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Petro
Vista Encounters Strong Oil Shows at Morichito #1N
and Prepares to Test Well
San Clemente, California - May 26, 2009
- Petro Vista
Energy Corporation (TSX-V: PTV) (�Petro Vista� or the
�Company�) is pleased to announce that the Morichito
#1N well in the Morichito Block in Colombia reached
total depth of 6,829
feet and encountered strong oil shows from several
horizons. Interim results from detailed log and petrophysical
analysis indicate four potential pay zones. The well has been cased for
completion and will now undergo testing over the next three weeks to fully evaluate
the prospective horizons.
The Morichito #1N well encountered several
interesting zones including the following potentially prospective horizons:
- Carbonera C7 - 5,623 feet
TVD, 24-31% porosity
- Gacheta - 6,228 feet
TVD, 24-29% porosity
- Ubaque - 6,351feet TVD, 12% porosity
The most prospective horizon encountered was the Carbonera
C7 formation which had better than expected reservoir section and has at
least 23 feet
of potential pay as indicated by petrophysical
analysis. The top of the Carbonera C7 was located
within 37 feet
of the targeted vertical depth and is 60 feet higher to the previously drilled
offsetting well, Morichito-2, which swabbed oil in the Carbonera
C7 section. The closest C7 analogue is found 15 kilometers
northwest of Morichito #1N at the Guarimena-1
Field, which had initial production in excess of 1,600 bbls
of oil per day.
The Company also recorded oil and gas shows in the Cretaceous
reservoirs in the Morichito #1N well. Subsequent
log analysis indicates the potential of 15 feet of additional pay
in the Gacheta, Ubaque,
and Paleozoic formations. The nearest Gacheta analogue is found 30 kilometers
north of Morichito #1N at the Gemar-1 and
Matemarrano-1 wells where both wells tested over 300 bbls
of oil per day.
Petro Vista and its partners are in the process of finalizing plans
for the completion schedule of the well.
The Morichito Block lies in the eastern
flank of the Llanos
Basin and encompasses 23,167 hectares. Extensive
work has been completed on several additional exploration prospects in the
block. A second exploration well in the area will be drilled in Q4 2009 as
part of a contractual commitment to the Colombian Agencia
Nacional do Hidrocarburos.
Read B. Taylor, President and CEO of Petro Vista, commented, �We are pleased to have identified a total of seven
zones of interest at various reservoir intervals up to four of which are
likely to be evaluated in our testing program over the next three weeks all
with known nearby producing analogs. The well came
in as mapped on structural closure, ties to existing 3D interpreted
proprietary mapping techniques, under budget, and with no safety or
environmental issues encountered. We can now move forward to establishing
production at Morichito and developing the full
potential of this interesting Block�.
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 840,191 gross acres (449,480 net 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 assets.
ON BEHALF OF PETRO VISTA ENERGY CORPORATION
"Read Taylor"
Read B. Taylor, President and CEO
THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.
BOEs may be
misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
This press release includes "forward-looking statements"
including forecasts, estimates, expectations and objectives for future
operations that subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the either Petrol Vista. Statements
regarding future production, reserve additions and capital expenditures are
subject to all of the risks and uncertainties normally incident to the
exploration for and development and production of oil and gas. These risks
include, but are not limited to, inflation or lack of availability of goods
and services, environmental risks, drilling risks and regulatory changes. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments
may differ materially from those projected in the forward-looking statements.
Such forward-looking information represents management's best judgment based
on information currently available. No forward-looking statement can be
guaranteed and actual future results may vary materially. Petro Vista does
not assume the obligation to update any forward-looking statement, except as
required by applicable law.
For further information please contact:
Petro Vista Energy Corporation
Investor Relations
Toll Free: +1 (877) 427-3876
Email: investor@pvecorp.com
Website: www.pvecorp.com
Mailing Address:
Petro Vista Energy Corp. (USA)
302 North El Camino Real Suite 108
San Clemente, California 92672, USA
Tel: +1 (949) 542-3345
Fax: +1 (949) 542-3347
E-mail: info@pvecorp.com
Web: www.pvecorp.com
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