Solana Resources Expands in 1Q2008
Wednesday, May 28, 2008
Solana Resources Limited announced its results for the three month period
ended March 31, 2008.
Solana is an international resource company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company's properties are located in Colombia, South America
and are held through its wholly owned subsidiary, Solana Petroleum Exploration
Costayaco-2, a 560 meter crestal step out from Costayaco-1, was
drilled and tested in excess of 6,600 bopd (gross) combined from the
two primary horizons, the Caballos and the Villeta T.
Costayaco-3, a 960 down dip step out from Costayaco-1, was drilled
and tested a maximum combined 2,543 bopd from the two primary
horizons, the Caballos and the Villeta-T.
Primavera-1, testing a structure in the Guachiria block in the Llanos
block was drilled and cased. Subsequent to the end of the first
quarter Solana tested this well at a pump constrained rate of
650 bopd (gross) from the Carbonera C7 formation.
Palmitas-2, testing a structure in the Guachiria Sur block in the
Llanos basin, was drilled and cased as a potential oil discovery.
First quarter 2008 cash flow from operating activities of
$10.7 million ($0.08/share) and after tax net income of $6.5 million
First quarter 2008 capital expenditures of $13.2 million.
Cash balance of $62.4 million as at March 31, 2008.