Business
Petrolifera Petroleum Limited provides update on Colombian Operations
Petrolifera Petroleum Limited provides update on Colombian Operations
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nFeb. 17, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 17 /CNW/ -- Petrolifera Petroleum Limited (PDP - TSX) announced today that it has made significant progress in the remediation program at the La Pinta 1X well on its Sierra Nevada License in the Lower Magdalena Basin, onshore Colombia.The snubbing unit arrived on location from the United States in late January 2010 and we are now in the seventeenth day of operations. The program has resulted in the successful removal of the blockage in the tubing string in the wellbore and screens have been run to restrict the intrusion of sand during planned testing procedures. A wellhead and test lines are being made up and testing is anticipated to commence in the near term. Of consequence, costs to date are well below budget and if immediate testing of the Cienaga de Oro (\"CDO\") Formation proves successful, we anticipate a substantial savings relative to our original budget. We will report on results once we have definitive and reliable information.We are also pleased to report that we spudded the Brillante SE 1X exploratory well, also on the Sierra Nevada License, at 11:00 hours on Tuesday, February 16, 2010. The projected total depth of the well is 9,500 feet and the well is considered prospective for natural gas and natural gas liquids.Petrolifera owns a 100 percent interest in these projects.The company also wishes to advise that Mr. Gary Wine, President and Chief Operating Officer and Mr. Kristen Bibby, Vice President Finance and Chief Financial Officer, will be participating in the RBC Capital Markets' \"2010 South American Energy Symposium\" to be held in Toronto, Ontario, Canada on Thursday, February 18, 2010. Subsequently, they have a series of meetings planned with various institutional investors in the U.S.A. In conjunction with participation in the Symposium and the scheduled meetings, the company has posted an amended Investor Presentation on its website at www.petrolifera.ca under the Investor Information tab.Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas liquids and natural gas exploration, development and production company active in Argentina, Colombia and Peru in South America. Its shares and share purchase warrants are listed for trading on the Toronto Stock Exchange under the symbol PDP and PDP.WT, respectively.Forward Looking Inform...