Gold Oil was informed today that on December 26, 2008 Union Temporal received the final approval for the Environmental Impact Assessment for the re-entry and workover of three Burdine wells. Union Temporal is the owner and Operator of the Nancy, Burdine and Maxine oil fields located in the Putumayo Basin in the South of Colombia, in which the Company owns a 58.05% interest.
All equipment necessary for the re-entries and possible work-overs has been purchased and the only remaining requirements are a low cost access road and a wire-line unit.
There has been a general strike in the Putumayo Basin area since before Christmas and the Company is pleased to announce that on January the 6th normal operations have resumed with the Nancy 1 well back in production again with at a production rate of 321 bopd.
Now that the Christmas holiday in Colombia is over the Company expects to start testing the Rosa Blanca-1 well later this week.
Gary Moore, Chief Executive Officer of Gold Oil, said, "The Environmental approval for the Burdine wells is the culmination of a project that was started nearly three years ago, and has taken a great deal of time and effort by Union Temporal to achieve this approval in a very environmentally sensitive area."
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