Petrolifera Petroleum says that after being transported from the U.S.A. to Colombia, the snubbing unit to be used for the reentry of the La Pinta 1X well on the company's 100 percent-owned Sierra Nevada License in the Lower Magdalena Basin, onshore Colombia, has been released from Colombian customs, has arrived on location and is now rigging up.

The work program from the snubbing unit is to reenter the La Pinta 1X well bore, clean out the blockage in the tubing string situated in the well bore and then to attempt a completion of the well in the Cienaga de Oro Formation ("CDO"), at a depth of approximately 10,700 feet. If, as anticipated, the La Pinta 1X remediation program is successful, it is further anticipated Petrolifera would then likely proceed with a long-term production test, prior to the preparation and submission of a commercial development program to ANH, the Colombian state agency which administers crude oil and natural gas activity in the country.

It is anticipated that it will take approximately one week to rig up the snubbing unit and to prepare the well for reentry. It is expected it could take from between two weeks and six weeks to complete the planned snubbing operations. After the snubbing operations, it may be necessary for Petrolifera to contract a service rig to complete and then to production test the well. Including testing, the project is anticipated to cost approximately US$5 million to US$6 million. If successful, the project could result in near term production and sales volumes from the La Pinta 1X well. If for some reason the test of the CDO is not successful, there are several shallower formations of interest in the well bore that may be evaluated by testing.

Tags: Petrolifera Petroleum Limited