|By PR Newswire||
|January 7, 2013 03:01 AM EST||
Moqueta-7 flows 1,146 BOPD from four oil flow tests; Loma Montosa flows 840 BOPD from first horizontal fracture stimulated well
CALGARY, Jan. 7, 2013 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE MKT: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today provided updates for its exploration and operation activities in Colombia, Argentina, Peru and Brazil.
"Gran Tierra Energy has confirmed additional resource potential with successful oil flow testing of the Moqueta-7 appraisal well at the Moqueta oil discovery in Colombia, which we are continuing to evaluate with the recently drilled Moqueta-8 appraisal well. We have yet to define the boundaries of the growing field, and are currently planning the next three wells to continue the appraisal program in the first half of 2013." said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "In addition, Gran Tierra Energy has successfully completed its first multi-stage fracture stimulated horizontal well. This successful application of technology to a new tight reservoir in Argentina has delivered outstanding results, and the experience from this well will serve us well as we expand the application of this technology to our drilling program in Brazil," concluded Coffield.
Chaza Block, Putumayo Basin, Colombia (Gran Tierra Energy 100% working interest and operator)
Gran Tierra Energy completed initial testing of Moqueta-7 by collecting reservoir data and fluid samples with a hydraulic jet pump from the T-Sandstone and Caballos formations in three repeated fault blocks. The T-Sandstone formation in the primary fault block consisted of 44 feet true vertical depth ("TVD") gross reservoir or 33 feet TVD of net reservoir thickness. It was perforated and tested from 6,641 feet to 6,710 feet measured depth ("MD") for 78 hours at a rate of 463 barrels of oil per day ("BOPD") of 23.7° API oil with a 0.4% water cut. The underlying Caballos formation consisted of 200 feet TVD gross reservoir or 68 feet TVD net reservoir thickness. It was perforated and tested from 6,890 feet to 7,183 feet MD for 59 hours at a rate of 267 BOPD of 23.8° API oil with a 1.1% water cut.
A repeated oil-bearing Caballos Sandstone reservoir section was encountered in a new, previously unrecognized, fault block with 90 feet TVD of gross reservoir or 55 feet TVD of net reservoir thickness. The interval from 7,466 feet to 7,528 feet MD was perforated and tested with a hydraulic jet pump for 5 hours at 100 BOPD of 25.3° API oil with a stabilized water cut of approximately 1%.
As drilling continued, a second fault was crossed and another repeated oil-bearing Caballos Sandstone reservoir section was encountered in a new, previously unrecognized fault block. It had 139 feet TVD of gross reservoir or 60 feet TVD of net reservoir thickness. The interval from 7,680 feet to 7,790 feet MD was perforated and tested for 13 hours with a hydraulic jet pump at 316 BOPD of 26.5° API oil with a 2.8% water cut.
Moqueta-7 bottom hole location is believed to be near the western extremity of the main block of the Moqueta field. The well, because of its bottom hole position, will be completed as a water injector for pressure maintenance to enhance oil recovery and production from producing wells in the main block.
Initial drilling results have been obtained from the Moqueta-8 appraisal well, with a bottom-hole location 450 meters southeast of the Moqueta-5 producing well. Oil shows encountered during drilling indicate the presence of oil-bearing reservoir sandstones in the Villeta U Sandstone beginning at 4,865 feet MD (4,283 feet TVD) with an approximate potential gross reservoir thickness of 40 feet MD (32 feet TVD). The Villeta T Sandstone with oil shows were encountered at 5,152 feet MD (4,515 feet TVD) with an approximate potential gross reservoir thickness of 106 feet MD (70 feet TVD). The underlying Caballos formation with oil shows was encountered at 5,350 feet MD (4,674 feet TVD) with approximately 260 feet MD (97 feet TVD) of potential gross thickness.
Gran Tierra Energy is planning to conduct the initial testing for Moqueta-8 in January 2013. Moqueta-9, the next well in the appraisal program to further define the reserve potential of the field, is expected to begin drilling in February 2013.
Puesto Morales Block, Neuquen Basin (100% working interest and operator)
The PMN-1117 horizontal well reached a total depth of approximately 2,130 meters MD (1,408 meters TVD) on October 27, 2012. The well was drilled with a 483 meter horizontal section and multi-stage fracture stimulation was conducted on the well with production testing initiated on December 2, 2012. During the first 24 hours, this well flow tested at a rate of approximately 840 BOPD from the tight oil Loma Montosa reservoir. This well is currently flowing naturally at a choke-restricted rate of 212 BOPD of 33.8° API oil with a 0% water cut.
Block 95 (100% working interest and operator subject to PeruPetro S.A. and Peruvian Government approvals)
Gran Tierra Energy began drilling the Bretaña Norte 95-2-1XD exploration well in Block 95 on December 15, 2012. This well will continue drilling into the first quarter of 2013, with initial results expected at the end of the quarter. The bottom-hole target is located approximately 3.7 kilometers south of the Bretaña-1 well, which was drilled in 1974 and tested 18° API gravity oil on natural flow rates of approximately 807 BOPD. Gran Tierra Energy Peru S.R.L. currently holds a 60% working interest in Block 95 and has entered into an agreement to purchase the remaining 40% working interest from Global Energy Development PLC. Subject to PeruPetro S.A. and Peruvian Government approvals, Gran Tierra Energy will have a 100% working interest in Block 95.
