2012-10-11 14:07:05 -
Calgary, Alberta CANADA, October 11, 2012 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX VenturePetrodorado" or the "Companyis pleased to provide a review of the well Dorados-1X in the Talora Block in Colombia.
Dorados-1X pre-drill prognosis targets were:
Formation Thickness Remarks
Tetuan Carbonates 50 - 80 feet fractured system
Caballos Sand 40 - 70 feet conventional reservoir
The post-drill actual targets are:
Upper Dorados (Cenomanian) Sand 150 feet fractured and conventional
Lower Dorados (Cenomanian) Sand 90 feet conventional reservoir
Unconventional Shale 500 feet unconventional and fractured
These findings represent a new attractive play with
excellent quartz rich reservoir quality and larger potential net pay based on petrophysical data.
A detailed well testing program is being finalized to test the target zones encountered.
Cuttings and log analysis of the unconventional shale for geochemical and mechanical properties is under way to determine "FRAC" parameters for testing.
Petrodorado is the operator of the block with a 65% Working Interest.
Krishna Vathyam, Chairman, President and CEO of Petrodorado Energy Ltd.
"The upper and lower Dorados sands, along with the unconventional potential encountered in the Dorados-1X well, compensates for the lack of Tetuan and the water wet sands deeper. Overall we feel the well demonstrates potential in line or exceeds with our pre-drill prognosis, although in different formations. We await testing these zones to determine commerciality and future course of action."
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol "PDQ".
For further information, please contact:
Krishna Vathyam, Chairman, President and CEO
Chris Reid, VP of Finance and CFO
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". Such forward-looking statements, including but not limited to expectations regarding tests wells and the timing of the drilling of the same, expected spud dates of the company's wells and the expected timing from the company's drilling results are subject to numerous uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and as such, undue reliance should not be placed on forward-looking statements. These forward looking statements are based upon assumptions that the Company has made concerning the oil and gas industry in Colombia, Peru and Paraguay, the reliability of available data regarding the properties in question and the continuing market for oil and gas. Risk factors may include the uncertainty of conducting operations under a foreign regime, the availability of labour and equipment, the fluctuating price of oil and gas and the Company's dependence upon other participants in the property areas. Neither the Company nor any of its subsidiaries nor any of its officers, directors or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the 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.
To view this press release as a webpage, please click on the following link
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) www.petrodorado.com
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