West Canyon Energy has completed rig mobilization and begun drilling the Montmello 1 exploration well, within the Talora Block, which lies just southwest of Bogota, Colombia. The Montmello 1 well will be drilled to a total depth of 4,640ft and targeting the La Tabla (Monseratte) Formation. The Company holds a 20% participation stake through its wholly-owned subsidiary PetroSouth Energy Corp. The 108,333-acre contiguous parcel of land contains 5 prospects which the Company believes has substantial combined potential reserves. Brazil's state-owned Petrobras has operated the producing Guando field just southeast of the Talora block since November of 2002.
Buenavista Project -- Bolivar Field, Colombia
The Company has completed its 70km 3D seismic shoot in our Buenavista Block and is currently evaluating this new information for two new drilling locations. The two well packages will consist of one development well and one exploratory well to begin drilling operations by the end of the first quarter in 2009.
Through its wholly-owned subsidiary, PetroSouth Energy Corp., West Canyon holds a 16% participation stake in the Buenavista Exploration and Production contract. The Buenavista Block lies just North East of Bogota, Colombia. The 25,000-acre contiguous parcel of land contains the currently producing Bolivar Field, the Bolivar Prospect, and three leads representing combined total reserves of over 13 million barrels of oil (MMBO). Included in the field is the La Luna formation covering 700 acres.
North Semitropic - Kern County, CA
The Company has repurchased its interest back from Cobra Oil and Gas in the North Semitropic project located in the San Joaquin Basin, Kern County, CA.
An independent review of the project has estimated that the multi zone prospect’s three main exploration targets to have potential gross reserves of 32 million barrels of oil (MMBO) and 19 billion cubic feet of gas (BCF). Several hundred million barrels have been produced from active oil fields in close proximity to the North Semitropic Prospect and within the same trend, including Westhaven, Tulare Lake, Wasco, Shafter and the Rio Bravo -- Greeley.
The Company is expecting to begin drilling the first well in the second quarter. West Canyon Energy president Shane Reeves stated, "We are very pleased to have repurchased our interest back in the North Semitropic Prospect and look forward to our continued expansion efforts in both the United States and Colombia."
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