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To: LoneClone who wrote (37007)2/9/2012 7:23:59 PM
From: LoneClone
   of 37387
 
Tethys Petroleum Limited: Tajik Seismic Tender Announced

17 hours ago

ca.finance.yahoo.com

DUSHANBE, TAJIKISTAN--(Marketwire - Feb. 9, 2012) - Tethys Petroleum Limited ("Tethys " or the "Company") (TSX: TPL.TO - News)(LSE: TPL.TO - News) announced the issue of a tender for the final stage seismic program in Tajikistan which when complete will identify the location for the first deep pre-salt well to be drilled by Tethys. Tethys also updated on its deep exploration strategy in Tajikistan.

The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 has revealed several attractive prospective areas with the potential presence of very large deep sub-salt and sub-thrust prospects within the Bokhtar Production Sharing Contract ("PSC") Area. This additional seismic will target these areas and provide the final data in a comprehensive program to optimally locate a deep well. It is expected that this data will be acquired this summer with initial interpreted results in Q4 2012. It is also expected that Tethys' large drilling rig "Telesto" will be mobilized to Tajikistan before the end of this year in order to drill this well.

The seismic program will involve the acquisition of approximately 870km of new 2D seismic in two areas; the Dushanbe Step and the Vaksh valley. The program has been designed to target these areas as the graviometry survey has identified them to be the most likely to contain large deep prospects including potential Jurassic reefs located on the edge of likely Permian basement high features. Jurassic reefs form some of the most prolific fields in the Amu Darya basin and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. The data also reveals significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Dushanbe Step and the Vaksh valley initially.

It is expected that this seismic program will further demonstrate the high potential in the Tethys PSC acreage. Tethys now owns an 85% interest in the Bokhtar PSC following the recent acquisition of an additional 34% interest from its partner in the project.

Background: Strategy in Tajikistan

The primary strategy in Tajikistan is to complete a comprehensive geological and geophysical data gathering exercise with the intention of locating and drilling the first deep exploration well below the regional salt layer. This deep well will target very large prospective resources, as set out in the independent resource report. These prospects have never been drilled before in Tajikistan but are prolific producers from the same reservoirs in the adjacent countries including Turkmenistan.

This programme is firmly on track and consists of the following:

--  In 2008, Tethys obtained and analysed the State geophysical information
and well data of the shallower drilling that had been undertaken in the
Soviet period and compiled an extensive database, which was combined
with a regional geological model built in-house.


-- In 2009-10, Tethys designed and acquired a regional 2D seismic program
whereby 693km of good quality 2D seismic was obtained and interpreted.


-- In 2011, Tethys carried out an aeromagnetic graviometry survey over more
than half of the PSC Area. This data complements the acquired seismic
data, State geophysical information and well data.


-- In 2012, following on from the results of the aeromagnetic graviometry
survey, it is now planned to acquire focused 2D seismic data over key
prospective areas with the intention of identifying the location for the
first deep well. Mobilisation of the drilling rig to Tajikistan is
expected before the end of this year.



Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, the risk that the Company may be unable to complete its data and drilling programs within the timeframes contemplated.

Contacts

Sabin Rossi
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com or Mobile: m.tethyspetroleum.com

Veronica Zhuvaghena
In Europe: Tethys Petroleum Limited
Vice President Corporate Communications
+44 1481 725911
+44 1481 725922 (FAX)

Anita Wan
In Asia-Pacific: Quam IR
Associate Director
Office phone/fax: +852 2217 2999

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From: LoneClone2/13/2012 6:00:24 PM
   of 37387
 
And here's high impact spud #2 for OYL

CGX Commences Drilling Eagle-1 Well Offshore Guyana

Press Release: CGX Energy Inc. – 9 hours ago


finance.yahoo.com

OYL.V 1.28 -0.04


TORONTO, ONTARIO--(Marketwire -02/13/12)- CGX Energy Inc. (TSX-V: OYL.V - News) ("CGX" or the "Company") is pleased to announce that the Eagle-1 well located on the Company's 100% owned and operated Corentyne Petroleum Prospecting License ("PPL") has commenced drilling. The Eagle-1 well will be drilled to a depth of 4,250 metres to test the Eocene and Maastrichtian geologic zones. The well is being drilled by the Ocean Saratoga semi-submersible drilling rig owned by a subsidiary of Diamond Offshore Drilling, Inc. (NYSE: DO - News), a leading drilling contractor with over 40 years of global drilling experience. Drilling is expected to take approximately 60 days.

