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Solana Resources Limited ("Solana" or "The Company") - Results for the year ended December 31, 2007
CALGARY and LONDON, April 10 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL), the Colombia...
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[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, April 10 /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 year ended\nDecember 31, 2007.\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- Participated in three new light oil field discoveries including the\n very exciting Costayaco field, and the Juanambu and Tres Curvas\n fields.\n\n- 2007 year end exit production rate of 2,625 boepd, a 380% increase\n over 2006 year end production of 544 boepd.\n\n- Average 2007 production rate of 869 boepd, a 40% increase over 2006\n average production.\n\n- 2007 year end 3P oil reserves (proved, probable and possible) of\n 20 mmbbls, a 20 fold increase over 2006 year end 3P reserves.\n\n- 2007 net operating revenue of $14.4 million, $8.0 million greater\n than 2006 operating revenue.\n\n- On June 25, 2007, Solana acquired 100% in two Llanos basin blocks,\n Colonia and San Pablo that immediately offset Solana's three\n Guachiria blocks.\n\n- On November 26, 2007, Solana closed a bought deal financing\n (including over-allotment shares) of 27.3 million shares at CDN$2.20\n per share for gross proceeds of CDN$60.06 million.\n\n- At year end 2007, Solana had a cash balance of $71.5 million.\n\n- On December 20, 2007, the Company, through its wholly owned\n subsidiary, Solana Petroleum Exploration (Colombia) Limited, secured\n a reserves backed $100 million senior first lien three year revolving\n secured credit facility with BNP Paribas Bank. The initial amount\n available for drawdown under the facility is $26 million. During the\n year ended December 31, 2007, the Company did not draw on this credit\n facility\n\n\nFINANCIAL REVIEW OF THE YEAR ENDED DECEMBER 31, 2007\n\n\nThe review that follows is a summary of Solana Resources Limited's\n("Solana" or "the Company") activities and results for the year ended\nDecember 31, 2007, its financial position at De...