Business
Petrolifera to Retain Argentinean Operations, Comments on La Pinta Testing
CALGARY, July 15 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today that the bids ...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, July 15 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nannounced today that the bids received in respect of its Argentinean\noperations were unacceptable. Accordingly, Petrolifera has concluded the sale\nprocess and will retain its assets in the country.\n\n\nAn ongoing capital program will be developed and initiated over the next\nseveral months to maximize production levels at Puesto Morales Norte and to\nfulfill modest remaining work commitments on its exploratory lands at Vaca\nMahuida, Puesto Guevara and Gobernador Ayala II. A multi-well heavy oil\ndrilling program has been underway at Gobernador recently and the results will\nbe assessed to determine future exploitation opportunities.\n\n\nIn Colombia, Petrolifera has completed the testing of several zones in\none formation at depth in the La Pinta well and is continuing its evaluation\nprogram of various uphole zones. The testing of the well has been problematic\ndue to over pressuring, difficult hole conditions even though the well is\ncased, challenges with equipment failures compounded by the aforementioned\nissues and other factors. It is hoped the evaluation program of all important\nzones of interest, which can be tested in this well, will be completed\nshortly. At such time, definitive results will be communicated to our\nshareholders and capital markets.\n\n\nPetrolifera anticipates providing its Q2 2009 and YTD 2009 operating and\nfinancial results to capital markets on August 6, 2009 and a conference call\nwill be scheduled for the morning of August 7, 2009. Details for the\nconference call will be provided in the press release providing the\naforementioned results.\n\n\nForward Looking Information\n\n\nThis press release contains forward-looking information including, but\nnot limited to, the retention of Petrolifera's Argentinean assets and the\ndevelopment and execution of a capital program to maximize production at\nPuesto Morales Norte and to fulfill remaining work commitments in Argentina\nand the continued testing and evaluation of the La Pinta well in Colombia.\nThis information is based on current expectations that involve a number of\nrisks and uncertainties, which could cause actual results to differ materially\nfrom those anticipated. These risks include, but are not limited to risks\nassociated with the oil and gas industry (e.g...