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  • La Cortez Energy, Inc. (LCTZ) Reports Drilling of Exploratory Well in Colombia 0 comments
    May 28, 2010 11:09 AM

    La Cortez Energy, Inc. reported that the company’s partner has begun drilling an exploratory well in Colombia. La Cortez Energy, Inc. has a 20% working interest in the well, which is being drilled by Emerald Energy Plc.

    La Cortez Energy, Inc. said that the Mirto-2 exploratory well is located on the Maranta Block of the Putumayo basin in the southwestern part of Colombia. The well will be drilled to a depth of 11,504 feet, and will test out 3 possible oil and gas bearing sands of the Villeta formation.

    Andres Gutierrez, the CEO of La Cortez Energy, Inc., said, “We are very pleased to announce the initiation of drilling operations in the Mirto-2 well. We hope this well validates our analysis of a significant geological structure and the possibility to increase the company’s production rate.”

    The Maranta Block covers approximately 90,000 acres, and La Cortez Energy, Inc. received a license to explore this area in an agreement signed in 2006 with the Colombian government.

    La Cortez Energy, Inc. said that the Mirto-1 exploratory well, a previous well drilled on the Maranta Block, found net pay at 3 different sand intervals. The well is currently producing 120 barrels of oil per day.

    La Cortez Energy, Inc. is an oil and gas company focused on opportunities in South America. The company has a 50% working interest in the Putumayo 4 block, and has interests in the Rio de Oro and the Puerto Barco fields in Colombia.

    For more information on the company, go to lacortezenergy.com

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