In its press release dated June 11, 2012, Gran Tierra Energy announced the results of a contingent gross lease resource estimate for the oil discovery on Block 95, provided by its independent reserves auditor, GLJ Petroleum Consultants effective June 1, 2012. The resource estimate has been prepared in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. The estimates included a low estimate "1C" contingent resources of 11.5 million stock tank barrels of oil ("MMSTB"), a best estimate "2C" contingent resources of 31.6 MMSTB, and a high estimate "3C" contingent resources of 88.1 MMSTB. In addition to evaluating the reservoir with discovered oil, the well will explore deeper horizons for additional potential pay zones. Additional information respecting such contingent resource estimates is included in the June 11, 2012 press release. There is no certainty that it will be commercially viable to produce any portion of the resources.
Blocks 123 and 129 (100% working interest, subject to government approval, and operator)
PeruPetro S.A. has approved Gran Tierra Energy Perú S.R.L. assumption of operatorship of Blocks 123 and 129, located on the eastern flank of the prolific Marañon Basin of northern Peru, effective January 1, 2013. Assumption of 100% working interest is pending government approval.
The 1-GTE-05HP-BA horizontal oil exploration well on Block 142 onshore Recôncavo Basin Brazil has been drilled, the horizontal liner has been set and the multi-stage fracture stimulation is planned for February, 2013. The 1-GTE-06HP-BA horizontal sidetrack on Block 129 spud January 4, 2013 and planning continues for the 1-GTE-07HP-BA horizontal oil exploration well on Block 155, with operations expected to commence in first quarter and be completed in the second quarter of 2013.
About Gran Tierra Energy Inc.
Gran Tierra Energy is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE MKT (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Colombia, Argentina, Peru, and Brazil. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth.
Gran Tierra Energy's Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.
Forward Looking Statements and Advisories
Readers are cautioned that the well-flow test results disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery.
This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations and the United States Private Securities Litigation Reform Act of 1995. The use of the words "will", "plan", "expected", "estimate" and "potential" and derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements regarding the accuracy of testing and production results and seismic data; and the effects of certain drilling techniques, exploration and development activities, expected drilling locations, the expected application of multi-stage fracture stimulation and timing of activities and results. Gran Tierra Energy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Statements relating to "resources" are forward-looking statements as they involve the implied assessment, based on estimates and assumptions, that the resources described exist in the quantities predicted or estimated and can be profitably produced in the future.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Gran Tierra Energy including, without limitation: assumptions relating to log evaluations; that Gran Tierra Energy will continue to conduct its operations in a manner consistent with past operations; the accuracy of testing and production results and seismic data; the effects of certain drilling techniques; cost and price estimates; and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions. Gran Tierra Energy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others: unexpected technical difficulties and operational difficulties may occur, which could impact or delay the completion or continuation of drilling; the application of multi-stage fracture stimulation may not have the impact on recoveries currently anticipated by Gran Tierra Energy; geographic, political and weather conditions can interrupt drilling, which could impact or delay the commencement or continuation of drilling; and the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra Energy currently predicts, which could cause Gran Tierra Energy to change its current drilling, stimulation, production and testing plans. Further information on potential factors that could affect Gran Tierra Energy are included in risks detailed from time to time in Gran Tierra Energy's Securities and Exchange Commission filings, including, without limitation, under the caption "Risk Factors" in Gran Tierra Energy's Quarterly Report on Form 10-Q filed November 7, 2012. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at www.sedar.com. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Gran Tierra Energy disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Gran Tierra Energy Inc.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
Mar. 31, 2015 04:00 PM EDT Reads: 480
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 31, 2015 03:45 PM EDT Reads: 972
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 31, 2015 03:00 PM EDT Reads: 2,993
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Mar. 31, 2015 02:39 PM EDT Reads: 373
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
Mar. 31, 2015 12:00 PM EDT Reads: 577
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 31, 2015 12:00 PM EDT Reads: 1,546
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 31, 2015 11:00 AM EDT Reads: 2,217
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Mar. 31, 2015 09:15 AM EDT Reads: 2,290
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 31, 2015 09:00 AM EDT Reads: 1,694
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 31, 2015 08:30 AM EDT Reads: 2,105
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 31, 2015 03:00 AM EDT Reads: 1,556
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 30, 2015 06:00 PM EDT Reads: 1,574
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
Mar. 30, 2015 04:00 PM EDT Reads: 1,184
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 30, 2015 11:00 AM EDT Reads: 1,547
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 30, 2015 01:00 AM EDT Reads: 1,525
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 29, 2015 10:00 PM EDT Reads: 1,868
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 29, 2015 07:00 PM EDT Reads: 5,282
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 29, 2015 06:00 PM EDT Reads: 1,888
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 29, 2015 04:15 PM EDT Reads: 2,471
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 29, 2015 03:30 PM EDT Reads: 2,231