TORONTO, ONTARIO–(Marketwired – April 30, 2015) – Sintana Energy Inc. (TSX VENTURE:SNN) (“Sintana” or the “Company”) is pleased to announce that Patriot Energy Sucursal Colombia (“Patriot”), wholly owned by the Company, has received notice that ExxonMobil Exploration Colombia Limited (“ExxonMobil”) has commenced drilling operations for the Manati Blanco-1 well, which is located on the western edge of the 43,158 acres Block VMM-37 in Colombia’s Middle Magdalena Basin.
Drilling Operations – Manati Blanco-1:
The Manati Blanco-1 drilling program calls for a vertical well, drilled with Parker Rig 271, which is projected to contact the top of the Lower Tertiary Wedge conventional sandstone formation (Patriot – 100%) at approximately 8,000-9,000 feet. After exiting the Tertiary interval, electric and formation test logs may be run. The well will then continue through multiple unconventional formations (Patriot – 30%), and is projected to reach its target depth of 16,000 feet in 3rd quarter 2015.
Sintana’s CEO, Doug Manner, commented, “The commencement of drilling operations at VMM-37 is a major milestone for the Company and its shareholders. The potential presence of volumes of movable oil in one or more of the Manati Blanco-1 target formations would substantially increase the value creation potential of our exploration program.”
Additional details of the VMM-37 drilling program will be announced as they become available.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration and development activities in Colombia’s Magdalena Basin. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential.
The Company’s private participation interests, held by Patriot, in the 43,158 acres VMM-37 Block in the Middle Magdalena Basin are 100% of the conventional and 30% of the unconventional resource (Exxon Mobil Exploration Colombia Ltd 70%). Sintana has 15% carried participation interests in the conventional and unconventional formations of the 154,909 acres VMM-4 Block, also in the Middle Magdalena. In Colombia’s Upper Magdalena Basin, Sintana has private participation interests of 30% in the 34,194 acres Talora Block and 30% in the 272,021 acres COR-11 & COR-39 Blocks. These interests are subject to all applicable regulatory and government approvals, including those of the Agencia Nacional de Hidrocarburos (ANH).
On behalf of Sintana Energy Inc.,
Doug Manner, Chief Executive Officer
For additional information or to sign-up to receive periodic updates about Sintana’s Colombia projects, and ongoing corporate activities, please visit the Company’s website at www.sintanaenergy.com
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of Sintana which have been used to develop such statements and/or information but which may prove to be incorrect. Although Sintana believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as Sintana can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Sintana will continue to conduct its operations in a manner consistent with past operations; results from drilling activities; the accuracy of the estimates of resource volumes and interpretations of drilling activity results; availability of financing and/or cash flow to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Sintana has participation interests; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Sintana to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which Sintana has participation interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which Sintana has participation interests; and the ability of Sintana to successfully market its oil and/or natural gas products. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon.
Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, inaccurate estimation of Sintana’s oil and/or natural gas resource volumes, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of oil and/or natural gas, the availability of financing and the Company’s dependence on Sintana’s management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in Sintana’s public disclosure documents, (including, without limitation, those risks identified in this news release and Sintana’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and/or accuracy of this release.
Chief Executive Officer