PetroMagdalena Provides Production and Exploration Update

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PetroMagdalena Energy Corp. (PMD.V), today provided an update on its ongoing exploration program previously announced on January 18, 2012, and provided a production update for a new discovery on the Arrendajo block.

The Azor-1X well has been completed and was put on production on January 31, 2012.

EXPLORATION UPDATE

Arrendajo Block, Llanos Basin: Arrendajo Norte - 1X Exploration well

After drilling the discovery well, Azor-1X, the drilling rig has moved to another location on the Arrendajo block, Arrendajo Norte-1X, where the rig spudded on January 28, 2012 and has completed drilling to 588 feet ( MD ), after logging, the surface casing has been run and cemented. It is anticipated that the well will reach the projected TD of 7022 feet ( MD ) by February 10, 2012 to test the Carbonera sequence that was successful in the Azor-1X well, which is located 3 kilometers to the north.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MD

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