Business
Solana Resources Limited ("Solana" or "the Company") results for the year ended December 31, 2006
Solana Resources Limited ("Solana" or "the Company") results for the year ended December 31, 2006.
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[{"type":"text","content":"\n\n\n\nCALGARY, May 1 /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 year ended December 31, 2006. The\ncomplete financial statements and related financial disclosure are included in\nthis release in order to comply with AIM rules.\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\nHighlights\n\n\n- Significantly strengthened management team with Scott Price appointed\n President and CEO and Glenn van Doorne appointed COO.\n\n- Successfully disposed of 100% of rights and obligations under an\n Exploration Participation Agreement (EPA) with Ramshorn International\n Limited - removing significant prior financial commitments.\n\n- Yalea-1 well was drilled and is currently producing 109 bopd net to\n Solana.\n\n- In March 2007, Solana participated in a potential new field discovery\n with the Juanambu-1 well in the Guayuyaco block.\n\n- Solana is a 50% participant in the Costayaco-1 well that is currently\n drilling on the Chaza Block.\n\n FINANCIAL REVIEW OF THE YEAR ENDED DECEMBER 31, 2006\n\n\nThe review that follows is a summary of Solana Resources Limited's\n("Solana" or "the Company") activities and results ended December 31, 2006,\nits financial position at December 31, 2006 and its future prospects. Figures\nare expressed in thousands of United States dollars, unless otherwise\nindicated.\n\n\nAdditional information on Solana (which does not form part of this\nannouncement) is available on the Company's website at www.solanaresources.com\nor on Sedar's website at www.sedar.com.\n\n\nSIGNIFICANT ISSUES\n\n\nCHANGE IN REPORTING CURRENCY\n\n\nOn October 1, 2006 the Company changed its reporting currency from\nCanadian dollars (Cdn$) to United States dollars ($) as this currency is more\nappropriate for the Company's investors and other users of the financial\nstatements. In making this change, the Company has followed recommendatio...