Quetzal Updates Ops in Colombia

Quetzal provided the following update on operations in Colombia

The long term production testing of Canaguay #1 is continuing with the well currently producing approximately 500 barrels of oil and 150 barrels of water. The optimal production rate for the Mirador reservoir and facilities will be determined by the results of the long term production test.

Quetzal has a 25% working interest and is acting as the operator of the Canaguaro block and the Canaguay #1 well.

Block 27

A follow-up 54 square kilometer 3D seismic acquisition program has been completed in the south eastern portion of the block, and is currently being interpreted. The Company has defined drilling locations on three separate Block 27 structures, based on the interpretation of 3D seismic. Potential follow-up development drilling locations have been identified on several of these structures. Interpretation of the 3D seismic is continuing and several additional geological features are being studied as potential drilling locations.

Lengthy delays in the issuing of block environmental permits continue to adversely effect the operations of both large and small oil companies in Colombia. Quetzal has waited approximately 8 months for the Block 27 environmental permit. It is anticipated that permit will be granted during the 3rd quarter of 2011. Construction of drilling locations is scheduled to begin as soon as the required environmental permit is received. A two to three well drilling program is planned to commence approximately one month after location construction begins. The wells have a planned depth of approximately 10,000 feet and will test prospective oil bearing intervals in the Carbonera, Mirador and Une Formations.

Quetzal has a 50% paying interest in the block and is acting as operator.

Block 21

An 83 square kilometer 3D seismic survey has been competed on Block 21 and is currently being interpreted. Several geological features are being studied as potential drilling locations. The Company plans to drill 2 wells during the 4th quarter of 2011 or the 1st quarter of 2012.

Quetzal has a 50% paying interest in the block and is acting as operator.

Block 36

The acquisition of 109 square kilometers of 3D seismic on Block 36 has been completed and is being processed. Drilling of one 15,000 foot well is scheduled for 2012.

Quetzal has a 20% paying interest in the block.

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