Petrominerales Ramps Up 2008 Activity Levels

Petrominerales is planning the company's largest annual capital program in 2008. The company expects to be one of the most active explorers in Colombia in 2008 and is also planning an extensive development drilling program. Our 2008 plan builds on our 2007 successes and will provide the platform for continued growth in the coming years.

In 2008, Petrominerales plans to drill seven additional wells at Corcel, 10 wells at Orito and a further seven exploration wells focused primarily in the Llanos Basin. This will make Petrominerales one of the most active explorers in Colombia in 2008. In addition, we have defined a 30 well development-drilling program at our Neiva field, which may require the importation of a specialized drilling system to efficiently implement the project.

With the success of the Corcel-1 and 2 exploration wells in 2007 we are planning for a significant Corcel capital program in 2008. Our Corcel-3 well is currently drilling and is at a depth of approximately 10,865 feet. After drilling Corcel-3 we expect to temporarily relocate the drilling rig to drill two of our Llanos Basin dry-season-only exploration wells, after which we plan to resume our Corcel drilling program starting with the Corcel-C exploration well. We then expect to continue drilling additional Corcel exploration and delineation wells through to the end of 2008.

Petrominerales plans to drill 10 Orito wells in 2008. This program will be focused in updip areas of the field where we had success in 2007 and in the southwest extension area near the highly successful Orito-117 and 118 wells. In addition, we will be initiating a secondary recovery project in the Pepino formation with a water injection program. Lastly, following the success of the Conga-1 well in the Villeta formation on the adjacent Las Aguilas block, we are redesigning our drilling and completion program to more fully delineate the potential of this formation on the Orito block. In addition to our ongoing development drilling program, a 48 square kilometer 3D seismic program is planned for Orito in 2008 which will help delineate the southern extension and eastern flanks of the main Orito field. This is expected to add further to our large inventory of development drilling locations.

Petrominerales drilled five exploration wells in our 2007 exploration program. Four of these wells were drilled in the Llanos Basin, two of which were completed as new pool discoveries (Joropo and Corcel). The Conga-1 well drilled in the Putumayo Basin adjacent to Orito was also a success. Petrominerales holds over 1.5 million acres of land in Colombia, on which we have acquired 357 square kilometers of 3D seismic and reprocessed all available 2D seismic data. Currently we have an additional 18 leads and prospects on these lands.

In 2008, we plan to drill eight exploration wells: two at Mapache and one at each of Joropo, Casanare Este, Castor, Casimena, Corcel, and Las Aguilas. We also plan to shoot seismic over nine of our 13 exploration blocks in 2008, including large programs on our three heavy oil blocks. These programs are intended to be the foundation for expanded exploration drilling programs beyond 2008, including our longer-term growth plan for heavy oil in the Llanos Basin.


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