PetroMagdalena Discovers New Oilfield in Cubiro Block

PetroMagdalena has discovered a new light oilfield with the Petirojo-1 discovery well, with the well currently producing 1,545 bopd of 40 degrees API light oil after 13 hours of initial production test. This represents 1,080 bopd gross working interest share for the Company, which is just under half of the Company's current production.

Luciano Biondi, Chief Executive Officer of PetroMagdalena stated, "We are extremely pleased to commence our exploration program with such positive drilling results in our core block in Colombia, coming as it does in conjunction with the spudding of the Copa-B exploration well, which provides more momentum to our business plan."

Located in Cubiro Block B, the Petirojo-1 well, in which the Company holds a 70% working interest, was spudded on July 14, 2011 and directionally drilled to a total depth of 6,399 feet measured depth ("MD"). The C7 Carbonera reservoir was found at a depth of 5,636 feet (MD) and well logs indicate a net oil pay of 32 feet with porosities averaging 29%. After perforating 17 feet in three intervals in the C7 Carbonera sand and after installing an electric submersible pump ("ESP"), the well produced 370 barrels of 40.8 degrees API oil over the latest 4.0 hour period at an average rate of 1,545 bopd and a downhole flowing pressure of 1,850 psi, a 21% drawdown, with an average BS&W of 21.7%. The well testing program is ongoing and final results will be provided.

Based on seismic interpretations, the accumulation discovered by Petirojo-1 is a 2.0 kilometer long structure with a closure of 190 acres, corresponding to the typical exploration play in the Llanos Basin, and on trend with the Palmarito Field to the north, which shows a cumulative production in excess of 12 million barrels.

PetroMagdalena and its partner have agreed to drill two additional wells as part of this year's drilling program: (i) an exploration well north of Petirojo to test a separate structure located between Petirojo-1 and the Palmarito Field within the same trend, and (ii) one appraisal/development well offsetting the Petirojo-1 discovery well.

In Cubiro Block C, the Company is currently drilling the Copa-B exploration well and today is at 2,870 feet (MD) with a target total depth of 6,992 feet (MD). Copa-B will test a seismically defined structure 4.4 kilometers south and on trend with the Copa Field, discovered last year where two wells in the C7 Carbonera sand averaged an initial production rate of 1,400 bopd.


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