Petrominerales Achieves Record 3Q Results
Petrominerales reports a record third quarter 2007 financial and operating results fueled by an 87% increase in year-over-year production to 4,522 bopd and a $56.62 per barrel operating netback, a reflection of high world oil prices, our high quality assets, and Colombia's superior fiscal regime. Production has now increased to 8,130 bopd excluding Corcel-2 production. Our Corcel-2 well was tested from the initially completed perforation intervals over a 24-hour period at rates increasing to 3,100 bopd on natural flow.
Third quarter 2007 production averaged 4,522 bopd compared to 2,848 bopd in the second quarter of 2007. The increase is mainly due to the Corcel-1 discovery well that was placed on an extended six-month production test, initially at 4,000 bopd increasing to current rates of over 4,500 bopd. Production has averaged 8,130-bopd to-date in November 2007 excluding test results from the Corcel-2 well. Significant further production additions are expected as a result of the recently drilled Corcel-2 well and our ongoing drilling programs at Corcel and Orito.
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- Petrominerales Recovers More Than 95% Shut-In Production in Colombia (Sep 22)
- Petrominerales Resumes Production Ops in Colombia (Sep 15)