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CALGARY, ALBERTA--(Marketwire - Aug. 29, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that on August 28, 2012 the Operator of the Antares Block, Colombia, in which the Company has a 50% working interest, has completed the drilling and casing of the Lemaya Well which was targeting the Caballos formation.
Unfortunately, this formation was found to be water bearing. However, the presence of 2,367 feet of Villeta Group source rock with indications of hydrocarbons consistent with production tests 16 km to the North East, encouraged the Operator to extract 39 Sidewall cores (SWC) in the La Luna, Bambuca and Tetuan formations, and to complete the well to 3,199 feet.
While the potential to develop resources from this group is at a very preliminary stage, the acquired logs, sidewall-cores and mud logging data will be analyzed during the next 6 months.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Company's operational activities as well as the timing of completion of the analysis of data acquired in the drilling of the Lemaya Well. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Azabache. Although Azabache believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azabache can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to conclude arrangements with joint venture partners to assess the viability of the Company's shale oil and gas assets, the failure to obtain other regulatory and governmental approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Azabache undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. |