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TheStreet Open House

PetroMagdalena Announces Exploration Update

Stock quotes in this article: PMD

TORONTO, Nov. 28, 2011 /PRNewswire/ - PetroMagdalena Energy Corp. (TSXV: PMD), a company focused on oil and gas exploration and production in Colombia, today announced an update on its ongoing exploration program.

Luciano Biondi, Chief Executive Officer, commented: "We are pleased with the momentum we have achieved with our exploration program, which we fully intend on continuing into 2012. The testing for the Yaraqui-1X well in the Topoyaco block has been prepared and operations are ongoing, and the new discovery at our light oil field, Petirrojo, although still at early stages, shows great promise, with the Petirrojo-2 well being tested and the Petirrojo-3ST completion to follow."

Topoyaco Block

In the Yaraqui-1X exploration well, a seven inch liner was successfully cemented from 8,356 feet MD to 10,643 feet MD last week and the first test, which is being conducted in the Villeta formation, has begun. Results of this test will be announced when completed. Four intervals in total are to be tested, three in the Villeta formation and one in the Neme sand of the Lower Rumiyaco formation.

Petirrojo Field (Cubiro Block B)

The Petirrojo-2 development well will be completed in two sands, the Carbonera C-7A (8 feet of net pay) and C-7B (23 feet of net pay). Initial testing of the well is currently being conducted, the results of which will be provided when completed.

The Petirrojo-3ST development well has also been drilled and cased. A workover rig will move in after the completion of the Petirrojo-2 well and the drilling rig is moved off location. The Petirrojo-3ST well will also be completed in the Carbonera formation, C-7A and C-7B sands, with 8 and 21 net feet of net pay respectively.

The Petirrojo-1X well is currently producing at a stable rate of 1,002 bopd, with 67% water cut from Carbonera C-7 with an electrical submersible pump.

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