Petro Vista has commenced drilling operations on the Morichito #1N (A1) well located within the Morichito Block in the Llanos Basin in Colombia.
The Morichito #1N well is expected to reach the planned total depth of 6,700 feet within 18 - 20 days, and the Company anticipates announcing results mid-to-end of May 2009. The Company's primary targets include the Carbonera C7 and Mirador formations which have produced as high as 2,000 barrels of oil per day from nearby well analogs. This well is the first of two exploration wells at Morichito. The second well, Morichito #3, will be drilled with the same rig following the completion of M#1N and is expected to spud in the second quarter of 2009. The Company expects results from the M#3 well by mid-June 2009. Both prospects were identified on newly re-processed 3D seismic and show well-defined structural closures typical of fields in the Llanos Basin.
Following the completion of the 2009 work program on the Morichito Block, the Company intends to conduct a four-well exploration program on its La Maye Block in the Magdalena Basin, Colombia and commence initial seismic work on its Block SSJN-5, also in the Magdalena Basin, in partnership with SK Energy Corp.
The Company has granted stock options to certain of its directors, officers, employees and consultants to acquire up to 2,145,000 common shares of the Company. Each option is exercisable to acquire one common share of Petro Vista at a price of $0.20 until April 15, 2014. The options will vest in accordance with the Company's Stock Option Plan.
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