PetroMagdalena Makes New Find in Colombia

PetroMagdalena Energy Corp. provided an update on its ongoing exploration program at the Cubiro Block.

Luciano Biondi, Chief Executive Officer of the Company stated: "The Llanos exploration program is continuing to build our production and reserves, the latest discovery occurring at Cernicalo in the Cubiro Block where we now have Upper Guadalupe sands on production and potential in uphole in the C7 sands. With the growing success from our exploration program we can begin to look for growth opportunities that can be funded from our expanding cash flow."

Cernicalo Discovery At Cubiro

PetroMagdalena has discovered a new field with the Cernicalo-1 ST, a sidetrack of the Cernícalo 1 exploration well, which was drilled to explore the prospectivity of the Carbonera Formation, located on Polygon B of the Cubiro Block, where the Company holds a 70 percent working interest. The Cernicalo-1ST well was perforated in two Upper Guadalupe sands and it is currently being tested. In the last five hours, with an electro-submersible pump at 23 Hz, the Guadalupe Formation has produced an average of 530 bopd of 23.9 degrees API oil with 30 percent BS&W. This represents 371 bopd as PetroMagdalena's gross working interest share. The activities in the Cernicalo 1 ST also include testing the Carbonera C7.

The Cernicalo-1ST well was spudded on January 18, 2012, drilled to a final depth of 6,845 feet MD and logged on January 28, 2012. The top of the Carbonera C7 sand was found at a depth of 5,880 feet MD. Petrophysical data show 13 feet of net pay in C7, with porosity of 24% and hydrocarbon saturation of 50%; and 12 feet in Upper Guadalupe, with porosity of 28% and oil saturation of 50%. Based on seismic interpretations, the accumulation discovered by Cernicalo-1ST is a 1.5 km long structure, corresponding to the typical exploration play in the Llanos Basin. The structure is on trend with the Barranquero field to the north and Tijereto Sur-1X exploration well to the south.

Exploration Update

Santa Cruz Block, Catatumbo Basin: Santa Cruz -1X Exploration well

The Santa Cruz-1X well, located on the Santa Cruz Block in the Catatumbo Basin in North Eastern Colombia, was drilled to the Middle Los Cuervos Formation, reaching TD of 11,550 feet (MD), and finding a repeated section of the Mirador Formation. Based on the petrophysical logs and mud logging, a 7-inch production liner has been run in the well and plans are in place to test several intervals in the Mirador and Los Cuervos formations. Results from the testing program are expected towards mid-March 2012. PetroMagdalena has a 70 percent working interest in the Santa Cruz-1X well and is the operator of the Santa Cruz Block.

Cubiro Block, Llanos Basin: Tijereto Sur - 1X Exploration well

The Tijereto Sur-1X exploration well on the Cubiro Block has been drilled to a TD of 6,926 feet (MD) and, based on the petrophysical log data, 7-inch production casing has been run in the well to total depth and work is ongoing to complete and production test the C7 Carbonera Formation. Results from the completion and testing program are expected by early March 2012. PetroMagdalena has a 70 percent working interest in the Tijereto Sur-1X well and is the operator of the Cubiro Block.

Arrendajo Block, Llanos Basin: Arrendajo Norte - 1X Exploration well

The Arrendajo-1X well on the Arrendajo Block was drilled on February 9, 2012 to a TD of 6,298 feet (MD) and subsequently sidetracked to a TD of 7,343 feet. Petrophysical data do not show any prospective interval and the well will be abandoned.


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