Petrominerales, a 76.3% owned subsidiary of Petrobank Energy and Resources Ltd., announced that its Corcel-C3 exploration well is producing at rates in excess of 9,700 barrels of oil per day ("bopd") of 29 degree API oil from 23 feet of high quality sand in the Guadalupe formation at a 0.3% water cut. Petrominerales installed an electric submersible pump in the well and plan to ramp the production up to the pump's capacity of 11,000 barrels of fluid per day over the next few days.
The Company has behind pipe capacity in both of its existing Corcel-C wells. In addition to the Guadalupe interval, Corcel-C3 also penetrated 45 feet of high quality sands in the Lower Sand-1 interval which has proven highly productive in our Corcel-C1 well. This interval in Corcel-C1 has already produced 329,000 barrels of 17 degree API crude oil since July 25, 2008 and is still producing 3,712 bopd. The Corcel-C1 well logs also indicate 41 feet of net pay in the Guadalupe which is currently not completed. The Company plans to produce the Guadalupe zone from the Corcel-C3 well and the Lower Sand interval in Corcel-C1 on extended tests and evaluate the optimal exploitation strategy for both zones, which might include additional delineation wells.
Petrominerales is now drilling the Corcel-D1 well and have reached the top of the Mirador formation where it has experienced encouraging oil and gas shows. This is the first well in a multi-well drilling program planned for the Corcel-D structure which, based on 3D seismic, appears analogous to our Corcel-A structure.
Production averaged 12,491 bopd in the third quarter of 2008, 176% higher than the 4,522 bopd produced in the third quarter of 2007 and 70% higher than the 7,339 bopd produced in the second quarter of 2008. Production has now increased to over 22,000 bopd including production from Corcel-C3.
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