation), production growth, reserves growth, the ability of the Corporation to sell its crude volume and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; changes in environmental and other regulations; risks associated with oil and gas operations and future exploration activities; the need to obtain required approvals from regulatory authorities; product supply and demand; market competition; political and economic conditions in the country in which the Corporation operates; and other factors, many of which are beyond the control of the Corporation. You can find an additional discussion of those assumptions, risks and uncertainties in Suroco's Canadian securities filings.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Suroco disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Suroco undertakes 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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