Petrominerales Turns on Taps at Colombian Well

Petrominerales, a 76.4% owned subsidiary of Petrobank Energy and Resources, has announced that its Corcel-D2 exploration well is producing 4,500 barrels of 26 degree API oil per day from 46 feet of high quality sand in the Mirador formation, at a 50% water cut.

The Corcel-D2 well was initially drilled to a total depth of 12,762 feet and completed with a seven inch liner. The liner cementing operation was unsuccessful and attempts to cut and pull the liner from the well were also unsuccessful. The liner was cement squeezed and abandoned and a sidetrack was drilled approximately 15 feet away from the original wellbore where a new seven inch liner was run and successfully cemented.

The initial 50% water cut is likely a result of crossflow from water bearing zones encountered in the original wellbore and as a result does not fully reflect the ultimate initial oil production potential of the Mirador formation. Unfortunately, it is not feasible to attempt additional remedial work on the original wellbore.

The Corcel-D1 well is presently offline and we are currently performing a workover to complete the Mirador formation following premature water break through in the Guadalupe perforations. We plan to have Corcel-D1 back on production early next week. We will then spud the Corcel-D3 well.

With the Corcel-D1 well offline, and our Orito field production still ramping up following the cessation of the general strike in the Putumayo province, the Company is presently producing approximately 17,800 BOPD. We will provide a further operational update following the approval of our independent reserve report, which is expected at the end of February 2009.


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