- Published: 26 May 2009
- Written by Editor
Petro Vista Encounters Strong Oil Shows at Morichito #1N and Prepares to Test Well
Petro Vista Energy Corporation (TSX VENTURE: PTV) ("Petro Vista" or the "Company") is pleased to announce that the Morichito #1N well in the Morichito Block in Colombia reached total depth of 6,829 feet and encountered strong oil shows from several horizons. Interim results from detailed log and petrophysical analysis indicate four potential pay zones. The well has been cased for completion and will now undergo testing over the next three weeks to fully evaluate the prospective horizons.
The Morichito #1N well encountered several interesting zones including the following potentially prospective horizons:
- Carbonera C7 - 5,623 feet TVD, 24-31% porosity
- Gacheta - 6,228 feet TVD, 24-29% porosity
- Ubaque - 6,351feet TVD, 12% porosity
The most prospective horizon encountered was the Carbonera C7 formation which had better than expected reservoir section and has at least 23 feet of potential pay as indicated by petrophysical analysis. The top of the Carbonera C7 was located within 37 feet of the targeted vertical depth and is 60 feet higher to the previously drilled offsetting well, Morichito-2, which swabbed oil in the Carbonera C7 section. The closest C7 analogue is found 15 kilometers northwest of Morichito #1N at the Guarimena-1 Field, which had initial production in excess of 1,600 bbls of oil per day.
The Company also recorded oil and gas shows in the Cretaceous reservoirs in the Morichito #1N well. Subsequent log analysis indicates the potential of 15 feet of additional pay in the Gacheta, Ubaque, and Paleozoic formations. The nearest Gacheta analogue is found 30 kilometers north of Morichito #1N at the Gemar-1 and Matemarrano-1 wells where both wells tested over 300 bbls of oil per day.
Petro Vista and its partners are in the process of finalizing plans for the completion schedule of the well.
The Morichito Block lies in the eastern flank of the Llanos Basin and encompasses 23,167 hectares. Extensive work has been completed on several additional exploration prospects in the block. A second exploration well in the area will be drilled in Q4 2009 as part of a contractual commitment to the Colombian Agencia Nacional do Hidrocarburos.
Read B. Taylor, President and CEO of Petro Vista, commented, "We are pleased to have identified a total of seven zones of interest at various reservoir intervals up to four of which are likely to be evaluated in our testing program over the next three weeks all with known nearby producing analogs. The well came in as mapped on structural closure, ties to existing 3D interpreted proprietary mapping techniques, under budget, and with no safety or environmental issues encountered. We can now move forward to establishing production at Morichito and developing the full potential of this interesting Block".
About Petro Vista Energy
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp. is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 840,191 gross acres (449,480 net acres) in Colombia and Brazil. The Company's website at www.pvecorp.com provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORPORATION
Read B. Taylor, President and CEO
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the either Petrol Vista. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Petro Vista does not assume the obligation to update any forward-looking statement, except as required by applicable law.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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