Monday, July 18, 2011
Pacific Rubiales Energy Corp.
Pacific Rubiales Energy Corp. announced today an operational update for the TORODOI-1X exploration well, the first of two exploratory wells planned for 2011 in the Arauca Block.
The TORODOI-1X well spudded on July 3, 2011 with exploration targets in Tertiary and Cretaceous sands. The well was drilled vertically and found the Tertiary Carbonera Formation at 4,534 feet Measured Depth ("MD") or 4,121 feet True Vertical Depth Sub Sea ("TVDSS"), Tertiary Mirador at 5,549 feet MD (5,136 feet TVDSS), Cretaceous Guadalupe at 5,822 feet MD (5,325 feet TVDSS) and Basement at 7,119 feet MD (6,706 feet TVDSS), reaching Total Depth ("TD") at 7,327 feet MD on July 12, 2011.
Ronald Pantin, Chief Executive Officer of Pacific Rubiales, commented: "We are very encouraged by this first success in the Arauca Block as this represents an auspicious start of the activity in this brand new oil region, setting the path for new discoveries that will enlarge our resource base and ensure the long term growth of the block."
During drilling, oil shows were detected in ditch samples located in sands correlated as Carbonera C-5 at 5,185 feet MD (4,772 feet TVDSS). Weaker oil and gas shows were also described in the Mirador and Guadalupe formations.
After running open hole wire-line logs, the petrophysical evaluation showed an oil-bearing sand interval in the Carbonera C-5 with a net pay thickness of 13 feet, 24% porosity and water saturation of 45% without an oil-water contact interpreted. On that sand, two wire-line pressure points showed a 0.357 psi / ft formation gradient, indicative of a fluid density similar to that of light to medium oil. The Mirador and Guadalupe showed water on the petrophysical evaluation, and four pressure points showed a water gradient of 0.43 psi / ft.
At C-5 level, the TORODOI-1X well is located within a four-way structural closure with an approximate area of 5,300 acres.
Management believes the geological information obtained in the TORODOI-1X well will be invaluable for the design of the planned exploration wells with Paleozoic targets. The Company is making arrangements to conduct production tests after the running of a 7" casing down to TD.
The Arauca Block is an E&P Contract executed between Pacific Stratus Energy Colombia Corp. (a wholly-owned subsidiary of the Company) and the Agencia Nacional de Hidrocarburos of Colombia ("ANH") with a sliding scale royalty, where the Company holds 100% working interest, and Free Traders Group Inc. is entitled to a 5% working interest once repayment of 5% of the exploration expenditures is made by Free Traders Group Inc. to the Company, if commercial production is obtained and subject to the ANH's approval of said transfer of interest.
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