Business
Petrolifera Petroleum Seeks to Clarify Press Reports About Planned Activity in Argentina
CALGARY, Nov. 20 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) wishes to clarify its position...
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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 20 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) wishes\nto clarify its position with respect to its ongoing activity in the Provinces\nof Rio Negro and La Pampa, Argentina. There have been erroneous reports in the\nmedia that the company is withdrawing from Argentina. These reports are not\ncorrect.\n\n\nPetrolifera has a significant asset base in Argentina, primarily\nassociated with its Puesto Morales/Rinconada Concession in Rio Negro Province,\nArgentina. The company also owns extensive acreage under its Vaca Mahuida\nConcession and is scheduled to be awarded the Puesto Guevara Concession in Rio\nNegro Province. In La Pampa, Petrolifera holds the Governador Ayala II\nConcession.\n\n\nDuring the first nine months of 2007, Petrolifera produced an average of\napproximately 8,400 bbl/d of crude oil and over two mmcf/d of natural gas.\nThis was in increase of 90 percent over 2006 levels. During this period,\nPetrolifera invested approximately C$47.4 million in Argentina, primarily in\nRio Negro Province and has budgeted to drill 25 new wells in the fourth\nquarter of 2007 and has four rigs and four service rigs currently working on\nits Puesto Morales/Rinconada acreage. Total capital investment for the fourth\nquarter of 2007, including for drilling and for facilities which are under\nconstruction or being completed, has been established at C$45.5 million. This\nwould bring the companies total investment for calendar 2007 to approximately\nC$92.9 million, considerably in excess of anticipated cash flow from\noperations before working capital changes ("cash flow") for the period. The\ncompany's capital budget for Argentina in 2008 was recently established at $76\nmillion, with 69 wells and extensive seismic programs scheduled. The decline\nfrom anticipated 2007 levels primarily relates to the pending completion of\nthe company's permanent production facilities.\n\n\nSince it embarked on its original drilling program at Puesto Morales in\nlate 2005, Petrolifera has made a number of significant new discoveries. The\ncompany has since its formation drilled approximately 60 wells in Argentina,\nwith only one dry hole and one suspended well. Several new pool discoveries\nhave been made and the company has produced over four million barrels of crude\noil, all found through the drill bit. Capital inves...