Business
Petrolifera Petroleum reports Q1 2009 results and schedules Conference Call May 7, 2009, 9:00 a.m. MDT; Company encouraged by drilling results and logs; Testing of La Pinta well in Colombia anticipated to be completed in a timely manner
CALGARY, May 6 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is pleased to report our first q...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, May 6 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is\npleased to report our first quarter 2009 ("Q1 2009") operating and financial\nresults to our shareholders, together with comparative information from last\nyear.\n\n\nPetrolifera's high impact drilling program began in January 2009, with\nthe spudding of its La Pinta No.1 well on the Sierra Nevada License in the\nLower Magdalena Basin onshore Colombia. We also control extensive contiguous\nacreage under what was previously the Magdalena Technical Evaluation Agreement\n("TEA"), which is in the process of being converted to a License. The La Pinta\nwell was recently logged and cased after being drilled to a final total depth\nof 11,250 feet. Results while drilling have been encouraging and were further\nconfirmed by logs. A testing program will begin as soon as possible and when\ncompleted, results will be communicated by way of press release.\n\n\nOn March 2, 2009 Petrolifera announced its intention to commence a\nprocess to sell its Argentinean operations. All of the company's current\nproduction, a significant portion of its reserves and extensive undeveloped\nacreage is held in Argentina, where assets continue to hold promise and upside\npotential, which is of importance to a prospective purchaser. We retained\nTristone Capital Inc. ("Tristone") to manage the process for the company. Data\nrooms are anticipated to open in mid-May 2009 with a view to offers being\nsubmitted for consideration by June 18, 2009. It is our objective to sell our\nArgentinean operations as a going concern to maximize continuing employment\nopportunities for our in-country employees. It is anticipated the sale will\nproceed if suitable and acceptable proposals are forthcoming and all requisite\napprovals are obtained. The expressions of interest in the process have been\nplentiful and from companies and enterprises operating from a variety of\njurisdictions, including Argentina. If a transaction were completed, funds\nwould be deployed in our high impact exploration and evaluation programs in\nColombia and in Peru and to discharge related reserve-based indebtedness.\n\n\nThese Q1 2009 results will be subject to a Conference Call event at 9:00\na.m. MDT May 7, 2009. To listen to or participate in the live conference call\nplease dial either (416) ...