This Morichito-5B was drilled from the Company's original M-5 (2010 discovery) drilling pad and deviated approximately 1200 feet to the southwest of the original well. The well was drilled to a total depth of 6855 feet in the Paleozoic. During drilling mud-log shows were encountered in the Carbonera C7, Mirador, Guadalupe, Gacheta, and Ubaque formations. Subsequent petrophysical analysis of electric logs indicated multiple potential pay zones.
The Carbonera C7 zone is equivalent to and six feet structurally high to the 5900 foot zone in the Morichito M-5 well which swabbed at a rate of 375 barrels of oil per day of 23 degree API oil with no water cut (see news release dated March 25, 2010).
A decision has been taken with partners Green Power Corporation and Golden Oil Corp. to run 7" production casing and test at least two zones. The Company expects testing to commence approximately May 1st and take 15-20 days to complete. Assuming success and the receipt of necessary permits, this well will be placed on a long-term production test along with the existing M5 discovery well on which a work-over rig is being mobilized with testing to commence approximately April 28.
The Morichito-5B well was drilled as a deeper pool wildcat and fulfills the company's Phase V contract commitment with the Colombian National Hydrocarbon Agency (ANH).
About Petro Vista Energy
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 721,375 acres gross (196,283 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 assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Keith Hill, Chairman of the Board of Directors
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 Company. Statements regarding the Company's plans and expectations for the M-5B well, the timing and results of the testing of the M-5B well, installation of a production facility, future growth of the Company, exploration success, 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, completion and production risks, equipment failure, availability of labor, unexpected geological or other effects, regulatory changes and availability of capital. 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. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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