Business
Petrolifera provides Argentina operating update; active drilling continues; facilities nearing completion; Q3 2007 sales improve over Q2 2007; year over year sales growth 90%
Petrolifera provides Argentina operating update; active drilling continues; facilities nearing completion; Q3 2007 sales improve over Q2 2007; year over year sales growth 90%.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 22 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) hereby\nprovides an operational update for its shareholders, detailing activity and\ncertain operating results since our last operating update press release on\nSeptember 12, 2007.\n\n\nOn an equivalent basis, successive period sales improved nine percent\nduring the third quarter of 2007, compared to the prior quarter this year.\nCrude oil sales were up 8.3 percent to 7,195 bbl/d. Natural gas sales were up\n26 percent to 2.2 mmcf/d, compared to 1.8 mmcf/d.\n\n\nOn a year-to-date basis, crude oil sales in 2007 were up 91 percent over\n2006 to 8,376 bbl/d, while natural gas sales were up 57 percent to 1.9 mmcf/d.\nOn an equivalent basis, sales grew 90 percent to 8,696 boe/d.\n\n\nThe improvement reflects the continuing impact of successful drilling at\nboth Puesto Morales and Rinconada onshore in the Neuquen Basin, Argentina.\nHowever, results for 2007 do not yet fully reflect the productive capacity of\nthe two areas, which continue to be evaluated with exploratory and development\nwells and await the impact of the company's pressure maintenance waterflood\nproject on the northern and central pools at Puesto Morales. This project is\nin the final stages of completion and implementation.\n\n\nPetrolifera's completion of its overall production facilities, including\nits waterflood project, its water injection program, its oil treatment plant\nand its high pressure natural gas pipeline has been affected by the assumption\nof direct operatorship upon discharge with cause of the prior contract\noperator, the arising and resultant necessity to redesign its plant to meet\noperational and regulatory requirements and by the shortage of critical key\nequipment, including the unavailability of high pressure valves, pump engines\nand compression on a timely basis. This was unfortunately exacerbated by the\nshortage of natural gas to industrial users during the recent winter months in\nArgentina.\n\n\nAlso, during the drilling of proposed water injection wells, oil bearing\nreservoir was encountered and resulted in certain of these wells being\ncompleted as oil wells, thereby ensuring optimum recovery from the identified\npools over the life of the field. While this was a most favorable outcome to\nencounter and should assist in enhanced reserve recognition when the c...