Petrominerales Yatay-1 Exploration Well Produces 10,440 Bopd

Petrominerales Ltd. (TSX:PMG) provides an operational update highlighted by our Yatay-1 exploration well producing 10,440 barrels of 43 degree API light oil per day (“bopd”) under natural flow.

The press release is quoted as saying:

The Yatay-1 well, on the Guatiquia Block, commenced drilling on November 19, 2010 and was directionally drilled to a total depth of 12,000 feet. Well logs indicate 114 feet of potential net oil pay in the Lower Sand-3 formation, and 17 feet of potential net oil pay in the Guadalupe formation. An electrical submersible pump was installed in the well after perforating a ten foot section at the top of the Lower Sand-3 formation. Over the last 17 hours the well has produced on natural flow through a one inch choke, at a rate of 10,440 bopd with less than a 0.1% watercut.

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