Pebercan Inc.: Conclusive Results of Santa Cruz 305 Well
CANASI 100 2ND DUPLEX: DRILLING COMPLETED - COMPLETION DESIGN UNDERWAY
PEBERCAN INC. (TSX : PBC) is proud to announce that drilling of the Santa Cruz 305 well is completed and shows positive results. The well was spud on October 20, 2007 and completed on January 11, 2008, after which a testing period and multizonal completion were achieved in order to isolate several zones. Initial production totals 881 barrels per day of 10.2° API density oil.
Following the successful drilling by Sherritt of two Puerto Escondido 2nd duplex wells, which border the Canasi field, the Company drilled the Canasi 100 well to ensure development of new reserves on the 2nd duplex zone in the Canasi field. By the end of November 2007, the well reached a total length of 5,090 meters (for a vertical depth of 2377m) and the data shows a 70% oil saturation on approximately 1,400 meters. This well produced water and oil for a few hours before testing was interrupted due to technical problems. A completion is being designed for the current open hole and will be implemented during this month of February 2008.
For additional information, please contact:
750, Marcel-Laurin Blvd., Suite 220 - Saint Laurent - Québec H4M 2M4 - Canada
Tel: 514-286-5200; Fax: 514-286-5177
RENMARK Financial Communications Inc.
Tel. : 514-939-3989
THE CONTENTS OF THIS PRESS RELEASE HAVE NEITHER BEEN APPROVED, NOR DISAPROVED BY ANY REGULATORY AGENCY
Legal Notice - Forward-Looking Statements
The forward-looking statements contained in this press release involve a number of known and unknown risks and uncertainties as well as other factors, the effect of which may be that the Company’s actual results, performance and accomplishments differ significantly from the future results, performance and accomplishments stated or implied in such forward-looking statements. The Company has no obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason, and we expressly deny any such obligation in relation thereto. The Company’s most recent annual and interim reports and other documents filed with the relevant securities commissions and regulators in Canada contain important additional information on such risks and uncertainties.
For more information concerning the quarterly reports or annual reports, or to obtain additional information on the Company, please visit our Internet site at: http://www.pebercan.com and SEDAR’s Internet site at http://www.sedar.com .