Brownstone Energy Provides Colombian Operational Update on Canaguay-1 Work-Over and Drilling of Mani-1 Well, Colombia
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/21/11 -- Brownstone Energy Inc. (TSX VENTURE: BWN)(OTCQX: BWSOF) ("Brownstone") is pleased to provide the following update on its operations in Colombia.
Canaguay-1 Well, Canaguaro Block, Llanos Basin, Colombia
As announced on October 20, 2011, the Canaguay-1 well was shut in for service, which included a cleanout of the well, replacing the electrical submersible pump (ESP), and placing the new ESP at a deeper depth in the well closer to the producing zone. Commencing on October 30, 2011 the well began producing oil again. On November 15, 2011, the well was shut in for two days to complete a repair on the pump. Excluding those two days, the well has performed from October 30, 2011 to November 19, 2011:
Brownstone has met its obligations to earn its 25% working interest in the Canaguaro Block.
Mani-1 Well: LLA 27 Block, Llanos Basin, Colombia
The operator has advised that while drilling the 12-1/4" intermediate section at 4,470 feet, a number of mechanical issues were experienced and the operator abandoned the lower portion of the well from 4470 feet to 2100 feet, and re-commenced drilling operations immediately below surface casing. As of November 20, 2011, the new deviated wellbore has progressed to 5,000 feet of depth and experienced no further issues. The well is being drilled to a total depth of 10,850 feet.
Brownstone is paying 50% of the costs to earn a private participating interest of 45.275% before payout and 34.25% after payout.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects, including varying interests in three off-shore Israel concessions and in four Colombian blocks in the Llanos basin, as well as other oil and gas interests worldwide. By owning and managing a diversified portfolio of energy-based projects, Brownstone provides shareholders with a unique energy alternative. For additional information, please see Brownstone's website: .
Cautionary Statements
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information.
The forward-looking information is based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the operational results in Colombia. Although the Company believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.
Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inherent risks involved in the exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling results and other geological data, uncertainties relating to fluctuating oil and gas prices, the possibility of cost overruns or unanticipated costs and expenses and other factors including unforeseen delays. Anticipated exploration and development plans relating to the Company's properties are subject to change.
The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and Quetzal undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
Contacts:
Brownstone Energy Inc.
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
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Unternehmensinformation / Kurzprofil:
Datum: 21.11.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 89709
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contact information:
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TORONTO, ONTARIO
Kategorie:
Oil & Gas
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