Solana Resources Expands in 1Q2008

Solana Resources Limited announced its results for the three month period ended March 31, 2008. Solana is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited.

HIGHLIGHTS

  • Costayaco-2, a 560 meter crestal step out from Costayaco-1, was drilled and tested in excess of 6,600 bopd (gross) combined from the two primary horizons, the Caballos and the Villeta T.
  • Costayaco-3, a 960 down dip step out from Costayaco-1, was drilled and tested a maximum combined 2,543 bopd from the two primary horizons, the Caballos and the Villeta-T.
  • Primavera-1, testing a structure in the Guachiria block in the Llanos block was drilled and cased. Subsequent to the end of the first quarter Solana tested this well at a pump constrained rate of 650 bopd (gross) from the Carbonera C7 formation.
  • Palmitas-2, testing a structure in the Guachiria Sur block in the Llanos basin, was drilled and cased as a potential oil discovery.
  • First quarter 2008 cash flow from operating activities of $10.7 million ($0.08/share) and after tax net income of $6.5 million ($0.05/share).
  • First quarter 2008 capital expenditures of $13.2 million.
  • Cash balance of $62.4 million as at March 31, 2008.
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