Petro Andina Announces New Acreage in Argentina
Petro Andina Resources Inc. has signed a final agreement with the Province of La Pampa with respect to the award of the Gobernador Ayala III Exploration Concession ("GA III Block") in the Neuquen Basin of Argentina. The Company had been awarded the GA III Block on a provisional basis on April 30, 2007.
The GA III Block comprises 335 square kilometers (82,800 acres) and is located adjacent the southern boundary of Petro Andina's operated CNQ-7/A acreage. Petro Andina's land position along the prolific Centenario trend now totals 457,000 acres (net 285,000 acres).
Petro Andina has subsequently entered into a joint venture agreement with ENARSA, Argentina's state oil company, and with another Argentine company with respect to the GA III Block. Under terms of the joint venture agreement, Petro Andina will operate the GA III Block with a 70-percent working interest, while the other parties will share the remaining 30-percent.
Petro Andina has mapped an extension of its El Corcobo Norte field onto the GAIII Block and anticipates drilling up to ten appraisal and exploration wells on the new acreage during the balance of 2007. The two-year work commitment with respect to the Block includes a total of 25 wells. Petro Andina has also contracted for services to conduct a 3D seismic acquisition program on the Block commencing in the fourth quarter.
Petro Andina is engaged in the exploration for and development and
production of oil and natural gas in Argentina and, to a lesser extent, in
Canada. The Corporation is continuing to develop its existing reserves and to
conduct appraisal and exploration drilling on its 457,000 acre (285,000 acre
net) land position in the Neuquen basin. Petro Andina is headquartered in
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Company: Petro Andina more info
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