Brownstone Energy Provides Colombian Operational Update On Canaguay-1 Work-Over And Drilling Of Mani-1 Well, Colombia

abarrelfull wrote on 22 Nov 2011 06:42
Tags: brownstone colombia upstream

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Brownstone Energy Inc. (TSXV: 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:

• Average Oil Production: 1,052 BOPD
• Average Water Production: 490 BWPD
• Average Fluid Production: 1,542 BFPD
• Average Watercut: 32%

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.

• Brownstone Energy Provides Colombian Operational Update On Canaguay-1 Work-Over And Drilling Of Mani-1 Well, Colombia

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