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Solana Resources Limited ("Solana" or the "Company") - Management Changes, & Alamo 1 Exploration Well Results
Solana Resources Limited ("Solana" or the "Company") - Management Changes, & Alamo 1 Exploration Well Results.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 17 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)\nannounced today that Menno Wiebe has resigned his position as Vice President\nExploration of Solana Petroleum Exploration Colombia, a wholly owned\nsubsidiary of the Company, to pursue other options. The Board would like to\nthank Mr. Wiebe for the contribution he has made to Solana and wishes him well\nin his future endeavours.\nGlenn Van Doorne, the Company's newly appointed Chief Operations Officer,\nwill assume responsibility for the Company's exploration. Glenn joined Solana\nearlier this month as part of a strengthened management team.\n\nAlamo-1\n\nEmpresa Colombiana de Petroleos S.A., the Colombian state petroleum\ncompany and operator of the Alamo-1 well located in the Catatumbo Basin of\nColombia, has plugged and abandoned this well. While well log analysis\nindicated several potential oil bearing zones subsequent testing failed to\nyield commercial oil production rates. Solana was responsible for 38.4% of the\ncosts of this well and would have earned a 26.25% revenue interest through a\ncontractual arrangement with Ramshorn International Ltd.\n\nSolana Resources Limited\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 and Paraguay,\nSouth America and are primarily held through its wholly owned subsidiary,\nSolana Petroleum Exploration (Colombia) Limited. The Company is headquartered\nin Calgary, Alberta, Canada.\n\nForward Looking Statements\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, environmental risks,\ncompetition from other producers and ability to access sufficient capital from\ninternal and external sources; as a consequence, actual results may differ\nmaterially from those anticipated. The Company assumes no obligation to update\nthe forward-looking statements or to update the reasons why actual results\ncou...