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Solana Resources Limited ("Solana" or "the Company") - Financial report for the three month period ended March 31, 2007
Solana Resources Limited ("Solana" or "the Company") - Financial report for the three month period ended March 31, 2007.
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[{"type":"text","content":"\n\n\n\nCALGARY, May 28 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL),\nthe Colombia focused independent oil and gas exploration and production\ncompany, today announces its results for the three month period ended\nMarch 31, 2007. These results should be read in conjunction with the audited\nconsolidated financial statements for the years ended December 31, 2006 and\n2005. All numbers in this report are expressed in US dollars unless otherwise\nindicated.\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 primarily held through its wholly owned subsidiary, Solana Petroleum\nExploration (Colombia) Limited. The Company is headquartered in Calgary,\nAlberta, Canada.\n\n\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com or on Sedar's\nwebsite at www.sedar.com.\n\n\nHIGHLIGHTS\n\n- The Juanambu-1 wildcat exploration well located in the Guayuyaco\n Block, Putumayo Basin, southern Colombia was drilled, logged and\n cased as a potential new field discovery. Juanambu-1 reached a total\n measured depth of 2,790 meters (9,154 feet) on March 10, 2007 and\n encountered reservoir quality sandstones with hydrocarbon shows in\n four zones. Solana holds a non-operated 50% working interest that\n will be reduced to 35% should Ecopetrol, the Colombian State oil\n company, exercise its back-in rights.\n\n- On May 9, 2007, subsequent to the 2007 first quarter, Solana\n announced that the first two, of a planned five, drill stem tests\n obtained final natural oil flow rates of 12 m3/day (77 bopd) and\n 56 m3/day (354 bopd) from the Lower and Middle Caballos formations\n respectively in the Juanambu-1 well. It is anticipated that pumping\n will substantially increase these flow rates.\n\n- Effective April 9, 2007, subsequent to year end, Mr. Don Jones, a\n seasoned oil and gas executive with in excess of 30 years\n international experience, joined Solana as the Colombia Country\n Manager based in Bogota.\n\n- On May 14, 2007, subsequent to the 2007 first quarter, the Company\n announced that the Costayaco-1 wildcat exploration well located in\n the Chaza Block, Putuma...