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PetroMagdalena Announces 1,114 Bopd Copa A Sur-1 Production Test And Provides Operational Update

Stocks in this article: PMD

TORONTO, Oct. 31, 2011 /PRNewswire/ - PetroMagdalena Energy Corp. (TSXV: PMD) is pleased to provide an operational update highlighting that the Copa A Sur-1 well has produced 1,114 barrels of oil per day ("bopd") of 38.4 degrees API light oil on natural flow over 75 flowing hours during a 4-day production test period with only 1.5% water cut and a stable 350 psi wellhead flowing pressure. This represents a gross (before royalties) working interest share of 636 bopd to the Company.

The Copa A Sur-1 well logs indicate 12 feet of net oil pay in two C7 sand layers.  The well was spudded on September 16, 2011 and directionally drilled to a total depth of 7,572 feet measured depth ("MD").  The production test was conducted only on the C7 formation. After an extended well test has been completed, there are plans to then test two C5 sands with log indicated net oil pay of 21 feet and then the 24 feet of log indicated net oil pay in two C3 sands.

The Company holds a 57% working interest in the newly discovered Copa A Sur light oil field located in Polygon C of PetroMagdalena's Cubiro Block in the Llanos Basin.  Based on 3D seismic, the Copa A Sur field is 1.4-kilometre long with an estimated closure of 216 acres. The Copa A Sur structure is located 2.7 kilometres to the south of the Company's Copa Field, and immediately north of the recent discovery of Copa B, all of them part of the Copa trend. The Copa trend includes additional structures to be drilled targeting the prospective sands of Carbonera C7, C5 and C3.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "I am very excited as this is the third successful exploratory well we have drilled in a row,  having a direct impact on our bottom line and significantly improving the potential of the remaining exploration acreage on the Copa trend in the Cubiro block, our core producing asset in Colombia."

Operations Update

The Company is currently drilling the first development well, Petirrojo-3, in Polygon B of Cubiro and has a workover rig on the Copa B-1 well in Polygon C conducting a re-completion, after the electro-submersible pump stopped working on October 20, 2011. This is expected to add an additional 6-foot net pay sand that was not included in the initial test. Copa B-1 is expected to be back on production in approximately 10 days.

The Company is now mobilizing the Petrex-22 rig to the Santa Cruz-1 exploration well location and expects to spud the well before the end of November 2011.

The Company is pleased to announce that the operating partner, Pacific Rubiales Energy Corp., is drilling the Yaraqui-1X exploration well on the Topoyaco block and is currently drilling at approximately 8,300 feet MD and plans to run intermediate casing once it reaches 8,500 feet MD. The well is planned to reach a total depth of 10,509 feet MD, or 9,402 feet true vertical depth (TVD), or 8,484 feet true vertical depth sub sea (TVDSS) and is targeting the Cretaceous Villeta and Caballos formations in a sub-thrust structure called Prospect "D".

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