This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

PetroMagdalena Energy Announces Copa B-1 Discovery, An Update On Exploration Drilling, And Senior Notes And Warrants Now Trading

TORONTO, Sept. 11, 2011 /PRNewswire/ - PetroMagdalena Energy Corp. (TSXV: PMD) is pleased to announce that it has discovered a new light oilfield with the Copa B-1 exploration well, with the well  testing 1,045 bopd of 39.3 degrees API light oil over the initial 3-day production test. This represents 597 bopd gross working interest share for the Company.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am excited as this has a direct impact on our bottom line and follows directly after our Petirrojo-1 discovery, which has produced at an average of 1,831 bopd over the past 20 days. This is a very positive drilling result as it significantly improves the potential of the remaining exploration acreage on the Copa trend in the Cubiro block, our core producing asset in Colombia, and the rig is now moving to spud the Copa AS-1 exploration well."

Located in the Cubiro Block of the Llanos Basin, the Copa B-1 well, in which the Company holds a 57% working interest, was spudded on August 18, 2011 and directionally drilled to a total depth of 6,862 feet measured depth ("MD"). The top of the C5 and C3 Carbonera sections were encountered at depths of 5,251 feet (MD) and 5,045 feet (MD), respectively. Well logs indicate a total of 41 feet of net oil sand, 24 feet in three C5 sands, and 17 feet in two C3 sands.  Porosities range from 24% to 28% in the C5 and 27% to 29% in the C3 sands.  After perforating 17 feet in the two lower C5 sands and installing an electric submersible pump ("ESP"), the well produced at an average rate of 1,067 bopd of 39.3 degrees API oil over the latest 24-hour period at a BS&W of 0.9% and a downhole pump intake pressure of 1623 psi, a 23.2% drawdown. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Copa B-1 is a 1.3 kilometre-long structure with an estimated closure of 140 acres, corresponding to the typical exploration play in the Llanos Basin. The Copa B structure is on trend with the Company's Copa Field, 4 kilometres to the north, which was brought on production last year with the Copa-1 well, which was completed in two C5 sands from the same stratigraphic level as the ones tested in Copa B-1 well, and has produced 200,000 barrels of 40 degrees API oil over the past 16 months.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs