CALGARY, Sept. 17 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce that the Tres Curvas-1 wildcat exploration well has been successfully drilled, logged and cased as a potential new field discovery. Tres Curvas-1 is located in the Catguas Block, Catatumbo Basin, north eastern Colombia. Solana is the operator of the Catguas Block with an 85% working interest in the portion of the block containing the Tres Curvas-1 well. Trayectoria Oil and Gas, Sucursal Colombia holds the remaining 15% interest.
Tres Curvas-1 reached a total measured depth of 3,550 feet (total vertical depth of 3,518 feet) on September 11, 2007. Initial log interpretations, sidewall cores, and hydrocarbon shows encountered during drilling, indicate reservoir quality sandstones with potential oil pay in six zones within the Los Cuervos, Barco and Catatumbo formations. These formations are productive in nearby Venezuelan fields.
Solana plans to test Tres Curvas-1 with the DWS drilling rig that is currently on location. Testing could take up to four weeks.
Tres Curvas-1 is the first of a two well program Solana is undertaking on the Catguas Block. The second well, Cocodrilo-1, will be drilled with the same rig immediately following completion of testing at Tres Curvas-1. The Catguas Block is subject to a fiscally attractive Agencia Nacional de Hidrocarburos royalty/tax contract with no additional state participation.
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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