Sintana Energy Receives Approval of Environmental License for Colombia Block VMM-37
17 1월 2014 - 4:19AM
Marketwired
Sintana Energy Receives Approval of Environmental License for
Colombia Block VMM-37
TORONTO, ON--(Marketwired - Jan 16, 2014) - Sintana Energy
Inc. (TSX-VENTURE: SNN) ("Sintana" or the "Company") announces that
Patriot Energy Oil & Gas Inc. ("Patriot"), wholly owned by the
Company, has received written notice from the Autoridad Nacional de
Licencias Ambientales of Colombia (the "ANLA") of final approval of
the Environmental License effective January 17, 2014 for the VMM-37
Block in Colombia's Middle Magdalena Basin ("VMM-37" or
"Block").
The Middle Magdalena Basin contains a number of oil and natural
gas rock intervals that are either conventional or unconventional
play types. Management believes that VMM-37 has multiple
hydrocarbon prospective formations and both play types.
Under a Farmout Agreement (the "Agreement") with ExxonMobil
Exploration Colombia Limited ("ExxonMobil"), a wholly owned
subsidiary of Exxon Mobil Corporation, and with the approval of the
Agencia Nacional de Hidrocarburos de Colombia (the "ANH"),
ExxonMobil has acquired an undivided 70% participation interest and
operatorship in VMM-37 to explore and develop the unconventional
reservoirs. For purposes of the Agreement, unconventional
formations are defined as the La Luna and deeper.
Patriot retains the remaining 30% interest in the unconventional
play as well as a 100% participation interest in the conventional
resources overlying the top of the unconventional interval.
Sintana's CEO, Doug Manner, remarked, "Now that we have ANLA
approval of the VMM-37 Environmental License, the partners have
initiated execution of a previously developed and internally
approved, step-by-step, pre-drill plan. Progress updates will
be issued from time-to- time as milestones are achieved and results
become available".
NOTE:
A more detailed presentation of historical and technical
information regarding Colombia's Middle Magdalena Basin and the
VMM-37 Block is included in the Company's most recent Quarterly
management's discussion and analysis which is available on both
SEDAR (www.sedar.com) and Sintana's website at
www.sintanaenergy.com
ABOUT SINTANA ENERGY:
The Company is primarily engaged in petroleum and natural gas
exploration and development activities in Colombia. 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
resources in the 43,158 acre VMM-37 Block, located in the Middle
Magdalena Basin. Sintana also has a 30% private participation
interest in the 58,570 acre Talora Block, 30% in 272,021 acres in
the COR-39 & COR-11 Blocks and 25% carried private
participation interests in the 154,909 acre VMM-4 and the 59,522
acre VMM-15 Blocks all located in the Magdalena Basin. In the
Llanos Basin, the Company has a carried 25% private participation
interest in the 11,624 acre LLA-18 Block. These interests are
subject to all applicable regulatory and governmental approvals,
including those of Colombia's National Hydrocarbon Agency
(ANH).
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 proposed exploration and
development activities at VMM-37, oil and natural gas industry in
Colombia, that all applicable regulatory approvals will be
obtained, the reliability of available data regarding the
properties and increasing demand for oil and natural 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 Exxon may exercise its option 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 Exxon. 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 Sean Austin Vice President Tel: 713.825.9591
(TSXV:SNN)
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