PETROMINERALES LTD 
By CALGARY, ALBERTA--(Marketwired - Aug. 11, 2013) - Petrominerales (TSX:PMG) (BVC:PMGC) announces that our Taya-1 well production tested 5,218 barrels of oil per day ("bopd") following a recompletion in the Mirador formation.
We production tested the primary target of our Taya-1 well, the Mirador formation, for a total of 54 hours and the well produced an average of 5,218 bopd of 23.2 degree API oil with a 30% water cut. The majority of the production test was conducted using an electric submersible pump ("ESP"), a fully open choke with a drawdown of approximately 14%. For the final 6.5 hours that the well was producing using the ESP, the stabilized rate was 5,169 bopd with a 37% water cut.
The average oil rate through a 192/64 inch restricted choke over the entire production test period was 5,218 bopd with a wellhead pressure of 23 psi. Total oil recovered during the test was 11,741 barrels with 5,054 barrels of water, confirming the excellent quality of the Mirador reservoir. After the first 47.5 hours of flow, the well was shut-in for a 24 hour pressure build-up test. The results are currently under review and the well has been restarted. Since restarting, in the last 6.5 hours the well has been producing an average of 5,169 bopd at 37% water cut.
As previously reported, well logs on our Taya-1 well indicated 42 feet of potential net oil pay in the Mirador formation and 31 feet in the Guadalupe formation. Prior to the re-completion in the Mirador formation, the Taya-1 well was producing 315 bopd from the Guadalupe formation. After producing the reserves in the Mirador formation, we can isolate the Mirador and produce the remaining reserves in the Guadalupe formation.
For the remainder of the year, we are planning to drill at least two additional wells in the area, Canaguay-2, an appraisal well on our recently acquired Canaguaro Block, subject to the ANH approval, and one additional exploration well, Ceibo-1 on our Guatiquia Block on trend with our Candelilla and Yatay oil pools.
Petrominerales Ltd. is an international oil and gas company operating in Latin America since 2002. Our high-quality land base and multi-year inventory of exploration and development opportunities in Colombia, Perú and Brazil provide long-term growth potential for years to come.
Forward-Looking Statements and Cautionary Language. Certain information provided in this press release constitutes forward
