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Solana Resources Limited ("Solana" or the "Company") - Financial report for the nine month period ended September 30, 2007
CALGARY and LONDON, Nov. 28 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) the Colombia...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Nov. 28 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL) the Colombia focused independent oil and gas exploration and\nproduction company, today announces its results for the nine month period\nended September 30, 2007. These results should be read in conjunction with the\nCompany's audited consolidated financial statements for the years ended\nDecember 31, 2006 and 2005. All numbers in this report are expressed in US\ndollars unless otherwise indicated.\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, Alberta, Canada.\n\n\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com and the Sedar\nwebsite at www.sedar.com.\n\n\nHIGHLIGHTS\n\n- On September 11, 2007 Solana successfully completed drilling the Tres\n Curvas-1 well, located in the Catguas Block, Catatumbo Basin, north\n eastern Colombia, resulting in a new field discovery. Tres Curvas-1\n yielded a combined 180 barrels of oil per day (Bopd) from 61 feet of\n perforations in two Catatumbo formation zones. Solana is the operator\n of the Catguas Block with a 100% working interest. Trayectoria Oil\n and Gas, Sucursal Colombia holds a 15% beneficial interest in the\n portion of the block containing the Tres Curvas-1 well.\n\n- In September 2007, long term production testing was initiated at\n Costayaco-1. Solana's share of these test volumes helped boost its\n total Q3 exit production rate to 1,472 barrels of oil equivalent per\n day (Boepd) net of royalties - a 943 Boepd increase over the previous\n quarter. Solana averaged 818 Boepd net of royalties over the entire\n third quarter of 2007.\n\n- At September 30, 2007 the Company had a cash balance of\n $11.8 million.\n\n- Subsequent to the end of the third quarter, on November 13, 2007, a\n declaration of commerciality for the Juanambu field was obtained (35%\n net working interest to Solana). Juanambu-1 was immediately placed on\n production and is currently producing in the range of 45...