Petrominerales Updates on Three Wells

Petrominerales says that the Corcel-2 development well has reached total depth and has been cased as a potential oil well.

Drilling and logging operations have been completed at Petrominerales' Corcel-2 development well on the Corcel Block in the Llanos Basin of Colombia. The well spudded on August 25 and reached a total depth of 12,140 feet on October 17.

Logs indicate total potential net pay of approximately 125 feet of high quality reservoir sands in the Tertiary Mirador and Guadalupe formations.

Petrominerales plans to complete and initially test four intervals in the Upper and Lower Mirador formations of the Corcel-2 well. A total of 45 feet of sand will be perforated in this first phase of testing.

Initially brought onstream at 4,000 bopd, Corcel-1 is now in the second month of testing and is producing at rates in excess of 4,500 bopd, with a 10% water cut.

The ultimate size of the discovery will be defined through long-term testing and additional delineation drilling. Petrominerales has identified five additional Corcel prospects from its 47 square kilometer 3D seismic survey, which covers approximately 15% of the 79,815-acre block.

In addition, Petrominerales announces that the Conga-1 well exploratory well was recently drilled, logged and cased as a potential oil well on the Las Aguilas Block, offsetting the Orito field in the Putumayo Basin. The company expects that testing operations will commence on this well in November.

Petrominerales holds over 1.5 million acres of land in Colombia. In 2008, the company anticipates drilling up to eight exploration wells focused primarily in the Llanos Basin. In addition, a 2008 3D seismic program is planned for its 26,341-acre Guatiquia Block, which adjoins the Corcel Block to the south.