Steve Hermeston, President and CEO commented, "Today marks a significant milestone in the history of CGX. We are returning to drill the Eagle prospect that was halted in June 2000 due to overlapping maritime border claims between Guyana and Suriname . Renewed exploration follows over seven years of dedication and co-operation between the Government of Guyana and CGX in resolving the Maritime Boundary between Guyana and Suriname peacefully and finally through the International Tribunal of the Law of the Sea (ITLOS) process. Following the resolution of the maritime border, CGX has shot two-3D seismic surveys, creating a portfolio of prospects on the Corentyne PPL, Eagle-1 being the first well to be drilled to test the original Eocene prospect, plus a deeper Maastrichtian prospect, both of which are stratigraphic tests. The current location will significantly benefit from the 3D acquired in conjunction with advances in better understanding the optimal position to test reservoirs deposited in deep water environments."

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

Forward-Looking Statements:

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. For a description of the risks and uncertainties facing CGX and its business and affairs, readers should refer to CGX's Annual Information Form for the year ended December 31, 2010 and subsequent Management's Discussion and Analysis. CGX undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

 

Trading Symbol OYL
Shares Outstanding 326,223,663
Fully Diluted 343,898,663

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Contact:

CGX Energy Inc.
Kerry Sully
Chairman
(604) 733-9647
ksully@cgxenergy.com
CGX Energy Inc.
Stephen Hermeston
President and CEO
(281) 644-0139
shermeston@cgxenergy.com
CGX Energy Inc.
Charlotte May
Communications Manager
(416) 364-3353
cmay@cgxenergy.com

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From: LoneClone2/14/2012 6:32:03 PM
   of 37387
 
Calvalley Petroleum Inc., (TSX: CVI.A) provides operations update

10 hours ago

ca.finance.yahoo.com

CALGARY, Feb. 14, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides the following operations update for shareholders.

At least 1,000 workers employed by Yemen PetroMasila at Block 14 have initiated a work stoppage which will impact production from all crude oil producers in the Hadramout province including Calvalley at Block 9.

The Government of Yemen established PetroMasila in November to operate Block 14 in the Masila area, Hadramout province to replace Nexen Inc.

Production operations at Block 9 will be shut down shortly when crude oil storage tanks are full.

In December 2011 gross production from Block 9 averaged approximately 7,000 bopd and included production from the Hiswah, Ras Nowmah and Al Roidhat fields. Production from the Al Roidhat field (which has the capability of producing over 1,500 bopd) and the Ras Nowmah field have been curtailed due to heightened security risks posed by locals in the area - Ras Nowmah was producing 2,600 bopd when it was shut-in. Production has been maintained at the Hiswah field (approximately 3,000 bopd).

Recently, certain groups within the region have organized blockades on major roads within the Masila basin including the trucking route from Block 9 to Block 51 curtailing the movement of crude oil for export and the movement of fuel and supplies. The Company anticipates production from the Hiswah field will be curtailed within the next few days as a result of both the local blockades and the work stoppage at the export facilities.

Calvalley management and staff are working closely with the government of Yemen and local officials to resolve the concerns of locals in the region of Block 9. The Company believes these concerns can be resolved in a timely manner.

The current work stoppage at Block 14, which is impacting the operation of the export pipeline and terminal and restricts the deliveries of crude oil for export from Block 9, is being monitored closely to ensure production from Block 9 will be reinstated in a timely manner.

Management is cautiously optimistic that the current political environment in Yemen will improve after the February 21, 2012 election and that operations will return to normal, however, the timing is uncertain at this point.

