Petro Vista Announces Successful Development Well in Brazil
VANCOUVER, BRITISH COLUMBIA – April 12th, 2010 – (TSX-V:PTV). Petro Vista Energy Corp. (“Petro Vista” or the “Company”), is pleased to announce that the 7-TTG-1DP-SES development well on the Tartaruga Block in Brazil has been successfully drilled to a total depth of 3,445 metres. A total potential net pay interval of 101 feet (31m) minimum case has been identified based on mudlog shows, electrical logs and by petrophysical analysis. Production casing has been set and cemented. A workover rig will be brought on location immediately in order to conduct completion operations and initiate production within the next two weeks.
Logging and initial petrophysical interpretations on the well identified 11 zones of interest. Strong oil and gas shows (C1 to C5) identified on mudlog and oil in cuttings were observed throughout the reservoir section (2,900m MD to 3,445m MD). The Penedo reservoir P13 interval at a depth of approximately 3,400 m MD will be perforated first during completion. The partnership is considering the possibility of a dual completion to achieve the highest rates possible. The oil from the Tartaruga Field is good quality 41 degree API. Existing production facilities will allow for the immediate commencement of production. Upon successful completion, the 7-TTG-1DP-SES well will be the second well in production on the Block. A workover of the first well SES-107D, is currently being planned which if successful may significantly enhance production levels.
Petro Vista holds a 37.5% working interest (27.23% net revenue interest) in the Tartaruga Block in partnership with Petrobras Brasilia S.A., and operator UP Petroleo Brasil Ltda.
Read Taylor President and CEO commented: “The results of this well including multiple pays and long life reserve potential of this field give us further confidence in our strategic plan to develop these important resources. In addition to our existing two wells which will be producing in Tartaruga in the next few weeks we expect to drill an additional two development wells targeting these Penedo reservoirs funded from cash flow. We are also excited about the high potential targets of the deeper oil pools of the proven Serraria section in Tartaruga which we will explore later in 2010 and 2011. The discovery in Tartaruga along, with our recent discovery in Morichito Block in Colombia has the potential to provide the company with significant production and cash flow in Q3-Q4 2010. In addition to these projects we have another exciting exploration well with significant upside potential to drill in La Maye Block in Colombia in July 2010″.
For additional information on the Tartaruga Block, please review the independent technical report entitled “Evaluation Of The Interests Of Petro Vista Energy Corp. In The Ses-107 Block (Tartaruga Field) In Sergipe-Alagoas Basin Of Onshore Brazil” prepared by Petrotech Engineering Ltd. and dated March 31, 2008 filed on SEDAR.
About Petro Vista Energy
Headquartered in San Clemente, California, USA, Petro Vista Energy Corp., is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 727,031 acres gross (197,696 net) leasehold acres in Colombia and Brazil. The Company’s website at www.pvecorp.com provides additional information about the Company’s plans, including photographs and other information with respect to its operations and asset.
