Gran Tierra Energy Inc. has announced the results of a mid-year reserve update for the Costayaco Field in the Chaza Block located in the Putumayo Basin of Colombia. Gran Tierra Energy holds a 50% working interest and is the Operator of the Costayaco Field and the Chaza Block. Solana Resources Limited holds the
An independent reserve evaluation of the Costayaco field conducted by GLJ Petroleum Consultants effective July 1, 2008, using 3-D seismic and drilling results from four wells (Costayaco-1 through -4, not including test results of Costayaco-4 as these test results are not yet available) indicates that the Costayaco field has gross proved reserves of 20.5 million barrels of oil (MMbbl), gross proved plus probable reserves of 34.9 million barrels of oil and gross proved plus probable plus possible reserves of 61.4 million barrels of oil.
Gran Tierra Energy's reserves, net of royalty, compared to year end 2007 for the Costayaco Field as of July 1, 2008 are as follows:
Commenting on the reserve update, Dana Coffield, President and CEO of Gran Tierra, stated, "The Costayaco Field in Colombia continues to exceed our expectations. Drilling in the first half of 2008 has added to our understanding of the reserve potential of the field. Pending test results from Costayaco-4 and drilling results from Costayaco-5 are expected to add material new information to the reserve potential as we continue to delineate and develop the field with a continuous drilling program through the balance of this year."
Most Popular Articles
From the Career Center
Jobs that may interest you