Petro Matad Sees 'Live Oil Shows' at DT-9 Well

- Petro Matad Sees 'Live Oil Shows' at DT-9 Well

Monday, August 22, 2011
Petro Matad Ltd.

Petro Matad announced that the Company's Davsan Tolgoi-9 well ("DT-9") has reached a total depth of 1,766m in metamorphic rocks below the Lower Tsagaantsav objective.

The well penetrated the top of the Lower Tsagaantsav at 1,596m where it encountered sandstone with live oil shows consisting of fast bluish white fluorescent cut. The shows were preceded by elevated gas in the overlying Lower Zuunbayan seal. The well drilled a 132m gross thickness of Lower Tsagaantsav, with 8 meters of net pay averaging 23% porosity within a single principal zone between 1,639 and 1,651m depth

DT-9 was designed to test a Lower Tsagaantsav structural closure within Petro Matad's Shoroo prospect. The Company is preparing future drilling locations in a contiguous part of Shoroo Prospect, where the Lower Tsagaantsav reservoir is 100m higher than at DT-9. The location of this prospect is shown on the map in the website version of the Company's news release of 14 July 2011. The high porosity sandstone with high calculated hydrocarbon saturation in DT-9 provides a well-defined test interval for Petro Matad's on-going testing program.

The exploration drilling rig has now been relocated from DT-9 to the DT-10 location. DT-10 will target a Lower Tsagaantsav primary objective 4.3 km south of DT-9, within a separate structural closure that is 450m higher than DT-9. The structure lies between the Company's Shoroo and Gal prospects in an area that was enhanced by recent reprocessing of the Davsan Tolgoi 3D seismic survey. The DT-10 structure is analogous to producing structures at the Tolson Uul field in Block XIX north of Davsan Tolgoi, and the DT10 closure is situated along the interpreted migration path between DT-9 and the Lower Tsagaantsav oil encountered in the Company's DT-3 well drilled in 2010. DT-10 continues the Company's evaluation of its Lower Tsagaantsav prospect inventory in the western part of the Davsan Tolgoi area of Block XX. DT-10 was spudded at 1300hrs (Mongolian time) on August 21.

Commenting on the results from DT-9, Petro Matad CEO Doug McGay stated "DT-9 is the latest successful well in the Company's Davsan Tolgoi exploration program and we are pleased to note such a good, solid interval of hydrocarbons. The Davsan Tolgoi Shoroo Prospect is now starting to develop very satisfactorily, considering the success of DT-9 and the previously drilled DT-4, together with the recently completed re-mapping of the reprocessed 3D seismic data in this area.

"The Company is now building an appreciable database of new and reprocessed data on Davsan Tolgoi and nearby environs. The mapping and integration of the merged seismic data (reprocessed 3D and 2D, and the 2011 2D) will be combined with this year's drilling and testing results and add knowledge and confidence to the Company's understanding of its assets."

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Petro Matad Begins Drilling at Davsan Tolgoi-9 Well

- Petro Matad Begins Drilling at Davsan Tolgoi-9 Well

Thursday, August 04, 2011
Petro Matad Ltd.

Petro Matad announced that the Davsan Tolgoi-9 ("DT-9") exploration well was spudded at 8.50 p.m. Mongolian time (1.50 p.m. BST) on August 3, 2011.

The DT-9 well is being drilled vertically to an estimated target depth of 1,750 meters. The well is being drilled by the Company's contractor, DQE International.

DT-9 targets the Lower Tsagaantsav reservoir at a location 2.5 km south of and 220 meters high to the Company's DT-4 well, which recovered oil-saturated core from the Lower Tsagaantsav.

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Petro Vista Commences Testing at Morichito Discovery

- Petro Vista Commences Testing at Morichito Discovery

Wednesday, August 03, 2011
Petro Vista Energy Corp.

Petro Vista provided the following operational update.

Morichito Block, Colombia - M5 Discovery

The Company has commenced testing from the previously announced Morichito discovery in Colombia. The M-5 well was re-entered and now has flow rates of up to 700 barrels of 22.5 degrees API crude oil per day utilizing a hydraulic jet pump from perforations in the lower Carbonera C7 zone at 5900-5902 feet. The well is currently being shut in for pressure buildup which will determine long term optimal production rate.