The Company is planning to conserve its working capital (current fair value estimate - US$82mm) and restrict capital project expenditures until the operations in Block 9 can be resumed safely and effectively.

The Company is planning to release information in respect of its 2011 independent reserve evaluation shortly and is expecting to release its 2011 financial results by March 9, 2012. The information in these releases will provide details of the Company's reserves of crude oil, including original oil in place and reserve values, and information on revenues, royalties, expenses, taxes, profitability and netbacks in 2011 of the Block 9 asset which indicate the benefits to both the Government of Yemen and the Calvalley shareholder.

Calvalley is an international oil and gas company, with offices in Calgary, Alberta, Canada, that operates its 50% working interest in Block 9 of the Masila Basin, in The Republic of Yemen and its 100% working interest in the Gimbi and Metema Blocks of the Blue Nile Basin, in The Republic of Ethiopia.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release may contain forward-looking statements including, without limitation, financial and business prospects and financial outlooks, and such statements may be forward-looking statements which reflect management's expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements.

Forward-looking statements and other information contained herein concerning the oil and gas industry and Calvalley's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Calvalley believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Calvalley is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.


Contacts



investorrelations@calvalleypetroleum.com or +1 (403) 297-0490
Edmund Shimoon
Chairman and CEO
Gerry Elms
CFO

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From: LoneClone2/15/2012 6:32:48 PM
   of 37387
 
UMU-9 Well and Operational Update

9 hours ago

ca.finance.yahoo.com

CALGARY, ALBERTA--(Marketwire - Feb. 15, 2012) - Mart Resources, Inc. (TSX VENTURE: MMT.V - News) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide an operational update on the Umusadege field, onshore Nigeria.

Open Hole Logs and Fluid Sample Analysis of UMU-9 Well

As previously announced, the UMU-9 well encountered cumulative gross hydrocarbon pay of approximately 430 feet from nineteen oil sands and one gas sand identified in the well. The intermediate hole section of the UMU-9 well drilled to 8,311 feet identified 260 feet of gross oil pay from eleven sands based on open hole logs. The lower 8 1/2 inch deviated section of the well drilled from 8,311 feet to 10,848 feet identified 170 feet of gross oil pay in eight sands and also identified one gas sand. The bottom-hole location of this deviated well extends to a subsurface location approximately one kilometer east of the UMU-6, 7 and 8 production well locations and confirms geological interpretation of an eastern extension of the field.

Of the nine sands identified in the deviated section of the UMU-9 well, three oil bearing sands (XVIa, XVIb, XVIIa) had been encountered in previous Umusadege wells and six new sands have been discovered. Detailed fluid analysis was conducted on five out of the six new sands, and lab analysis has confirmed that four sands (XVIIb, XVIIIa XIX, XXb) contain light oil and condensate and one sand (XVIIIb) contains gas condensate. The remaining four sands did not have fluid analysis conducted, however open hole logs indicated the presence of hydrocarbons.

The UMU-9 well is the first well drilled on the eastern extension of the Umusadege field. No proved reserves were assigned to the eastern extension in the independent reserves evaluation report prepared by RPS Energy Canada Ltd. ("RPS Energy") dated December 31, 2010 (the "2010 RPS Report"). The 2010 RPS Report assigned probable reserves to five of the twenty sands identified in the UMU-9 well (the VII, VIII, IX, XIIa, and XIIb sands). Possible reserves were assigned to sands IIId, IV, and V. The December 31, 2011 year-end reserves evaluation report currently being prepared by RPS Energy (the "2011 RPS Report") will include an evaluation of the vertical section of the UMU-9 well discoveries down to the XIV sand only, as drilling and evaluation of the deviated section was still ongoing as at December 31, 2011. Once the full well test data, lab results and analyses of the deviated section of the well are available, Mart will request RPS Energy prepare an update to the 2011 RPS Report which will include an evaluation of the deeper sand discoveries.

