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La Cortez Energy, Inc. (LCTZ) Updates Operations on Maranta Block

La Cortez Energy, Inc. released an operational update on its oil and gas exploration and development activities in South America. The company is active in several different onshore areas in Colombia.

La Cortez Energy, Inc. reported that the company placed the Mirto-2 well back onto production on January 9, 2011, after a workover was completed. The company said that the well has produced at an average gross rate of 558 barrels of oil per day since that time, with a water content of 3%.

La Cortez Energy, Inc. said that over the last ten days, the Mirto-2 well had stable gross production of 544 barrels of oil per day. Emerald Energy PLC, the operator of the block where the Mirto-2 well is located, has filed a request with the Colombian Ministry of Mines to continue the testing of the well.

La Cortez Energy, Inc. also reported that the Mirto-1 well is still off production due to mechanical problems disclosed earlier. The company is reviewing data on the well to determine the proper strategy to return this well to production.

Both Mirto wells are located on the Maranta Block which is part of the Putumayo Basin in Colombia. The block is approximately 90,000 acres in size and La Cortez Energy, Inc. owns a 20% working interest here. The company also owns a 50% working interest in the Putumayo 4 block, also located in Colombia.

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