Rochester,NY 7/8/2009 10:55:10 PM
Mid Morning Movers - GTE - Gran Tierra Energy Completes Logging Operations and Initiates Production Testing of Costayaco-8- Sourced WhisperFromWallStreet.com
Gran Tierra Energy, Inc.
Mid Morning Movers - GTE - Gran Tierra Energy Completes Logging Operations and Initiates Production Testing of Costayaco-8- Sourced WhisperFromWallStreet.com
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Gran Tierra Energy, Inc. GTE
After Hours: 2.87 -0.15 (-4.97%) 11:43am ET
Gran Tierra Energy Inc. (AMEX: GTE - News; TSX: GTE - News), a company focused on oil exploration and production in South America, today announced that it has completed logging operations and initiated production testing of Costayaco-8. Well logs indicate that both the Upper T Sandstone of the Villeta formation and the Caballos formation lie completely within the field's oil column. In addition, the Company also reported that production has returned to target levels of between 14,000 and 16,000 barrels of oil per day (BOPD) net after royalty following recent pipeline repairs.
"The Upper T Sandstone and the Caballos reservoirs came in as expected and are well above the oil/water contact for the field according to well logs," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Costayaco-8 was drilled on the crest of the Costayaco Field and early indications suggest the well will be a significant contributor to the production potential of the field."
About
Gran Tierra Energy Inc., an independent energy company, engages in the exploration, development, and production of oil and gas in Colombia, Argentina, and Peru. The company was founded in 2005 and is headquartered in Calgary, Canada.
Last Trade: 2.8701
Day's Range: 2.86 - 3.0797
52wk Range: 1.72 - 7.45
Volume: 700,778
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