Petrominerales Recompletes Colombia Well, Total Production at 25,000 BOPD

Putumayo Basin, Colombia
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Petrominerales' Corcel-D1 exploration well is producing 8,770 barrels of 26.4 degree API oil per day, at an 8% water cut, from 56 feet of high quality sand, following a successful recompletion in the Mirador formation. Corcel-D3, the next well in the company's multi-well Corcel drilling program, was spudded on January 31.


Petrominerales' Orito field production is still ramping up following the cessation of the general strike in the Putumayo province. The company has also successfully finished drilling Orito-163 and will then spud Orito-171. After Orito-171, Petrominerales intend to temporarily suspend its Orito drilling program as part of its strategy to refocus capital deployment to the highest value-add areas of the company's portfolio during this period of lower commodity prices.


Petrominerales is currently drilling the eighth well in a multi-well drilling program at Neiva. The company has completed and placed two of these new wells on production using a new completion technique. Initial rates from these first two wells represent a significant improvement over historical performance. Together these two wells have added an incremental 911 bopd, in which Petrominerales has a 69% working interest. Company interest production at Neiva is now 1,050 bopd.

Current Production

With the Corcel-D1 well back online, early success at Neiva, and some production still off-line at Orito, the Company is now producing in excess of 25,000 bopd. We will provide a further operational update following the approval of our independent reserve report, which is expected by the end of February 2009.


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