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Solana Resources Limited ("Solana" or "the Company") - financial and operational highlights and consolidated financial statements (unaudited) for the three month period ended March 31, 2006.
Solana Resources Limited ("Solana" or "the Company") - financial and operational highlights and consolidated financial statements (unaudited) for the three month period ended March 31, 2006..
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[{"type":"text","content":"\n\n\n\n\nCALGARY, May 30 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL),\nthe Colombia-focused independent oil and gas exploration and production\ncompany, today announces its first quarter results for the three month period\nending March 31, 2006.\nSolana is a resource exploration and production company headquartered in\nCalgary, Alberta, Canada. The Company is engaged in the exploration for and\nthe acquisition, development and production of oil and natural gas. The\nCompany's exploration and development properties are located in Colombia,\nSouth America through its wholly owned subsidiary, Solana Petroleum\nExploration Colombia Limited (\"Solana Colombia\").\n\n 30 May 2006\n\n MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE MONTH PERIOD\n ENDED MARCH 31, 2006\n\nThe discussion and analysis that follows is intended to provide a summary\nof Solana Resources Limited's (\"Solana\" or \"the Company\") activities and\nresults over the three month periods ended March 31, 2006 and 2005 as well as\nits financial position and future prospects. It should be read in conjunction\nwith audited consolidated financial statements for the years ended\nDecember 31, 2005 and 2004. All numbers in this discussion and analysis are\nexpressed in Canadian dollars unless otherwise indicated.\nSolana is engaged in the exploration for and the acquisition, development\nand production of oil and natural gas. The company's exploration and\ndevelopment properties are located in Colombia, South America.\nAdditional information is available on the Company's website at\nwww.solanaresources.com or on the SEDAR website at www.sedar.com.\n\nHIGHLIGHTS\n\n - 14 exploration/production blocks currently held with firm drilling\n commitments on seven blocks. Six blocks were acquired in 2005 and\n early 2006.\n\n - A commercial oil discovery made at Guayuyaco in early 2005 which\n is producing at approximately 1200 bopd gross (425 bopd net to\n Solana) from two wells.\n\n - Drilling in early 2006 resulted in a commercial discovery at\n Guariquies 1. This discovery has led to two near-term\n appraisal/development locations. The first of these, Guariquies 2,\n has been drilled and testing results are being interpreted.\n\n - Four blocks held for production including; Guayuyaco, MaganguDe,\n Guariquies, and Guachiria.\n\n - Three blocks held under an option w...