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Petrolifera Petroleum Limited To Start Natural Gas Production And Sales In Colombia; Signs Contract To Sell Up To 8 MMcf/d Of Natural Gas From The Brillante SE-X1 Well
Petrolifera Petroleum Limited To Start Natural Gas Production And Sales In Colombia; Signs Contra...
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[{"type":"text","content":"\n\n\n\n Nov. 11, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Nov. 11 /CNW/ - Petrolifera Petroleum Limited (PDP-TSX)\n announced today that it anticipates commencement of natural gas\n production and sales, in the first quarter of 2011 ("Q1 2011") from its\n Brillante SE-1X well, situated on its 100 percent-owned Sierra Nevada\n License, situated in the Upper Magdalena Basin, onshore Colombia.\n\n\nPetrolifera has executed a three year contract with Trayectoria Oil and\n Gas for the sale of up to eight (8) MMcf/d of natural gas, to be sold\n as compressed natural gas ("CNG"). Production and sales are anticipated\n to commence at a level of  approximately three (3) MMcf/d, rising to\n five (5) MMcf/d several months later. The natural gas sales volumes\n could be increased to eight (8) MMcf/d sometime thereafter.\n\n\nThe negotiated well head price for the natural gas under this early\n production system is set at an initial price of US$2.00 per MMBTU and\n will be adjusted annually based on changes in the U.S. Consumer Price\n Index. The negotiated price under the early production system is\n considerably below the anticipated long term natural gas price that may\n be received once the Brillante SE Field has been fully developed and\n becomes pipeline-connected to available markets.\n\n\nGiven the modest capital investment anticipated to be made by\n Petrolifera to initiate this early production system, it is expected\n that ...