UMU-9 Completion and Flow Testing Update

Five sands (the XIV, XIIIb, XIIIa, XIIa and the X sands) in the 9 5/8 inch casing in the UMU-9 well have been perforated. Installation of completion and flow testing equipment in a dual tubing string (3 1/2 inch and 2 7/8 inch) configuration is in the final stages. The 3 1/2 inch tubing will have the XIV, XIIIb and XIIIa sands completed. The XIIIb and XIIIa sands are being co-mingled to optimize production. The 2 7/8 inch tubing will have the XIIa and the X sands completed allowing for future multi-zone production. After the completion equipment is installed, flow testing of the sands will be conducted. Co-mingling of sands is being considered for future development wells to optimize production from the multiple oil bearing zones.

UMU-10 Development Drilling

After flow testing operations are completed on the UMU-9 well, Rig 201 will move to the UMU-10 slot on the current drilling pad and drilling activities will commence. It is anticipated that the UMU-10 well will spud before the end of Q1 2012. The primary objectives of the UMU-10 well will be the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well. The results from the UMU-9 well logs and fluid samples confirmed the presence of oil-bearing sands that justify additional development drilling. There are additional future drilling locations on the eastern extension. The presence of hydrocarbons on the eastern extension of the Umusadege field increases the probability of success for a separate seismically defined undrilled structure located further east on the Umusadege license area.

Production Facilities and Export Pipeline

The current capacity of the Umusadege early production processing facility is approximately 20,000 bopd. Installation of storage tanks with aggregate capacity of 30,000 barrels has been completed. An upgrade of the central production facility at the Umusadege field is approximately 75% completed. Upon completion of the upgrading, management estimates that the permanent central processing facility will have capacity of 35,000 bopd. The upgrading not only increases processing capacity, but also replaces rental storage equipment with permanent equipment that will decrease operating costs per barrel. The central processing facility is capable of further future expansion, if required. In light of the UMU-9 discovery, an additional expansion of the permanent central production facility is being considered.

As previously disclosed, to mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new export pipeline options to provide an alternative for existing and future production capacity. Mart and its co-venturers are currently in discussions with an affiliate of Royal Dutch Shell plc, to provide another independent export pipeline for Umusadege field production. If these discussions result in Mart and its co-venturers gaining access to Shell's export facilities, a new 50 kilometer pipeline will be constructed.

Wade Cherwayko, CEO of Mart added " Mart and its partners are delighted with the progress made in the development of the Umusadege field. The UMU-9 well has demonstrated the significant upside potential of the field, in particular the extension to the east, and we are looking forward to additional increases in reserves and production in 2012."

For more information, please contact Wade Cherwayko at Mart's London, England office # +44 207 351 7937 or e-mail: Wade@martresources.com; or Investor Relations at toll free 1-888-875-7485. Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.

INVESTOR RELATIONS:

Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries:

FronTier Consulting Ltd.                                                    
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Caleb Gilani
Email: inquiries@martresources.com



Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day ("bopd"), reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).

Forward Looking Statements and Risks

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

In particular, there is no assurance that installation of completion and flow testing equipment will be successfully completed or that flow tests will be successfully conducted. Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-9 well (or any one or more of the hydrocarbon sands identified by the UMU-9 well), should all be viewed as forward-looking statements. The well log interpretations indicating hydrocarbon-bearing sands are not necessarily indicative that such sands can be commercially produced or the rates of future production. There is no assurance that reserves will be assigned to such hydrocarbon bearing sands. There is no assurance that the UMU-10 well will be spud when indicated or that such well will be successfully drilled. There is no assurance of an eastern extension to the Umusadege field or any other hydrocarbon bearing structures further east on the Umusadege license area.

