Operations

 

Lower Magdalena Basin

Sierra Nevada License (210,000 acres)

  • Status - Signed July 2007
  • Term 18 months
    • 300 Km pre-stack depth seismic reprocessing
    • 13,000 foot well - Q4 2008/Q1 2009
    • Studies


Magdalena (formerly Sierra Nevada II TEA)

  • Status - Awaiting conversion to license

Colombia – Sierra Nevada La Pinta Prospect

  • Location is located 600 meters from the Guamito-1 well drilled in 1975 by Chevron
    • Upper interval tested 120 bbl/d and 500 mcf/d
    • Lower interval tested 410 bbl/d 46.7º API BSW=50% (low salinities of water would indicate it to be filtrate)
    • A production test was not possible because they were unable to transport produced oil
  • In 1983, Ecopetrol attempted a production test but casing problems resulted in the well being P&A’d


Construction of the location for La Pinta 1 well


Clearing of the top soil on the La Pinta 1 location

Colombia – Sierra Nevada & Magdalena Blocks

Middle Magdalena Basin

Turpial License

  • Status - Signed 2008
    • 120km2 seismic program underway

Colombia – Turpial Block

Colombia – Turpial Tectonic Framework

Colombia – Turpial Seismic Program

  • 3D seismic program 120 km2 began in late October 2008
  • 2D seismic program to infill where 3D not practical will begin upon completion of 3D program
  • Drilling anticipated for 2nd half of 2009

Sierra Nevada Block

PROSPECTS(1)

  • La Pinta – Turbidite Sdst
    • Size P10 – 32.2 Km2
      P90 – 9.8 Km2
  • Brillante – Deltaic Sdst
    • Size P10 – 40.0 Km2
      P90 – 5.0 Km2
  • Dificil – Limestone Reef
    • Size P10 – 18.0 Km2
      P90 – 4.5 Km2

(1) Reference is made to Petrolifera’s Annual Information Form for the year ended December 31, 2007 for a description of Petrolifera’s interest in the Sierra Nevada Block, the product types reasonably expected and the risks and uncertainties relating to these drilling prospects. See also slide 2 for forward looking information.

Magdalena Block

Two 3D seismic program to be shot (pink hatched areas)

  • Northern program to define San Angel structure and evaluated San Angel #1 gas discovery made in the 1940’s and to define Oligocene reefs analogous to the El Dificil Field
  • Southern program to define the southern extension of the Chimichagua gas pool

Turpial Block History

  • Located between the large oil accumulations at Velasquez and Cocorna Fields
  • Leasing activity in the area dates back to the 1920
    • Texaco owned the freehold land for 70 years
  • Drilling in the area began in 1946 when Texaco drilled the Velasquez-1 well, the discovery for Velasquez Field
  • In 1996 after 50 years of continuous operation, the area and fields were surrendered by Texaco to Ecopetrol
  • The area has no 3-D seismic and only a loose grid of 2-D seismic data
  • The area is bisected by major oil and natural gas pipelines, all of which are under utilized at the present time