Originally drilled in March 2010, the M-5 previously tested two zones in the Carbonera C7 Formation and identified a third potential pay zone in the Carbonera C1 from logs and sidewall cores.

The third zone, a Carbonera C1 sand, exhibited good porosity and oil shows in sidewall cores but was not tested and will be evaluated at a later date.

Currently installed early production infrastructure has storage capacity of 2,000 barrels of crude. The infrastructure and includes four test tanks and two frac tanks with a total capacity of 3,000 barrels primary three-phase crude separation and emergency flare systems. Once the test and the pressure build up have been completed, the Company expects to commence operations intended to establish long-term production including upgrading the access road, which is expected to be completed before year-end.

Morichito Block, Colombia - M5B Exploration / Appraisal Well

Also as previously announced, the Company has drilled a second well (M5B) on the Morichito structure which had good oil shows and indications of petrophysical pay in several zones including the Carbonera C7 zone productive downdip. Due to a failed cement job, the well was not able to be properly tested. Discussions are underway with the cementing contractor to either redrill or sidetrack this well at the contractor's cost. Testing of these prospective zones will be commenced once this has been completed.

The Company currently holds a 50% participating interest in the Morichito discovery.

Block SSJN-5, Colombia

At the SSJN-5 block the operator, SK Energy, has sent Petro Vista the final field report from a 500 square kilometer 3D seismic program completed earlier this year. Processing of the survey is nearing completion. Initial studies indicate the data quality is very good and has confirmed the prospectivity of the area. The Company expects final data to be received by the end of August at which time a final interpretation will be completed. The Company holds a 25% working interest in this license. Petroamerica Oil Corp, which farmed in to half of the Company's original 50% interest in the block in turn for a carry of all costs associated with the seismic program, has until September 9, 2011 to exercise its option to acquire Petro Vista's remaining 25% interest in SSJN-5 for a payment of US$ 3,000,000 and the grant of an option to purchase common shares in the capital of Petroamerica having an aggregate value of US$3 million, with the price per share being 20% higher than the 30 day weighted average closing price immediately prior to date on which Petroamerica exercises its option to acquire the remaining 25% participating interest.

La Maye Block, Colombia

At the La Maye block the rainy season has again affected activities of the operator, New Horizon Energy. Plans to complete the apparent Noelia-1 well discovery that was drilled during the fourth quarter 2009 and to drill the license's Phase II commitment well have been delayed due to significant flooding. The operator has been attempting to test the well, but the area remains flooded. Colombia's Ministry of Environment has notified partners in the license that any further work regarding the required environmental license will only begin once the flooding subsides. The Company holds a 25% working interest in this license.

VMM-13 Block, Colombia

The Company has received confirmation from the Colombian National Hydrocarbon Agency that it will grant the Company's request to nullify the license associated with this area. Initially awarded during the ANH Mini-Round in 2008, all efforts were put on hold when it was discovered there were two national parks covering approximately 75% of the land area and 100% of the prospective area of the license.

Tartaruga Block, Brazil

The Company is awaiting approval by the Brazilian National Hydrocarbon Authority on Petro Vista's application to become a partner in the Tartaruga production license. At the Tartaruga producing field, the operator, UPP Petroleo do Brasil, is finalizing completion of additional production facilities including a new separator that is expected to enhance the productive capability of the field. A special valve has also been installed which will allow constant injection of solvent into the wellbore to inhibit buildup of paraffin which has caused production problems on the 7-TTG-1DP-SES well. Once completed, this well should be capable of producing at least 500 barrels of oil per day consistently.

Additionally, the operator is planning a workover of the older production well in the field, the SES-107D. This well is currently producing a few days per month, but it is expected that the workover will allow daily production at rates of 100-150 barrels of oil per day.

Plans are being developed to drill up to three additional wells in the field, including a deep test of a Serreria pool.

Colombia and Brazil continue to be key focus areas for Petro Vista for production and reserve growth and the Morichito production will compliment the current production from Tartaruga in Brazil. We remain committed to our efforts in Colombia in the Morichito Block as well as our remaining assets.

