Petrominerales Cases Latest Corcel Well in Colombia

Petrominerales is casing its Corcel-D3 exploration well as a potential oil producer.

Drilling and logging operations have been completed at our Corcel-D3 exploration well on the Corcel Block in the Llanos Basin of Colombia. The well spud on January 31, 2009 and was drilled directionally to a total depth of 12,580 feet. Well logs indicate 111 feet of potential net oil pay in the Mirador, Guadalupe and Lower Sand 1 zones and we are casing the well as a potential oil producer.

This is Petrominerales' third well drilled into the Corcel-D structure. The company expects to spud the next well in its multi-well Corcel exploration program, Corcel-E1 in mid-March. Corcel-D3 will be completed with the completion rig and Petrominerales anticipates production results by the end of March.