CALGARY and LONDON, Dec. 7 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) announces that the Cocodrilo-1 well, located in the Catguas Block, Catatumbo Basin, north eastern Colombia, will be plugged and abandoned. Cocodrilo-1 was drilled to a total measured depth of 3,197 feet penetrating the primary objectives, the Barco and Catatumbo formations. Although these objectives were oil bearing, subsequent fluid tests and side wall core analyses indicated that sub-commercial flow rates would be encountered. Significant geological information was gained drilling Cocodrilo-1 which will prove very valuable as Solana moves forward in this highly prospective area. Solana is the operator of the Catguas Block with a 100% working interest. Trayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in the portion of the block containing the Cocodrilo-1 well.
Cocodrilo-1 is the sixth well in Solana's 2007 six well exploration program, and the second of the two well program on the Catguas Block. Solana has had three successes in its 2007 exploration campaign.
Mr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum Geologist, is the qualified person who has reviewed the technical information contained in this news release.
Forward Looking Statements
Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, mechanical problems, equipment limitations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated.
Solana Resources Limited
Solana (www.solanaresources.com) is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
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