In addition, statements regarding the future daily oil capacity of the permanent central production facility or the timing of completion of the upgrade thereto, including any future expansion, should be viewed as forward looking statements. There is no assurance that a new export pipeline will be built or if constructed, the timing of the construction and design of such pipeline.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

Contacts

Wade Cherwayko
Mart Resources, Inc. - London, England
+44 207 351 7937
Wade@martresources.com

Investor Relations
Mart Resources, Inc.
Toll Free: 1-888-875-7485
www.martresources.com

FronTier Consulting Ltd.
Investor Inquiries:
Sam Grier or Caleb Gilani
Investor Relations Specialists
Toll Free: 1-888-875-7485
inquiries@martresources.com

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To: LoneClone who wrote (37011)2/15/2012 11:05:20 PM
From: straight life
   of 37387
 
Lone- Thank you for updating us on Mart Resources (among many others). It's such a small and under performing position for me (until relatively recently) that I kept forgetting I owned it-- possibly a form of denial (I bought in Dec, 2010 for 75 cents; I think it went to 45 cents at one time).
Thanks for keeping it on the radar.

What do you see for this company in terms of possibilities, down the road?
I can't put any more $$$ at risk in a small cap Nigerian situation;
do they have anything going outside of the Niger delta, of which you're aware?

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To: straight life who wrote (37012)2/16/2012 3:10:37 PM
From: LoneClone
   of 37387
 
I have heard nothing about Mart operating anywhere but where they are. The only thing I have heard is that they might bid for more marginal fields in the delta.

There is lots of talk about them instituting a dividend, but for me the real key is more access to pipelines, as they already have the capability to produce more than they can ship right now and lots more coming on line with the new wells.

One other possibility is a takeover, as they are vcery undervalued,

LC

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To: straight life who wrote (37012)2/16/2012 3:33:48 PM
From: pogohere
1 Recommendation   of 37387
 
an excellent MMT thread: investorvillage.com

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To: pogohere who wrote (37014)2/17/2012 10:41:42 AM
From: straight life
   of 37387
 
Thanks to both of you. (EOM)

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From: LoneClone2/21/2012 2:24:33 PM
   of 37387
 
Gran Tierra Energy Provides South America Drilling Operations Update

7 hours ago

finance.yahoo.com

GTE 6.03 +0.12


Ramiriqui-1 Exploration Well Encounters Oil Shows, Testing to begin in April

CALGARY, Feb. 21, 2012 /CNW/ - Gran Tierra Energy Inc. (NYSE AMEX: GTE; TSX: GTE) ("Gran Tierra Energy"),a company focused on oil and gas exploration and production in South America, today announced a drilling update in the Putumayo and Llanos basins of Colombia, Recôncavo Basin of Brazil, and Noroeste Basin of Argentina.

"Gran Tierra Energy's 2012 drilling campaign is now well underway, with a mix of exploration and development drilling in both Colombia and Brazil in progress, while planning continues for additional drilling through the year in those countries, and in Peru and Argentina," said Dana Coffield, President and CEO of Gran Tierra Energy.

Colombia

Llanos-22 Block, Llanos Basin (45% working interest, subject to ANH approval; CEPSA 55% working interest and operator)

Drilling operations continue on the Ramiriqui-1 exploration well in the Llanos-22 Block in the foothills of the Llanos Basin. The Mirador formation has been interpreted as oil bearing with up to 130 feet measured depth ("MD") gross thickness based on cuttings and logging while drilling. Casing is being set. Upon completion, drilling is expected to continue to evaluate deeper potential reservoir intervals and is expected to finish in March. Gran Tierra Energy expects testing of the Mirador formation, to confirm fluid content and reservoir productivity, to commence in April 2012.

Chaza Block, Putumayo Basin (100% working interest and operator)

The Pacayaco-1ST1 exploration well reached total true vertical depth of 5,343 feet. Approximately ten feet of oil column in the T-Sandstone was interpreted from cuttings and evaluation of wireline logs. It was determined that the formation did not contain economic quantities of hydrocarbons so the well was plugged and abandoned.

Civil work has been initiated for the Moqueta-7 development well location, with the initiation of drilling anticipated in June 2012.

Azar Block, Putumayo Basin (40% working interest and operator)

Gran Tierra Energy is targeting the same reservoir intervals seen in the Costayaco and Moqueta oil fields with the La Vega Este-1 exploration well. Due to environmental permit delays, we have requested an extension from the ANH for this current phase; this request is still under ANH review. We expect to begin drilling the La Vega Este-1 well in April 2012.

