Solana Resources Limited ("Solana" or the "Company") - Catguas Block - Catatumbo Basin

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[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, March 5 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL) announces a temporary suspension of testing activities at Solana's\nTres Curvas-1 well, located in the Catguas Block, Catatumbo Basin, in response\nto increased security incidents in this area. A revised security protocol is\nbeing instituted in cooperation with the Government of Colombia and should\nallow testing to recommence in a few weeks. Solana's 2008 Catguas Block plans,\nincluding the drilling of two exploration wells and the acquisition of 50\nkm(2) of 3D seismic data and 132 line-km of 2D data, have not changed. The\nincreased security protocol will impact the costs and timing of these\nactivities.\n\n\nThe highly prospective 1,591 km(2) Catguas Block borders Venezuela and is\nimmediately west of the 255 million barrel Tibu field. In view of the superior\nexploration potential of this block, Solana is committed to executing the 2008\nwork program which contemplates activity in excess of minimum contractual\ncommitments.\n\n\nSolana is the operator of the Catguas Block with a 100% working interest.\nTrayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in\n70% of the block and a 50% beneficial interest in the remainder.\n\n\nForward Looking Statements\n\n\nCertain information regarding the Company, including management's\nassessment of future plans and operations, may constitute forward-looking\nstatements under applicable securities law and necessarily involve risks\nassociated with oil and gas exploration, production, marketing and\ntransportation such as loss of market, volatility of prices, currency\nfluctuations, imprecision of reserve estimates, mechanical problems, equipment\nlimitations, environmental risks, competition from other producers and ability\nto access sufficient capital from internal and external sources; as a\nconsequence, actual results may differ materially from those anticipated.\n\n\nSolana Resources Limited\n\n\nSolana (www.solanaresources.com) is an international resource company\nengaged in the acquisition, exploration, development and production of oil and\nnatural gas. The Company's properties are located in Colombia, South America\nand are held through its wholly owned subsidiary, Solana Petroleum Exploration\n(Colombia) Limited. The Company is headquartered in Calgary, Albert...

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