Petro Andina Resources' net production for the month of December averaged 8,600 barrels of oil per day (17,250 gross), which exceeded the Company's previously published target exit rate by 20 percent. The average December daily production represented an increase of 193 percent from the 2,940 barrels of oil per day (net) produced in December 2006 and an increase of 30 percent from the average of 6,627 barrels of oil per day (net) produced in the third quarter of 2007. The increase in production was the result of the Company's expanding development program.
The 2007 drilling program was focused on two principal objectives: development and delineation of the El Corcobo Norte (ECN) field, and evaluation of new prospects across the balance of the land portfolio.
During 2007 Petro Andina drilled a total of 137 gross development wells (68.6 net) with a success rate of 98 percent. The Company also drilled 20 gross appraisal wells (9.8 net) with a success rate of 85 percent.
Petro Andina drilled six successful appraisal wells in the area between the ECN field and the Puesto Pinto (PP) field to the east. These wells have encountered between three and nine meters of pay in the Lower Centenario sands and have led Petro Andina to the conclusion that PP is most likely a continuation of the ECN field. This extension area covers approximately five square kilometers.
During the fourth quarter of 2007 the Company also drilled four successful delineation wells to follow-up on the ECN 84 discovery, made during the second quarter of 2007. At the time, ECN 84 was the most northerly producing well in the ECN field. These delineation wells drilled at one kilometer distances to the southwest, east and northeast of ECN 84 encountered pay thicknesses of between three and seven meters and confirm that the area of thick pay extends further northward than previously estimated. This has expanded the current productive width of the trend in the vicinity of ECN 84 to approximately five kilometers.
Including the four wells offsetting ECN 84, throughout 2007 the Company drilled 12 wells to test the updip limits of the ECN field. All 12 of the wells were completed as oil wells with pay thicknesses ranging from one to seven meters which suggests that the boundary of the updip limit of the field has not yet been established.
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