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Thu, July 16, 2009
Wed, July 15, 2009
Petro Vista Energy Corp.: Petro Vista Announces 4 Well Drill Program on La Maye Project, Colombia
SAN CLEMENTE, CALIFORNIA--(Marketwire - July 15, 2009) - Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) is pleased to announce plans for a 4-well drill program on the La Maye Project located in the Magdelena Basin of Colombia.
The current plan is to drill the first 2 of the 4 planned wells in 2009. Petro Vista's participation in these 2 wells has been paid under a turnkey contract.
All permitting has been completed for the upcoming exploration program and civil works necessary to move the drilling rig to the well location on the property are in progress. Once completed, the drilling rig will be shipped from Trinidad to Barranquilla Colombia and is expected to arrive by August 15, 2009. The rig is owned and operated by New Horizon Exploration.
Drilling of the first well is scheduled to commence on or before August 31, 2009. It is anticipated that total depth of approximately 5,000 feet will be reached within 30 days. After evaluation of the results, the Company and its partners will finalize plans for the next two wells.
Read Taylor, Petro Vista President, commented, "We have successfully advanced a key strategic part of our 2009 drilling program and now look forward to the drilling 2 wells in the La Maye Block Colombia. This is a low cost (US$2.2m for a total of 4 wells) opportunity with significant potential upside."
Five excellent prospects have been identified in the block hosting both limestone and clastic reservoirs. The Company's prospects occur along a proven structural arch along trend to known fields and extending from known source rock and maturation areas (kitchen).
The La Maye Block encompasses 68,473 acres within the Lower Magdalena Valley of northern Colombia and is located on trend with the Cicuco oil field that has produced over 44.69 million barrels of oil and 181.14 billion cubic feet of gas since its discovery in the 1950s. Initial production rates ranged from 600 - 4,000 barrels of oil per day. As of March 2008, the Cicuco field was producing an average of 293.3 barrels of oil per day. Oil from the Cicuco field is light sweet crude at 43 to 55 degree API. Production from this reef play comes primarily from Oligocene age Cienega de Oro Formation porous limestone. Within a ten-mile radius, the Cicuco Oil Field also neighbors the producing Boquete, Zenon and Boquila oil fields. Other operators in the area are Occidental, Repsol and Ecopetrol whose block is located directly to the north of La Maye. The Company holds a 25% working interest in the La Maye Block.
The foregoing information is taken from an independent technical evaluation completed on the La Maye Block by John Yu of Petrotech Engineering Ltd. for Petro Vista. The report is dated effective May 1, 2008 and entitled "Evaluation of Interest of Petro Vista Energy Corp. in the La Maye Block, Lower Magdelena Valley, Onshore Colombia". A copy of this report is available on SEDAR ([ www.sedar.com ]).
About Petro Vista Energy
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp., is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 3,230,936 gross acres (930,629 net acres) in Colombia and Brazil. The Company's website at [ www.pvecorp.com ] provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Read B. Taylor, President and CEO
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, financing risks, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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.