Killajoules

Canacol Energy Initiates Heavy Oil Exploration Drilling Program in Colombia
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX VENTURE:CNE) (BVC:CNEC) is pleased to announce the start of its heavy oil exploration drilling program on its Tamarin and Cedrela Exploration and Production ("E&P") contracts located in the Caguan - Putumayo Basin in Colombia. The Corporation has 100% working interest and is operator of both contracts, which represent approximately 388,000 net acres. The Corporation plans to drill two stratigraphic wells, one on each of the Tamarin and Cedrela contracts, in a back to back drilling campaign that will commence in mid July 2011. This will be followed by the drilling of five conventional exploration wells, the first to start in late Q3 2011, and the last to end midyear 2012.

Petrominerales Announces Strategic Acquisition Of Interest In Colombia’s Ocensa Pipeline
Petrominerales Ltd. (“Petrominerales” or the “Company”) (TSX:PMG) is pleased to announce that we have entered into an agreement to acquire a five percent interest in the Oleoducto Central S.A. (“Ocensa”) crude oil pipeline from Total E&P Holdings (“Total”), for a purchase price of US$281 million.

Pacific Rubiales Announces Development Of Lng Export Project At La Creciente, In Northern Colombia
Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC) announced today that it has partnered with EXMAR to develop a liquefied natural gas ("LNG") export project in northern Colombia. EXMAR (Euronext: EXM) is a Belgian-based diversified shipping group serving the international oil and gas industry.

Green light for construction of modernization project at Barrancabermeja refinery
The Board of Directors of Ecopetrol at the session held on May 13, gave the green light to phase 3 of the Modernization Project of the Barrancabermeja Refinery (PMRB), for a total investment of US$3,386 million.

Ex-Im Bank Gives Preliminary OK For $2.8 Billion Export Financing For Colombian Refinery Project
The Board of Directors of the Export-Import Bank of the United States today voted to grant preliminary approval for a $2.84 billion direct loan/loan guarantee to Colombia's Refinería de Cartagena S.A. (Reficar). The financing, when finally approved, will support the purchases of equipment and services from over 150 large and small U.S. engineering/design, equipment supply, contracting and process license firms, including Chicago Bridge & Iron, Foster Wheeler, Exxon/Mobil and UOP.

Ex-Im Bank Approves Nearly $1 Billion in Financing To Back U.S. Exports to Colombia's Ecopetrol
The Export-Import Bank of the United States (Ex-Im Bank) has given final approval to a $420 million medium-term loan guarantee facility and a $459.8 million long-term loan guarantee facility to help finance the sale of goods and services from various U.S. exporters to Ecopetrol S.A., Colombia's national oil company. The export sales will support an estimated 6,700 American jobs.

Ecopetrol and Talisman Energy finalize the purchase of BP in Colombia and announce change of company name
Once obtained the corresponding authorizations, Ecopetrol S.A. (Ecopetrol) and Talisman Colombia Holdco Limited (Talisman) completed today the acquisition of BP Exploration Company (Colombia) Limited for US$1.750 billion. Ecopetrol will have 51% of the new company and Talisman the remaining 49%.

Repsol buys a share in Offshore Colombian block
Repsol has signed an agreement with Colombian company Ecopetrol and Brazil’s Petrobras to buy a stake in the offshore Tayrona exploration block in the Colombian Caribbean Sea.

Following the agreement, Repsol owns a 30% stake in the block, while Ecopetrol owns 30%. Petrobras, with a 40’% stakem, will continue to be the operator. The deal is subject to the approval of Columbia’s National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos.)

Canacol Announces US$ 106 Million Capital Program for 2011
Canacol Energy Ltd. is pleased to announce a US$ 106 million capital budget in 2011 for exploration and development activities in Colombia, Guyana, and Brazil. The budget includes the drilling of 39 gross wells (13 net wells), which include 6 exploration wells and 33 appraisal and development wells. The budget also includes the acquisition of 650 kilometers (“km”) of 2D exploration seismic, the building of an early production facility at the Capella discovery, the continued expansion of its operated Rancho Hermoso production facilities, and funding of the Corporations share of the OBC pipeline project in Colombia. The budget consists of US$ 52 million to fulfill exploration work program and pipeline commitments in Colombia, Guyana, and Brazil, and US$ 54 million in discretionary spending dedicated primarily to development drilling and production programs in Colombia. The Corporation anticipates to average between 10,000 to 11,000 barrels of oil per day (“bopd”) of net after royalty production in 2011, which excludes any production resulting from exploration success.

Brownstone Tests 2,225 Bopd From Lower Mirador Reservoir Of The Canaguay #1 Well, Llanos Basin, Colombia
Brownstone Ventures Inc. (TSXV: “BWN”) (“Brownstone”) is pleased to announce an oil discovery in the Lower Mirador Formation at the well Canaguay - 1 on the Canaguaro Block in Colombia. Brownstone has a 25% working interest in the Canaguaro Block. Partners in the project are Quetzal Energy Ltd. (TSXV: “QEI”) ("Quetzal" or the “Operator”) (25% working interest and operator) and Condor Exploration Inc. (50% working interest).