Pacific Stratus Hits Oil Pay in Colombia

Llanos Basin, Colombia
(Click to Enlarge)
Pacific Stratus Energy Ltd. announced results of the wireline logs run on its 80% Mauritia Norte 1 well located in the Moriche block in the Llanos Basin of Colombia. Heavy and light oil have been discovered in the Ubaque and Mirador reservoirs and production tests will commence on March 9th.

The well was drilled to a total measured depth of 10,000 feet and encountered Carbonera C7, Mirador, Gacheta and Ubaque Formations at depths of 8,726, 8,973, 9,520, and 9,693 feet respectively. The well's primary objective was the Mirador Reservoir, which presented one oil bearing sandstone with five feet of net pay zone. The Company also found the following secondary target zones: Carbonera C7, Gacheta, and Ubaque reservoirs, with gross thicknesses of 253, 214, and 296 feet, respectively. The table below gives estimates of net pay and other reservoir parameters derived from log analysis for the various reservoir zones.

	                              Net Pay    Porosity   Water Saturation
	              Reservoir Zone
	                               (feet)       (%)            (%)
	              CARBONERA C7        6        18-23          30-35
	              MIRADOR             5        25-28          25-28
	              GACHETA             9        30-35          19-29
	              UBAQUE             23        16-22          39-40

Based on the wirelog interpretation, the company chose 28 points where Repeat Formation Tests (RFT) were recorded and three fluid samples were taken. These points were located in all four reservoirs and fluids were taken from Ubaque, Mirador, and Carbonera Formations.

Pressure gradients were made based on the RFT data and well defined water oil contacts were confirmed in the Ubaque and Mirador Formations. The fluid samples taken from Ubaque and Mirador are heavy and light oils, with API gravity of 12.8 and 38.5, respectively.

The Company will run and cement the seven-inch production casing and will commence production tests immediately thereafter. The Ubaque, Gacheta and Mirador intervals will be tested and production test results will be announced by the end of March.

Pacific Stratus is the operator in this block. By drilling this well, the company has fulfilled the second phase of its contractual commitment with the Colombian Hydrocarbons Agency, the grantor of the Moriche association contract.

Pacific Stratus Energy is a Canadian-based oil and gas company that initiated operations in 2004. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. Pacific Stratus has a current net production of 2,500 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente and Moriche blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.


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