Sintana Energy Receives Approval to Assign to Exxonmobil a Participation Interest In Colombia Block VMM-37 Unconventional Pro...
22 4월 2013 - 9:00PM
Access Wire
Toronto, Canada April 22, 2013 - Sintana Energy Inc. (TSX-V:
SNN) (“Sintana” or the “Company”) is pleased to announce that
Patriot Energy Oil & Gas Inc. (“Patriot”), wholly-owned by the
Company, has entered into an amendment to the Hydrocarbon
Exploration and Production Contract for the VMM-37 Block (the
“Contract”) with the Agencia Nacional de Hidrocarburos of Colombia
(the “ANH”) and ExxonMobil Exploration Colombia Limited, a wholly
owned subsidiary of Exxon Mobil Corporation (“ExxonMobil”).
The amendment which was approved on April 3, 2013 allows Patriot
to assign seventy percent (70%) of the participating interest,
rights and obligations and the operation of the Contract to
ExxonMobil for the exploration and development of unconventional
oil and gas resources underlying the 43,000 acre VMM-37 Block in
Colombia’s Middle Magdalena Basin.
Patriot will retain the remaining 30% participating interest in
the unconventional resources as well as its current 100%
participation interest in the conventional resources overlying the
top of the unconventional interval.
MAJOR ELEMENTS OF THE VMM-37 WORK PROGRAM:
- ExxonMobil will pay 100% of all Exploration Phase I well costs (3
wells). The estimated timing for the commencement of drilling
operations on the first exploration well is in the third quarter of
2013. A consideration will be paid that will compensate
Sintana for past expenses connected with the block. Work Program
warranties to meet ANH requirements will become the responsibility
of ExxonMobil.
- ExxonMobil will have an option to proceed to the next
phase of the unconventional project. In this Development Phase, it
will pay 100% of the additional costs to a maximum of US $45
million, of which US $10 million will be recouped by ExxonMobil
from 50% of Patriot’s production proceeds.
Sintana’s CEO, Doug Manner, commented, “Now that we have ANH
approval of the VMM-37 Contract amendment, ExxonMobil will complete
the well design for the initial exploration well and prepare for
drilling operations. We have a highly prospective
unconventional project, an unsurpassed partner and a dedicated,
highly skilled technical team. Additional details of the
upcoming VMM-37 drilling program will be announced as they become
available.”
ABOUT SINTANA ENERGY
The Company is primarily engaged in petroleum and natural gas
exploration and development activities in Colombia and Peru. The
Company’s exploration strategy is to acquire, explore, develop and
produce superior quality assets with significant reserve
potential.
The Company’s private participation interests in Colombia
include 100% of the conventional and 30% of the unconventional in
the 43,158 acre VMM-37 Block, located in the Middle Magdalena
Basin. A 30% private participation interest in the 58,570 acre
Talora Block, 30% in 272,021acres in the COR-39 & COR-11 Blocks
and 25% carried private participation interest in the 154,909 acre
VMM-4 and the 59,522 acre VMM-15 Blocks all located in the Upper
Magdalena Basin. In the Llanos Basin, the Company has a carried 25%
private participation interest in the 11,624 acre LLA-18 Block. In
the Sechura Basin, Peru the Company has a 25% interest in the
175,000 acre Bayovar Block XXVII. These interests are subject to
all applicableregulatory and governmental approvals, including
those of Colombia's National Hydrocarbon Agency (ANH). The Company
continues to evaluate a portfolio of exploration opportunities in
South America.
On behalf of Sintana Energy
“Doug Manner”
Chief Executive Officer
For additional information or to receive timely updates about
Sintana’s South America projects and recent corporate activities
please visit the Company’s website at www.sintanaenergy.com or
email info@sintanaenergy.com.
Forward-Looking Statement
This news release includes forward-looking statements related to
the expected occurrences in relation to the properties identified.
A multitude of factors can cause actual events and results to
differ significantly from any anticipated development and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable at the time of
preparation; there can be no assurance that such expectations will
be realized in whole or in part. These forward looking statements
are based on assumptions that the Company has made concerning the
oil and gas industry in South America, that all applicable
regulatory approvals will be obtained, the reliability of available
data regarding the properties and increasing demand for oil and
gas. Risk factors which may cause actual results to differ from
those anticipated in such forward looking statements include but
are not limited to, the risk that ExxonMobil may opt to withdraw
from the VMM-37 project at various stages of the work program,
risks associated with the uncertainty of exploration results and
estimates, 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 equipment, the fluctuating prices of oil
and natural gas, the availability of financing and the Company’s
dependence on Sintana’s management personnel and other participants
in the property areas, including ExxonMobil. Neither the
Company nor any of its subsidiaries nor any of its officers or
employees guarantee that the assumptions underlying such
forward-looking statements are free from errors, nor do any of the
foregoing accept any responsibility for the future accuracy of any
of the opinions expressed in this document or the actual occurrence
of forecasted developments.
Undue reliance should not be placed on these forward-looking
statements as there can be no assurance that such expectations will
be realized. The forward-looking statements contained in this
document are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws. This press release does not constitute an offer to
sell or a solicitation to buy any of the securities of Sintana
Energy Inc. in the United States.
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 or
accuracy of this release.
Corporate Contact:
Douglas
Manner
Chief Executive
Officer
Tel: 832.279.4913
Corporate Contact:
Sean Austin
Vice President
Tel: 713.825.9591
(TSXV:SNN)
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