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Canadian Quotes from Telenium
SOP. (ASE)
Attention Business/Financial Editors:
Solana Spuds Second Exploratory Well in Colombia
CALGARY, March 12 /CNW/ - Solana Petroleum Corp. announced today that its
Caporal No.1 exploratory well on the Tapir Association Contract Block in the
eastern Llanos Basin of Colombia, was spudded today. The well, which will be
drilled to total depth of about 7,800 feet, will target a large prospective
stratigraphic trap at approximately 7,700 feet in the Cretaceous age Ubaque
Sandstone. According to seismic data interpretation, the Ubaque at Caporal
forms a wedge which ''pinches out'' against an underlying Paleozoic ''high''
to the east.
The Ubaque Sandstone is productive in conventional structural traps 40
kilometers to the west of Caporal. The Caporal No.1 prospect covers almost
6,000 acres and is thought to be capable of trapping commercial quantities of
oil. Additional structural and stratigraphic traps have been identified on the
block.
The well, located 25 kilometers to the southeast of Solana's recently
announced Mateguafa No.1 discovery on the Tapir Block, is expected to reach
the Ubaque Sandstone objective within the next two weeks, if no drilling
problems are encountered.
Solana holds a 38.125% interest in the Caporal No.1 will. Its partners
are Doreal Energy with 11.675%, Seven Seas Petroleum 11.875% and Mohave
Colombia Corporation, the operator, with 38.325%.
Solana Petroleum is a Calgary-based international oil and gas exploration
company currently focusing on its interests in Colombia. The Company's common
shares are listed on the Alberta Stock Exchange and trade under the symbol
SOP.
The Alberta Stock Exchange has neither approved nor disapproved of
information contained herein.
-30-
For further information: James B. Taylor, Chairman, (505) 983-7591; or
Wayne Stromme, Vice President, Canadian Operations, (403) 261-9019, Toll Free:
1-877-261-9019, Website: www.solanapetroleumcom
SOLANA PETROLEUM CORP. has 7 releases in this database.
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