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Petro Matad Encounters Hydrocarbons at Davsan Tolgoi Well

- Petro Matad Encounters Hydrocarbons at Davsan Tolgoi Well

Thursday, July 14, 2011
Petro Matad Ltd.

Petro Matad announced that the Davsan Tolgoi-7 well ("DT-7") has reached a total depth of 1,733m in metamorphic rocks below the Tsagaantsav Formation objectives.

DT-7 was drilled as a test of the Uppermost Tsagaantsav and the Lower Tsagaantsav reservoirs of the Davsan Tolgoi Mod Prospect, a fault and fold structural trap consisting of three subsidiary fault blocks.

The well penetrated the Uppermost Tsagaantsav at 1,149m depth, 22 meters high to prognosis. Initial petrophysical analysis has identified three zones of possible net pay totaling 4.8m in thickness and averaging 25% porosity. An additional 18.5m of water-bearing net reservoir with 19% average porosity is distributed between the three zones of moveable hydrocarbons. A similar pattern of alternating oil and water-bearing sandstone reservoirs is common in the Tolson Uul field on Block XIX to the north of Davsan Tolgoi. The three Uppermost Tsagaantsav hydrocarbon zones are being evaluated as candidates for future testing, and additional well locations are being evaluated up to 75m up-dip (higher) to DT-7, where more complete hydrocarbon saturation may be expected.

The Lower Tsagaantsav objective was penetrated between 1,208 and 1,703m depth with minor hydrocarbon saturation at 1,542m depth. 23m of reservoir quality sandstone is distributed between twelve thin zones that average 17% porosity.

Drilling, casing and cementing operations have been completed at DT-7 and the rig has been moved to the new DT-8 location as part of the Company's drilling program to evaluate its inventory of twelve independent prospects in the Davsan Tolgoi area of Block XX.

The DT-8 well is scheduled to be spud today and is located 700m northeast and 38m lower than the DT-5 well that was drilled in June, and 1.8 km south and 80m higher than the Daqing 19-62 oil well in Block XIX. The well will test a stratigraphic pinch-out of the Uvgan Gol paleovalley reservoir between the thin hydrocarbon-saturated sandstones at DT-5 and the thick oil-producing sandstones of the 19-62 well. On further analysis and comparison of data from the DT-5 and 19-62 wells, a secondary stratigraphic trap objective in Lower Zuunbayan sandstones has been identified and the location of DT-8 is well situated to test this objective. Lower Zuunbayan sandstones are the primary reservoirs in the North Tolson Uul field of Block XIX and if productive at DT-8, they will confirm a new play for the Davsan Tolgoi area.

The Company also wishes to give an update on the progress of the planned well-testing program for Davsan Tolgoi. As of today, 135 truckloads of equipment accompanying the workover rig are waiting at the Chinese side of the border post, 150kms south of Petro Matad's Block XX operations. Mongolian national holidays are in progress, and the border point is due to re-open today. Whilst there is a large back-up of cross-border traffic awaiting that re-opening, Petro Matad and its contractor DQE International are confident that mobilization will continue shortly.

The Company is also well advanced in all other aspects of the extensive testing program. Matters such as explosives for well perforation, permits, extended test equipment and international specialists are all either in place or planned.

In other matters pertaining to Davsan Tolgoi, the Company's geo-scientists are currently completely re-mapping the Davsan Tolgoi 3D survey, using a newly processed set of data that adds new definition and clarity to the model. Additionally, data from the drill holes is being added and used in the assessment as it becomes available. This large undertaking is scheduled to be completed by the end of August.

In the immediate vicinity of Davsan Tolgoi, the recently completed 2D seismic lines have been processed, and are currently being incorporated into the previous 2,700kms of survey, ready to be re-mapped. This is expected to add much greater clarity to the areas adjacent to Davsan Tolgoi, both to the east and the west, and enable the generation of new volumetrics, as well as possibly defining drill targets.

Additionally, the Company advises that the 2D seismic surveys over the three sub-basins in the south of Block XX have now been completed and processed. Early processing results indicate similar depths of basins as those in the northernmost parts of Block XX, near Davsan Tolgoi. Interpretation and collation of the entire 1,300kms of new 2D is proceeding.

