CALGARY, Sept. 19 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today that the Company has signed the Sierra Nevada 2 Technical Evaluation Agreement ("SN2 TEA") with ANH, the government agency of Colombia that handles the negotiations for oil and gas exploration contracts. The SN2 TEA covers lands and rights adjacent to and to the north, east and southeast of the Sierra Nevada 1 License, which was previously awarded to Petrolifera.
The SN2 TEA is 879,100 acres (38 townships) in size and is located in the Lower Magdalena Basin. It offsets known crude oil and natural gas accumulations. The 14 month work commitment associated with this TEA is the reprocessing of 650 kilometers of seismic and the completion of geological and geophysical studies.
With the signing of this TEA, Petrolifera now controls approximately 1.2 million acres in Colombia.
Petrolifera Petroleum Limited is a Calgary-based crude oil and natural gas exploration, development and production company. It is active in the Neuquen Basin, Argentina; in the Maranon and Ucayali Basins onshore Peru; and holds concessions onshore Colombia. The company's shares are listed for trading on the Toronto Stock Exchange under the symbol PDP.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including but not limited to future exploration and development plans and work programs. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and risk associated with international activity. Additional risks and uncertainties are described in the company's Annual Information Form which is filed on SEDAR at www.sedar.com. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. The company assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.