BOGOTA, Colombia, Aug. 23, 2012 /PRNewswire/ -- La Cortez
Energy, Inc., ("La Cortez") (OTC: LCTZ) is pleased to announce
that Emerald Energy Plc. ("Emerald"), the operator of the Maranta
Block where La Cortez holds a 20% working interest, has commenced
drilling operations for the Agapanto-1 exploratory well. Agapanto-1
is the third exploration well to be drilled on the Maranta Block,
and is expected to fulfill the first phase of the two-phase
exploration program.
The Agapanto-1 well spudded on August 9,
2012, and is expected to reach a total depth of 11,500 ft.
The well is being vertically drilled in order to evaluate the
Villeta N, U and T sands. The Agapanto well is an exploratory well
being drilled adjacent to the existing producing Mirto structure,
and will be targeting the potential of the currently producing N
sand (16 ⁰API), and further evaluating the potential of the U and T
sands that were not properly tested in the previous wells (Mirto-1
and Mirto-2) due to both mechanical and isolation difficulties.
The Maranta block is located in the foreland of the Putumayo
Basin in southwest Colombia.
Emerald originally signed the E&P contract with the Agencia
Nacional de Hidrocarburos ("ANH") on September 12th, 2006. The company's original
interest in the Maranta block covered an area of 90,459 acres
(36,608 hectares), which was reduced to 45,230 acres after
contractual relinquishment of a portion of the exploration area on
August 24, 2010, a procedure that is
currently being processed within ANH protocols.
Final assignment of the 20% participation interest in this block
is subject to final approval of the ANH.
La Cortez Energy, Inc.
La Cortez Energy, Inc. is a development stage oil and gas
exploration and production company currently pursuing a business
strategy in the energy sector in South
America, with an initial focus on identifying oil and gas
exploration and production opportunities in Colombia. To that end, the company has
established a headquarters office in Bogota, Colombia, and has entered into several
joint venture agreements; including a 50% working interest in the
Putumayo-4 block and a 20% working interest in the Maranta block.
The Putumayo-4 and Maranta blocks are located in the prolific
Putumayo Basin in Southwestern
Colombia. Assignment of the working interest agreements is
subject to the approval of the ANH.
In early 2010, La Cortez acquired the 100% interests of Avante
Colombia, Inc. in the Rio de Oro and the Puerto Barco fields
located in the Catatumbo Basin in Northeastern Colombia. Avante Colombia
currently has a 50% participation interest in, and is the operator
of, the Rio de Oro and Puerto Barco production contracts with
Ecopetrol S.A. Through this acquisition the company's net acreage
position in the Catatumbo Basin now totals 5,768 acres (11,535
acres gross).
The Company's joint venture agreements have been signed with
experienced, established producers in Colombia, including Sinochem (Emerald Energy
PLC – Sucursal Colombia), Petroleos del Norte S.A. a subsidiary of Petrolatina Energy
PLC, and Vetra Exploracion y Produccion Colombia, Inc. The company
is currently producing from both of its two initial exploration
wells in the Maranta Block.
http://www.lacortezenergy.com/
Forward-Looking Statements
Certain statements in this news release are forward-looking
statements. These statements are subject to risks and
uncertainties. Words such as "expects", "intends", "plans",
"proposes", "may", "could", "should", "anticipates", "estimates",
"likely", "possible", "potential", "believes" and words of similar
import also identify forward-looking statements. Forward-looking
statements are based on current facts and analyses and other
information and assumptions of management. Actual results may
differ materially from those currently anticipated due to a number
of factors beyond the reasonable control of the Company, including,
but not limited to, the Company`s ability to identify other
corporate acquisition and/or joint venture opportunities in the
energy sector in Colombia,
Peru and Brazil and, more generally, in Latin America, and to establish the technical
and managerial infrastructure, and to raise the required capital,
to take advantage of, and successfully participate in such
opportunities, future economic conditions, political stability and
energy prices. Additional information on risks and other factors
that may affect the business and financial results of the Company
can be found in filings of the Company with the U.S. Securities and
Exchange Commission.
SOURCE La Cortez Energy, Inc.