Petro Matad CEO, Doug McGay stated, "Once again, it is pleasing to note that we have encountered hydrocarbons in our Davsan Tolgoi drilling program and to have the reservoir formations' prognosis confirmed.

"We are methodically working our way through our portfolio of targets in the Davsan Tolgoi area, having so far encountered hydrocarbons in all but one of the seven wells drilled to date. Our management and exploration team note the less-than-resounding results in DT-5 and DT-7 and the dry hole at DT-6, and conclude that is a statistically anticipated outcome of the type of exploration drilling program needed on such a structure as Davsan Tolgoi. Each of the wells has already given us important information that is being used to refine our geologic model, and hence our drill site selection. This should serve us well not only for the continued drilling of our prospect inventory, but also for the ongoing exploration of the remainder of Block XX.

"Progress is being made with the other aspects of the exploration of Block XX, particularly the complex well-testing program. The re-mapping of the newly re-processed 3D survey will also be an important milestone. The area outside of Davsan Tolgoi is also being methodically explored, and we are looking forward to refining our portfolio of leads and prospects in the immediate vicinity, as well as furthering the more grass-roots exploration of other sub-basins."

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Saskatchewan Well Delivers for Petro One

- Saskatchewan Well Delivers for Petro One

Tuesday, July 12, 2011
Petro One Energy Corp.

Petro One reported that the first hole of its first summer drill program has led to the discovery of a previously unknown light oil pool on the Company's 100%-owned J5 property in Saskatchewan, Canada. This conventional vertical well demonstrated an excellent flow rate of 9.63 cubic metres (60.57 bbl) of light oil to surface in just 7.75 hours from the Viking sand at a depth of 736.5 m, without stimulation, swabbing or pumping. Flowing pressure in the tubing measured at surface was stable at 1,000 kPa throughout the flow period, indicating a reservoir of excellent quality. The well has been shut in pending installation of a separator and adequate tanks later this week, at which time it will be placed in full production. With oil flowing to surface on its own, and excellent reservoir pressures, a pump is not necessary. Once the well is on stream, the results of a 48-hour production test and fluid analyses will be announced.

A final core analysis completed by Core Labs has confirmed excellent porosity up to 23.5% and unusually high permeability up to 3,980 mD over the perforated interval. This new oil pool is contained within an extensive Viking sand corridor on the J5 property indicated by the high-resolution seismic program shot by Petro One last spring. The excellent productivity of the 10A-15 well is explained by a highly porous and permeable basal channel facies that cuts across the main thick Viking sand fairway. As a result of this significant discovery, an expanded exploration and development drilling program of up to 17 additional wells has been planned on J5 to exploit the full potential of this newly identified reservoir.

"The discovery of a new oil pool with our first drill hole has exceeded the Company's expectations, and establishes the ability of our technical team," said Petro One's President Peter Bryant. "We look forward to determining the full extent of this new reservoir and expanding our production. This will serve as a solid foundation to build on."

"Petro One is to be congratulated on discovering such an outstanding quality reservoir sand on their very first exploratory well," said Harold Ryan, P.Geol., Geoscience Manager at Chapman Petroleum Engineering. "It is very rare to find an untapped reservoir in the Viking that has such excellent porosity and permeability and can be exploited by conventional drilling."

Production facilities are being installed to bring the well on stream, and a reserve upgrade is planned to be released in the immediate future. Detailed core and fluid analyses and petrographic and reservoir engineering studies are in progress to optimize development and production of this newly discovered oil field.

Preparations are also under way for summer drill programs on other Petro One properties with strong light oil potential. Petro One holds 100% of the oil and gas rights to fourteen stand-along properties in Southeastern Saskatchewan and Southwestern Manitoba, including the J5 property, pursuant to leases issued by the Provincial Governments. Further results from this summer's drill programs will be announced as they become available.

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Petro Matad Spuds Davsan Tolgoi-7

- Petro Matad Spuds Davsan Tolgoi-7

Monday, June 27, 2011
Petro Matad Ltd.

Petro Matad announced that the Davsan Tolgoi-7 ("DT-7") exploration well was spudded at 12:30 Mongolian time (5.30 a.m. BST) on June 27, 2011.

