Gran Tierra Energy Confirms New Oil Discoveries in Colombia and Argentina
Gran Tierra Energy Inc. (NYSE: GTE) today announced results of two exploration wells.
Initial testing of the Melero-1 exploration well, located on the Garibay Block in the Llanos Basin, has been completed. The well spud on June 22, 2011, and reached total measured depth at 9,748 feet or 9,561 feet true vertical depth on July 16, 2011. Four drill stem tests were run and average production of 922 barrels of oil per day of 16.8 degrees API gravity with a 0.3% water cut was obtained from an interpreted 16 feet of net pay in the Upper Mirador reservoir. This well is currently suspended for long-term testing.
In addition, the Jilguero-2 appraisal well on the Garibay Block was spud on September 10, 2011. This well is located at the Jilguero oil discovery made by the joint venture between a subsidiary of Gran Tierra Energy and CEPSA Colombia S.A., a wholly-owned subsidiary of Compania Espanola de Petroleos, S.A.
