Pacific Stratus Says Dispute Starts After Success at Don Pedro-1 Well

Pacific Stratus Energy Ltd. reports that Hocol S.A., with which Pacific Stratus's subsidiary, Stratus Oil & Gas, has a farm-out arrangement for the Don Pedro-1 well, has challenged Stratus Oil & Gas's right to continue testing the well, alleging breaches to the farm-out arrangement. This action by Hocol comes after the parties logged and agreed on the interpretation of hydrocarbon bearing reservoirs within the well, agreed on initiating the development of the Monserrate gas proved well, and also agreed to carry out the workovers in the Ortega/Pacande Oil field, all located in the Doima Block and Ortega/Pacande oil fields in the Upper Magdalena Basin of Colombia. Pacific Stratus is seeking further dialogue with Hocol in an attempt to resolve the dispute.

Manfred Kruger, Chairman of Pacific Stratus, stated "We are disappointed by Hocol's actions, as we believe the recent discovery at Don Pedro-1 has brought a whole new dimension to the Doima Block. If the dispute cannot be resolved amicably, we will rigorously and aggressively enforce our legal rights, both within Colombia and elsewhere, to remedy this situation and to ensure our full participation in the Doima prospects."

Pacific Stratus Energy is an oil and gas company focused on identifying acquisition opportunities primarily within the upstream Sub Andean basins, initially in Colombia. Within Colombia, the company currently has interests in the Doima block and Ortega-Pacande oil fields, as well as in the La Creciente, Moriche and Puli-B exploration blocks. The company has offices in Toronto, Caracas and Bogota.


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