The DT-7 well is being drilled vertically to an estimated target depth of 1,800 meters. The well is being drilled by the Company's contractor, DQE International.

This well will test a portion of the Uvgan Gal paleovalley as well as part of the Lower Tsagaansav Formation. DT-7 is 2.3km south-southwest of DT-6 and 3.2km south-southeast of DT-2. The well will test the Davsan Tolgoi Mod Prospect with dual objectives in the Uppermost Tsagaantsav paleovalley system and the Lower Tsagaantsav sandstones.

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Drilling Commences at Petro Matad's Mongolian Well

- Drilling Commences at Petro Matad's Mongolian Well

Thursday, June 09, 2011
Petro Matad Ltd.

Petro Matad announced that the Davsan Tolgoi-6 ("DT-6") exploration well was spudded at 14:30 Mongolian time (07:30 hrs BST) on June 9, 2011.

The DT-6 well is being drilled vertically to an estimated target depth of 2,100 meters. The well is being drilled by the Company's contractor, DQE International.

The DT-6 site is approximately 2.3km SSE of DT-1. DT-6 will test a very thick section of the Tsagaantsav formation, including 234m of the Uppermost Tsagaantsav (Uvgan Gol horizon) within a well-defined northeast-trending paleovalley, as well as 364m of the underlying Lower Tsagaantsav formation.

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Petro Matad Notes 'Positive Drilling Results' at Davsan Tolgoi

- Petro Matad Notes 'Positive Drilling Results' at Davsan Tolgoi

Wednesday, June 08, 2011
Petro Matad Ltd.

Petro Matad provided an update on its drilling activities on the Davsan Tolgoi Prospect on Block XX in Eastern Mongolia.

Drilling operations on the DT-5 well were completed on June 2, 2011 at a depth of 1,954m below surface. Wireline logging has been completed and the logs have been petrophysically assessed. Numerous thin zones of calculated moveable hydrocarbons were identified, with a cumulative net pay of 3m at the upper contact of the Lower Tsagaantsav, at 1,707m. This zone will be tested in due course.

As noted in the news release dated May 19, DT-5 was drilled to test a portion of the paleovalley-filling Uvgan Gol horizon as well as the underlying Lower Tsagaantsav. The well confirmed the presence and configuration of the paleovalley; however, the Uvgan Gol horizon consisted of non-reservoir shales and tight sandstones. The net pay zone at 1,707m is within Lower Tsagaantsav sandstones beneath the basal contact of the Uvgan Gol horizon.

No oil shows were observed during drilling, and petrophysical results indicate low porosity and permeability throughout the entire Tsagaantsav at this locality. The well will be tested during 2011 and, as it is felt likely that stimulation will be required to induce flow at this location, a stimulation contract is being prepared with contractor DQE International.

The drill rig is now being moved to the DT-6 site approximately 2.3km SSE of DT-1. DT-6 will test a thick section of the Uppermost Tsagaantsav (Uvgan Gol horizon) within a well-defined northeast-trending paleovalley, as well as the underlying Lower Tsagaantsav formation.

Petro Matad CEO Douglas McGay said, "It is pleasing that our Davsan Tolgoi drilling program continues to yield positive drilling results, with testable zones in each of the five wells drilled to date. The preliminary results from DT-5 illustrate that while hydrocarbons are present in the Lower Tsagaantsav formation, the Uvgan Gol paleovalley fill varies from the high porosities and permeabilities seen in DT-1 and DT-2 to the low porosity and permeability seen in DT-5.

"As witnessed in Block XIX, the Block immediately north operated by Daqing Oilfields, reservoirs within the Tamsag Basin are not uniform and we have always expected to see variations in well results during the exploration phase. It is gratifying to see the presence of hydrocarbons in the Lower Tsagaantsav formation continuing to be relatively predictable."

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Petro Matad: Drilling Commences at Davsan Tolgoi Well

- Petro Matad: Drilling Commences at Davsan Tolgoi Well

Thursday, May 19, 2011
Petro Matad Ltd.

Petro Matad announced that the Davsan Tolgoi-5 ("DT-5") exploration well was spudded at 13:15 Mongolian time (05:15hrs GMT) on May 19, 2011.

