La Cortez Energy, Inc. has provided the following operational update on the Company's Maranta block located in the Putumayo Basin in southwestern Colombia.

Maranta Block - Mirto Field

As previously announced, the Mirto-2 well was placed on long-term production testing in January 2011, and continues to produce at an average rate of 494 bopd gross (99 bopd net to La Cortez before royalties) of 15.6 degree API oil with an average Base Sediment and Water (BS&W) of 0.77%.

Given the favorable results of the long-term production test on the Mirto-2 well, the company has decided to initiate work-over activities on the Mirto-1 well, which commenced on August 8th 2011. La Cortez has been informed by Emerald Energy Plc. (the operator of the block) that the initial work-over is expected to last approximately 15 days and, if it is successful, the well could be producing on a continuous basis by September 2011. The objective of the work-over is to initiate a long-term production test on the Mirto-1 Villeta N sand, which is the same zone currently producing from the Mirto-2 well. During its initial testing in 2009, the Mirto-1 well produced oil of 15 degrees API at an average rate of 247 bopd over a 48-hour period from the Villeta N sand, with an average water cut of 64%.

Andres Gutierrez, president and CEO of La Cortez, commented on the announcement: "We are very pleased with the performance of the Mirto-2 well while on long-term test, and are enthusiastic about the potential from work-over activity on the Mirto-1 well. We hope that this activity will bring the company the expected level of additional production that we have been anticipating. Once we have had the opportunity to assess the results of the work-over on Mirto-1, we will be working with Emerald to finalize plans for future exploration activity on the block."

Tags: La Cortez Energy