The well was drilled to a total depth of 8,138 feet and successfully penetrated a large Carbonera C7 structure that had oil shows and excellent reservoir parameters. Subsequent extensive testing proved the structure was water bearing. Solana is the operator of the Guachira Norte Block with a 70% working interest. Pursuant to a farm out agreement Solana was responsible for only 40% of the Calcedonia-1 well costs.
In the immediate vicinity there remains a significant Carbonera C5 target which the Company intends to test in the near future. Activity in the Llanos Basin, which includes drilling the Bevea-1 exploration well and the acquisition of over 300 square kilometers of 3-D seismic data, is part of a wider extensive exploration and development program for the first half of 2007. This program includes drilling two wells in the Putumayo Basin (Juanambu-1 has already been press released as a discovery) and an additional two wells in the Catatumbo Basin. This program is fully funded with existing resources.
Solana is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
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