Petrolifera Set to Boost Puesto Morales Output

Petrolifera Petroleum Limited on Thursday announced test results for its RN.PM a-1061 well on the central lobe of the Puesto Morales North field in the Neuquen Basin, Argentina.

On test, the well flowed 35 degrees API crude oil at a rate of 1,643 bbl/d through a 50 millimeter choke and at a rate of 1,490 bbl/d on an 18 millimeter choke, both with no water, from a lower set of perforations in Sierras Blancas zone approximately 17 meters thick, based on log analysis. The company plans further testing of the zone through an upper set of perforations. The outcome of the well is expected to impact the overall aerial extent and reserves associated with the central lobe.

It is anticipated the well will be placed onstream as a flowing well with an initial rate of approximately 1,000 bbl/d, increasing current oil production to over 8,000 bbl/d. The company is presently drilling three wells, two offsetting the prolific 1027 well on the northern lobe of Puesto Morales, and one on the Rinconada Block (1006). Also, the 1033 well on the northern lobe remains to be tested which has been cased as an indicated Sierra Blancas oil well with extended pay of approximately 12 meters thick.

Petrolifera is a Calgary-based crude oil and natural gas company active in Argentina, Colombia and Peru. The company expects to immediately start its seismic program on its 3 million acre Ucayal Block 107, upon formal receipt of approval of its Environmental Impact Assessment study. Seismic will also be underway shortly on its Gobernador Ayala Block in Argentina. Seismic on the Vaca Mahuida Block in Argentina will commence in early 2008. Also, up to three additional drilling rigs and two additional service rigs are being considered for use in Argentina later this year.

Drilling in Peru and Colombia is anticipated in 2008 following interpretation of planned seismic programs.

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