Pacific Stratus to Participate in Upcoming Colombian Licensing Round

Pacific Stratus says that the Agencia Nacional de Hidrocarburos of Colombia (ANH) has invited the Company to participate in its heavy oil development strategy for the Llanos Orientales Basin and has also pre-qualified the Company for the upcoming Ronda Caribe in the offshore Caribbean Colombian coast.

The Llanos Orientales Basin is one of the most prospective hydrocarbon sectors of the Andean region with source rocks and reservoirs similar to those of the analogue Orinoco Heavy Oil Belt of eastern Venezuela. Oil companies invited to participate in the heavy oil development strategy will work together with the ANH to explore and develop the potential heavy oil resources in the region. The companies invited to participate will be required to demonstrate their technical capabilities for heavy oil development and operation.

The Ronda Caribe comprises 13 blocks located on the offshore coast of the Caribbean Sea within the geological basins of Uraba, Sinú and Guajira. These areas offer the potential for gas and light oil discoveries.

Commenting on this news, President and Chief Executive Officer José Francisco Arata said, "We are looking forward to participating in these bidding processes because the blocks are located in areas that are highly prospective. Our technical team has extensive experience in Basin Analysis in the sub-Andean region and we are well positioned to support the ANH with its new development strategy both in the Llanos Orientales Basin and in the offshore Caribbean coast."

Pacific Stratus Energy is a Canadian-based oil and gas company that initiated operations in 2004. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. Pacific Stratus has a current net production of 1,900 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, La Creciente, Moriche, Guama and Arauca blocks in Colombia and blocks 135, 137 and 138 in Peru. The company has offices in Toronto, Caracas and Bogota.