Gold Oil Encounters Production Problems in Colombia

Gold Oil says approval was finally obtained from the Colombian Oil Ministry to start production but after only a few hours pumping out workover fluid from the well the hydraulic power pump that drives the downhole jet pump suffered a mechanical failure. A replacement pump was installed by the vendor and the well began production, and then the surface pump failed again and was replaced by the vendor. In the meantime the well flowed at rates of between 467 and 738 bbls per day for a period of 12 hours before the surface pump failed again. The initial flow contained 60% oil, 30% completion fluid from cleaning up the well and 10% emulsion.

The surface pump was replaced again and production recommenced. As of Friday the well was producing between 830 and 683 bbls per day of 26.8 degree API gravity oil and 24% completion fluid. First deliveries from the storage tank are planned to be made over the weekend and the well is expected to stabilize once the last of the completion fluid is produced.

The Company has also submitted an application to the Hydrocarbon Authority (ANH) for an exploration License for an area in north eastern Colombia that we identified some months ago.


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