The DT-5 well is being drilled vertically to an estimated target depth of 2,020 meters. The well is being drilled by the Company's contractor, DQE International.

This well will test a portion of the recently identified Uvgan Gal paleovalley as well as part of the Lower Tsagaansav Formation. DT-5 is 3.1km north-northeast of DT-1 and 2.5km south of the 19-62 well on the adjacent Block XIX, operated by Daqing Oilfields.

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Drilling Recommenced at Petro Matad's Davsan Tolgoi Well

Drilling Recommenced at Petro Matad's Davsan Tolgoi Well

Thursday, April 28, 2011
Petro Matad Ltd.

Petro Matad announced that drilling operations at the Company's Davsan Tolgoi-4 well ("DT-4") have recommenced following the winter shut down.

In early December 2010 the Company suspended the drilling of the DT-4 at a depth of 1,271 meters and an orderly shutdown and hibernation was successfully carried out. In the last few weeks the Company and its drilling contractor, DQE International, have been undertaking preparatory work including the reinstatement of the drilling team and operational camp.

As previously announced the rig remained on-site throughout the winter months, it has now been re-commissioned, serviced and tested and is currently working on cleaning out the hole ahead of further drilling. Night time temperatures are still below zero, but 24 hour operations are anticipated to commence tomorrow and drilling towards the target depth of 2,020 meters is scheduled to recommence over the weekend.

Petro Vista Reaches TD at Morichito Well

Petro Vista Reaches TD at Morichito Well

Wednesday, April 13, 2011
Petro Vista Energy Corp.

Petro Vista announced that the Morichito-5B well in Colombia has reached total depth and production casing is being run to evaluate oil and gas shows encountered in the Tertiary Carbonera and Mirador and Cretaceous Guadalupe, Gacheta, and Ubaque formations.

This Morichito-5B was drilled from the Company's original M-5 (2010 discovery) drilling pad and deviated approximately 1200 feet to the southwest of the original well. The well was drilled to a total depth of 6855 feet in the Paleozoic. During drilling mud-log shows were encountered in the Carbonera C7, Mirador, Guadalupe, Gacheta, and Ubaque formations. Subsequent petrophysical analysis of electric logs indicated multiple potential pay zones.

The Carbonera C7 zone is equivalent to and six feet structurally high to the 5900 foot zone in the Morichito M-5 well which swabbed at a rate of 375 barrels of oil per day of 23 degree API oil with no water cut (see news release dated March 25, 2010).

A decision has been taken with partners Green Power Corporation and Golden Oil Corp. to run 7" production casing and test at least two zones. The Company expects testing to commence approximately May 1st and take 15-20 days to complete. Assuming success and the receipt of necessary permits, this well will be placed on a long-term production test along with the existing M5 discovery well on which a work-over rig is being mobilized with testing to commence approximately April 28.

The Morichito-5B well was drilled as a deeper pool wildcat and fulfills the company's Phase V contract commitment with the Colombian National Hydrocarbon Agency (ANH).

Petro Vista Completes Private Placement Balance

Petro Vista Completes Private Placement Balance

Tuesday, April 05, 2011

Petro Vista Energy Corp.

Petro Vista announced the completion of the balance of a C$4,000,000 non-brokered private placement previously announced on March 9, 2011 and March 16, 2011. This second tranche of the placement consisted of the sale of 8,250,000 units at a price of C$0.20 per unit for gross proceeds to the Company of C$1,650,000 (the "Offering").

Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional common share at a price of $0.30 per common share until April 5, 2014, subject to the Company's right to accelerate the expiry date of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.45 for a period of 10 consecutive trading days between August 6, 2011 and April 5, 2014.

Petro Vista paid commissions to finders under the Offering consisting of the issuance of 480,000 units. Each of these units has the same terms as those issued under the Offering. Additionally, the Company has issued 480,000 compensation warrants to finders. Each compensation warrant entitles the holder to acquire one common share at a price of $0.235 per common share until April 5, 2013.

All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws that expires on August 6, 2011.
The proceeds of the Offering will be used by the Company primarily to fund the drilling of the Company's M5B exploration / appraisal well and the testing of the Company's M5 discovery well, both located in the Llanos Basin, Columbia and for general working capital.