Sagres Energy Inc. Announces Spud of the Apoteri K-2 Exploration Well in Guyana

Sagres Energy Inc. (TSXV:SGI) announces the planned spud of the Apoteri K-2 exploration well on the Takutu Block in Guyana prior to December 31, 2010.

The press release is quoted as saying:

The K-2 well will be drilled to a measured depth of approximately 11,000 feet and will target the same productive reservoirs that tested over 400 barrels of 42° API light oil per day from the Karanambo 1 well, which was drilled in 1982 and located 600 meters away. Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 128 million barrels of oil (32 million barrels net to Sagres) to the discovery in a December 2009 report compiled for the Corporation.

Click here to access the entire press release