Petrominerales' Mapache-2 Well in Colombia Test Flows 1,300 BOPD

Petrominerales announced that its Mapache-2 exploration well flow tested an average 1,300 barrels of 34 degree API oil per day, at a final water cut of 22%, on an initial 30 hour test from 9 feet of high quality sand, in the Upper Carbonera 7 (C7) formation.

The well was originally spudded on March 27, 2008, reached a total depth of 8,112 feet on April 9, 2008 and was cased as a potential oil well in the Mirador and Carbonera formations. At that time, however, the company was unable to economically access the area due to the deterioration of the road during the Llanos rainy season. On January 27, 2009, Petrominerales commenced its program to test the potential of the Guadalupe, Mirador and C7 formations.

All zones tested demonstrated excellent inflow characteristics. The Guadalupe zone tested wet. Two Mirador zones, with a combined net pay of 10.5 feet, were swab tested together and recovered 750 bbls of formation fluid at a stabilized 20% oil cut. The well was then completed in the C7 formation and began flowing oil in commercial volumes. Petrominerales intends to flow the well through temporary facilities, and then install a progressive cavity pump to conduct a longer-term production test. The company will then move the completion rig to Mapache-1, which appears to have similar potential in the two Upper Mirador sands which were oil bearing in Mapache-2.

Later this spring, Petrominerales plans to acquire an additional 91 square kilometers of 3D seismic adjacent to our existing 3D seismic data on the Mapache Block. These two seismic surveys will allow the company to evaluate approximately 30% of the 107,861 acre Mapache Block.

The ultimate potential of the Mapache Block will be further refined through revaluation of the existing seismic data, additional seismic acquisition and additional delineation drilling.