Petrolifera Petroleum spuds La Pinta well on Sierra Nevada Concession in Colombia; provides Operational Update

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[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 26 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today that on Friday, January 23, 2009 the company spudded its La\nPinta 1 well on its 100 percent-owned Sierra Nevada Concession in the Lower\nMagdalena Basin onshore Colombia. The well is now drilling ahead and is\nexpected to require approximately 45 days to reach the projected total depth\nof approximately 13,000 feet.\n\n\nThe La Pinta 1 well is located approximately 600 meters from the\nGuamito-1 well, which was drilled by a major oil company in 1975; this well\ntested very light gravity 46.7 degree crude oil but was not extensively\nproduction tested at the time due to lack of facilities and infrastructure and\nwas later suspended. A subsequent testing effort in 1983 by another operator\nwas unsuccessful due to casing problems and Guamito-1 was abandoned.\n\n\nThe primary objective of the La Pinta-1 well is to reevaluate the\noriginally tested intervals of the nearby Guamito-1 well and to evaluate\nadditional zones not tested in the original wellbore. The well is situated on\nthe Sierra Nevada License, which comprises approximately 200,000 acres or\nabout nine townships. It also offsets and is contiguous with the approximate\n800,000 acre (approximately 35 townships) Magdalena License, which is\nanticipated to be awarded to Petrolifera in February, 2009.\n\n\nIf warranted by drilling results and log analysis, testing is anticipated\nto require a further 45 days once the well has reached total depth.\n\n\nOperational Update\n\n\nArgentina\n\n\nDespite difficult economic and commodity pricing conditions which have\nemerged in recent months, Petrolifera has maintained a steady level of\nactivity consistent with its production, revenue and cash flow base. On a\npreliminary unaudited basis, crude oil and natural gas liquids sales during\nthe fourth quarter of 2008 are estimated to have averaged 6,877 bbl/d\nprimarily from the Puesto Morales Norte, with additional modest contributions\nfrom producing crude oil wells at Rinconada and Puesto Morales Este Fields.\nThe company's unaudited December 2008 sales of crude oil and natural gas\nliquids averaged 7,231 bbl/d, a level positively impacted by incremental\ninventory sales, which are anticipated to develop and occur from time to time\nduring 2009 as market conditions evolve in response to chang...

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