CALGARY, March 4 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today that the La Pinta 1 well on its 100 percent owned Sierra Nevada License in Colombia has reached a depth of approximately 8,300 feet and that preparations are underway to run an intermediate casing string, as scheduled. The wellbore is being conditioned after a logging run and then the casing string will be run. Petrolifera is encouraged by results thus far in the drilling of the La Pinta 1 well, based on hydrocarbon shows and the results of logs. Drilling of the well is running approximately 20 days behind schedule due to occasional mechanical issues with the rig and slow penetration rates through certain zones.
In Argentina, Petrolifera recently commenced drilling of its first exploratory well, PPEA.LP.LS.x-1, on its Gobernador Ayala II Concession located in La Pampa Province.
The well is licensed to be drilled to a depth of approximately 1,000 meters and is being drilled on a 3D seismically-defined prospect for heavy crude oil.
FORWARD LOOKING INFORMATION
This press release contains forward-looking information, including but not limited to drilling activities in Argentina and Colombia and anticipated results in connection therewith. This information is 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 third parties located in foreign jurisdictions and risk associated with international activity. There can be no assurance that the exploratory wells being drilled by Petrolifera in Colombia and Argentina will result in the discovery of commercial quantities of crude oil and natural gas or, if there is a commercial discovery, that Petrolifera will be able to realize such reserves as intended. Hydrocarbon shows and results of logs do not confirm the presence of commercial hydrocarbons. 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 information, prospective investors in the company's securities should not place undue reliance on this forward-looking information. Readers should review the risk-factors set forth in the company's Annual Information Form, available at www.sedar.com, for a detailed description of the risks and uncertainties facing the company. Forward looking information contained in this press release is made as of the date hereof and are subject to change. The company assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.