Petrominerales Achieves Record 3Q Results

Petrominerales reports a record third quarter 2007 financial and operating results fueled by an 87% increase in year-over-year production to 4,522 bopd and a $56.62 per barrel operating netback, a reflection of high world oil prices, our high quality assets, and Colombia's superior fiscal regime. Production has now increased to 8,130 bopd excluding Corcel-2 production. Our Corcel-2 well was tested from the initially completed perforation intervals over a 24-hour period at rates increasing to 3,100 bopd on natural flow.

Operational Update:

Third quarter 2007 production averaged 4,522 bopd compared to 2,848 bopd in the second quarter of 2007. The increase is mainly due to the Corcel-1 discovery well that was placed on an extended six-month production test, initially at 4,000 bopd increasing to current rates of over 4,500 bopd. Production has averaged 8,130-bopd to-date in November 2007 excluding test results from the Corcel-2 well. Significant further production additions are expected as a result of the recently drilled Corcel-2 well and our ongoing drilling programs at Corcel and Orito.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Manager - Saybolt
Expertise: Business Development|Operations Management|Surveying
Location: Linden, NJ
Accounting Administrator - Hyperion
Expertise: Accounting|Business Development|Financial Analyst
Location: Houston, TX
Project Manager - 11639
Expertise: Project Management
Location: Clear Lake City, TX
search for more jobs

Brent Crude Oil : $45.83/BBL 0.63%
Light Crude Oil : $43.38/BBL 0.86%
Natural Gas : $3.03/MMBtu 3.44%
Updated in last 24 hours