Brazil

REC-T-142 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator)

Gran Tierra Energy expects drilling of the 1-GTE-6-BA oil exploration well to begin in July 2012. This operation will commence with the drilling of a vertical pilot hole from which core samples will be acquired from the prospective reservoir section. Including the already drilled 1-GTE-01-BA oil exploration well, this is expected to be the second vertical pilot hole drilled on the REC-T-142 Block.

Gran Tierra Energy plans to drill a horizontal sidetrack from each of the pilot holes to test the productivity of the light oil sandstone reservoir target beginning with 1-GTE-1-BA in April 2012.

REC-T-129 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator)

Drilling of the 1-GTE-02-BA oil exploration well began on November 23, 2011. The well reached total depth of approximately 6412 feet measured depth and is suspended while plans are finalized for drilling a horizontal leg in mid 2012.

REC-T-155 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator)

Gran Tierra Energy expects drilling of the 1-GTE-5-BA oil exploration well to begin in June 2012. The well is located in Block REC-T-155 in the Recôncavo Basin. Similar to the vertical pilot holes drilled on the REC-T-142 Block, Gran Tierra Energy expects to drill a horizontal sidetrack well following the pilot hole to test the productivity of the reservoir sandstones.

Gran Tierra Energy completed drilling of the 3-GTE-03-BA development well which is situated 1.2 kilometers north-northeast of the 1-ALV-2-BA discovery well. Oil bearing reservoir intervals in the Sergi and Agua Grande formations were encountered and plans are moving forward to complete the well and place the well on production in May. A second development well located approximately 0.7 kilometers south-southwest of the 1-ALV-2-BA discovery well began drilling on January 8, 2012. The well operations are currently ongoing at 3-GTE-4-BA. No further development wells are planned on this discovery at this time.

Argentina

Surubi Block, Noroeste Basin (85% working interest and operator)

Drilling continues on the Proa-2 development well in the Proa oil field in the Noroeste Basin of northern Argentina. Gran Tierra Energy expects drilling to be completed in March, with testing and tie-in to existing facilities expected to follow in April.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia, Peru and Brazil. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth.

Gran Tierra Energy's Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at sec.gov and on SEDAR at sedar.com

Advisories and Forward Looking Statements:

This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations and the United States Private Securities Litigation Reform Act of 1995. The use of words such as "expects", "expected," "plans", "planned" and "will" identify these forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements regarding the expected timing of commencement and completion of drilling operations, testing and tie-in to facilities, and plans to complete 3-GTE-03-BA.

The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Gran Tierra Energy including, without limitation, assumptions relating to log evaluations, the accuracy of certain testing results and seismic data, that Gran Tierra Energy will continue to conduct its operations in a manner consistent with past operations and the general continuance of current or, where applicable, assumed operational and industry conditions. Gran Tierra Energy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others: Gran Tierra Energy's operations are located in South America, and unexpected problems can arise due to guerilla activity, technical difficulties and operational difficulties which impact or delay its testing and drilling operations; geographic, political and weather conditions can impede testing and drilling operations; and the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra Energy currently predicts, which could cause Gran Tierra Energy to modify its exploration, drilling and/or construction activities. Further information on potential factors that could affect Gran Tierra Energy are included in risks detailed from time to time in Gran Tierra Energy's Securities and Exchange Commission filings, including, without limitation, under the caption "Risk Factors" in Gran Tierra Energy's Quarterly Report on Form 10-Q filed November 8, 2011. These filings are available on a Web site maintained by the Securities and Exchange Commission at sec.gov and on SEDAR at www.sedar.com. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Gran Tierra Energy disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.


Contacts



For investor and media inquiries please contact:
Jason Crumley
Director
Investor Relations
403-265-3221
info@grantierra.com.

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To: LoneClone who wrote (37016)2/21/2012 2:35:01 PM
From: LoneClone
   of 37387
 
Calvalley Petroleum Inc., (TSX: CVI.A) announces 2011 Reserves Report.

6 hours ago

CVI-A.TO 1.56 -0.04




finance.yahoo.com

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