La Cortez Announces Initiation of Work-Over Activity on the Mirto-1 well on the Maranta Block
Production from the Mirto-2 well continues at a stabilized rate of 494 bopd gross/ 99 bopd net to La Cortez
BOGOTA, Colombia, Aug. 9, 2011 /PRNewswire/ -- La Cortez Energy, Inc. (OTC: LCTZ), ("La Cortez" or the "Company") is pleased to provide the following operational update on the Company's Maranta block located in the Putumayo Basin in southwestern Colombia:
Maranta Block – Mirto Field
As previously announced, the Mirto-2 well was placed on long-term production testing in January 2011, and continues to produce at an average rate of 494 bopd gross (99 bopd net to La Cortez before royalties) of 15.6 degree API oil with an average Base Sediment and Water (BS&W)of 0.77%.
Given the favorable results of the long-term production test on the Mirto-2 well, we decided to initiate work-over activities on the Mirto-1 well, which commenced on August 8th 2011. La Cortez has been informed by Emerald Energy Plc. (the operator of the block) that the initial work-over is expected to last approximately 15 days and, if it is successful, the well could be producing on a continuous basis by September 2011. The objective of the work-over is to initiate a long-term production test on the Mirto-1 Villeta N sand, which is the same zone currently producing from the Mirto-2 well. During its initial testing in 2009, the Mirto-1 well produced oil of 15 degrees API at an average rate of 247 bopd over a 48-hour period from the Villeta N sand, with an average water cut of 64%.
Andres Gutierrez, President and CEO of La Cortez, commented on the announcement, "We are very pleased with the performance of the Mirto-2 well while on long-term test, and are enthusiastic about the potential from work-over activity on the Mirto-1 well. We hope that this activity will bring the company the expected level of additional production that we have been anticipating. Once we have had the opportunity to assess the results of the work-over on Mirto-1, we will be working with Emerald to finalize plans for future exploration activity on the block."
About La Cortez Energy, Inc.
La Cortez Energy, Inc. is an early stage oil and gas exploration and production company currently pursuing a business strategy in the energy sector in South America, with an initial focus on identifying oil and gas exploration and production opportunities in Colombia. To that end, the company has established a branch, La Cortez Energy Colombia, Inc., with offices in Bogota, Colombia, and has signed a Joint Operating Agreement for a 50% working interest in the Putumayo 4 block and a Joint Venture agreement for a 20% working interest in the Maranta block. The assignment of the working interest in both blocks, Maranta and Putumayo-4-is subject to approval by the Agencia Nacional de Hidrocarburos (ANH). La Cortez has acquired the interests of Avante Colombia, Inc. in the Rio de Oro and the Puerto Barco fields, all in Colombia.
For more information, please contact the Company's Investor Relations department at 941-870-5433 or by email [email protected].
http://www.lacortezenergy.com/
Forward-Looking Statements
Certain statements in this news release are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "proposes", "may", "could", "should", "anticipates", "estimates", "likely", "possible", "potential", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information and assumptions of management. There can be no assurance that the Mirto-1 well work-over will be successful or that the Putumayo 4, Maranta and Rio de Oro and Puerto Barco projects will be successfully developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company, including, but not limited to, the Company's ability to identify other corporate acquisition and/or joint venture opportunities in the energy sector in Colombia, Peru and Brazil and, more generally, in Latin America, and to establish the technical and managerial infrastructure, and to raise the required capital, to take advantage of, and successfully participate in such opportunities, future economic conditions, political stability and energy prices. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.
SOURCE La Cortez Energy, Inc.
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