Petrominerales: Conga-1 Well Find Oil in Lower Villeta Formation

Petrominerales has completed the Conga-1 exploratory well on the Las Aguilas Block in the Putumayo Basin as an oil well. The Conga-1 well was drilled to a total depth of 7,963 feet and was initially perforated and fracture stimulated in the Caballos formation. The Caballos sands tested non-commercial quantities of hydrocarbons on a stand-alone basis, and were temporarily isolated. We then perforated and acidized an initial 16 feet of pay in the lower Villeta formation. The well naturally flowed a total of 725 barrels of 31 degree API oil over a 34-hour period. Plans to conduct a second acid stimulation and place the well on an extended production test using a jet pump assembly capable of handling production up to 1,000 barrels per day is now under way.

Conga-1 was the fifth and final well in our 2007 exploration drilling program in the Llanos and Putumayo Basins. This program resulted in three successful exploratory oil wells on the Joropo, Corcel, and Las Aguilas Blocks. Our 2008 exploration drilling program consists of seven further exploration wells on six blocks in the Llanos Basin and one additional well at Las Aguilas in the Putumayo Basin. We also plan to shoot seismic over nine of our 13 exploration blocks in 2008, including large programs on our three heavy oil blocks.