PetroFalcon Logs Pay with LV-9X Well in Venezuela

PetroFalcon's 100% owned Venezuelan affiliate, Vinccler Oil and Gas, C.A announced that the company has concluded drilling operations on the La Vela 9X well at a total depth of 7490 feet. Logs and test data indicate potential oil and gas zones at depths between 3000 and 4000 feet. Intermediate 9 5/8 inch casing, which has been set to 7200 feet, will allow the option of future directional drilling of deeper targets and the immediate production testing of the upper potential reservoirs. The primary objectives are the sandstone and carbonate members of the Miocene Agua Clara formation. The upper carbonate, encountered in the LV-9X well from 3695 feet through 3755 feet, is approximately 30 feet thicker than the equivalent section currently producing in the offsetting LV-8X well. In addition, a high quality sandstone reservoir which exhibited oil and gas shows while drilling was encountered from 3885 feet through 3962 feet. Log calculations indicate 77 net feet of potential oil pay in this zone and formation test tools (RFT) recovered 39 degress API oil from both the top and base of the sand. A completion rig will be brought in to conduct production tests on the well within the next 45 days. The primary reason for the decision to suspend the drilling of deeper objectives in the current borehole was that initial results from a detailed seismic program, delayed by heavy rains and not completed until the week of March 29th, indicated that the current LV-9X borehole may not be in an optimal location relative to the major thrust fault to test the deeper objectives. These objectives, which range from 9000 to 11,000 feet, will be drilled when the final geophysical interpretation is completed.