Rochester,NY 7/11/2009 2:21:47 AM
Afternoon Stock Report - GTE - Gran Tierra Energy Completes Testing of Costayaco-8 in Colombia - Sourced WhisperFromWallStreet.com
Gran Tierra Energy, Inc.
Afternoon Stock Report - GTE - Gran Tierra Energy Completes Testing of Costayaco-8 in Colombia - Sourced WhisperFromWallStreet.com
Gran Tierra Energy, Inc. GTE
Gran Tierra Energy Inc. (AMEX: GTE - News; TSX: GTE - News), a company focused on oil exploration and production in South America, today announced that testing of Costayaco-8, a new development well drilled in the Costayaco Field in Southern Colombia, is complete. During the test, the Upper T Sandstone of the Villeta formation produced 2,211 barrels of oil per day (BOPD) and the Caballos formation produced 2,640 BOPD.
"Our testing confirms the results from the previously announced logging operations on Costayaco-8, and further demonstrates the potential of this well to contribute to the field's overall production," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "We remain on track to attain a gross production plateau of 19,000 BOPD on the Costayaco field in the fourth quarter of 2009."
Testing was carried out by perforating 44 feet of the Upper T Sandstone interval, from 8,144 feet measured depth (md) to 8,198 feet md, and perforating 104 feet of the Caballos formation, from 8,286 feet md to 8,432 feet md.
Last Trade: 3.03
Day's Range: 2.92 - 3.10
52wk Range: 1.72 - 7.45
Volume: 637,933
ABOUT - Gran Tierra Energy
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.
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