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Solana Resources Limited ("Solana" or "the Company") - Financial Report For The Three Month Period Ended March 31, 2008
CALGARY and LONDON, May 28 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL), the Colombia f...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, May 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 three month period\nended March 31, 2008. These results should be read in conjunction with the\nCompany's audited consolidated financial statements for the years ended\nDecember 31, 2007 and 2006. 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- Costayaco-2, a 560 metre crestal step out from Costayaco-1, was\n drilled and tested in excess of 6,600 bopd (gross) combined from the\n two primary horizons, the Caballos and the Villeta T.\n\n- Costayaco-3, a 960 down dip step out from Costayaco-1, was drilled\n and tested a maximum combined 2,543 bopd from the two primary\n horizons, the Caballos and the Villeta-T.\n\n- Primavera-1, testing a structure in the Guachiria block in the Llanos\n block was drilled and cased. Subsequent to the end of the first\n quarter Solana tested this well at a pump constrained rate of\n 650 bopd (gross) from the Carbonera C7 formation.\n\n- Palmitas-2, testing a structure in the Guachiria Sur block in the\n Llanos basin, was drilled and cased as a potential oil discovery.\n\n- First quarter 2008 cash flow from operating activities of\n $10.7 million ($0.08/share) and after tax net income of $6.5 million\n ($0.05/share).\n\n- First quarter 2008 capital expenditures of $13.2 million.\n\n- Cash balance of $62.4 million as at March 31, 2008.\n\n\nOPERATIONAL UPDATE\n\n\nLOWER MAGDALENA BASIN\n\n\nThe Lower Magdalena basin is located in northwest Colombia. It covers an\narea of approximately 87,000 km(2) and contains Solana's Magangue block.\n\n\nMAGANGUE BLOCK\n\n\nThe Magangue bloc...