Quetzal Starts Seismic Survey in Colombia, Updates Guatemala Ops

Quetzal provided the following update on operations in Colombia and Guatemala:

Block 36, Llanos (Colombia) - Quetzal commenced the acquisition of a 110 square kilometer 3D seismic survey, on January 8 2011, over a structure previously defined by 2D seismic on Block 36 in Colombia. The survey is expected to be completed in April. Quetzal has a 20% paying interest in Block 36, which is operated by Montecz S.A.

Canaguaro Block, Llanos (Colombia) - An Electrical Submersible Pump ("ESP") has been installed in the Canaguay #1 well. During a short period mechanical operation test of the ESP, the well produced oil at rates in excess of 3,900 bopd. The long term production test of the Mirador is expected to be in February after necessary surface equipment is installed and required approvals are received. Quetzal has a 25% working interest in the Canaguaro Block and is acting as operator of the well.

Block 21, Llano (Colombia) - Quetzal is preparing to conduct a 94 square kilometer 3D seismic survey on Block 21 in Colombia, with field work expected to begin in February. Quetzal is acting as operator and has a 50% paying interest in Block 21.

Block 27, Llanos - Quetzal and its partners have completed the 220 square kilometer 3D seismic survey on Block 27 in the Llanos Basin. Quetzal has a 50% paying interest before payout, and a 34.25% working interest after payout.


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