Santa Maria Petroleum Inc. Announces Third Quarter 2012 Results
28 November 2012 - 10:21PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.) (TSX VENTURE:SMQ)
announces its unaudited results for the nine months ended September 30, 2012.
HIGHLIGHTS DURING THE QUARTER ENDED SEPTEMBER 30, 2012 AND SUBSEQUENT
HIGHLIGHTS DURING THE QUARTER
-- On July 5, 2012 Santa Maria announced the completion of initial test
operations on the Flami-1 well in Block 27, Colombia. Well logs
indicated an estimated 20 feet of potential gross oil pay in the Mirador
formation and 22 feet in the Une formation, and upon further testing,
the joint venture decided to pursue production from the Une formation.
The well was shut-in until August 18, 2012 when it received regulatory
approval to commence its longer term production testing. The well has
produced continuously since that date with the following production
results.
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Total gross Santa Maria's share
Month (2012) production (bbls) Average bopd @45.275%(3) (bbls)
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August (1) 17,530 1,252 7,937
September 23,342 778 10,568
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Q3 40,872 929 18,505
October 24,877 802 11,263
November(2) 17,572 651 7,956
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Total 83,321 817 37,724
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(1) For the period of August 18, 2012 to August 31, 2012.
(2) For the period of November 1, 2012 to November 27, 2012.
(3) Santa Maria has a 34.25% working interest in the Flami-1 well, but
earns 45.275% until it has recovered the capital expenditures made on
behalf of its carried interest joint venture partners.
During the third quarter, Santa Maria's 42.75% pre-payout share of sales
proceeds from the Flami-1 well, net of royalties and transportation costs, was
$1,273,198, which has been capitalized.
-- The Canaguay well in the Canaguaro block, which had been shut-in for a
work-over at the end of the second quarter, was brought back into
production on July 15, 2012. The well was again shut-in on August 31,
2012 and for the month of September because of problems with the pump
that caused the well to produce at an average of only 278 bopd.
Production commenced again on October 1, 2012 and it has produced at an
average of 618 bopd from that date until the date of this MD&A with a
62% water cut ratio.
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Month (2012) Total gross Santa Maria's share
production (bbls) Average bopd @25% (bbls)
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July(1) 5,156 303 1,289
August 8,165 263 2,041
September - - -
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Q3 13,321 277 3,330
October 18,587 600 4,647
November(2) 17,553 650 4,388
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Total 49,461 471 12,365
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(1) From the commencement of production on July 15, 2012 until July 31,
2012.
(2) For the period of November 1, 2012 to November 27, 2012.
Santa Mara's 25% working interest share of sales proceeds, net of royalties,
from the Canaguaro production during the third quarter was $294,256, which was
capitalized.
-- On November 28, 2012, Santa Maria released the results of an interim
reserve report effective June 30, 2012. The Company's estimated proved
and probable reserves increased by 219% from 447 mbbl to 1,426 mbbl
because of a 38% increase to the 2P (proved plus probable) reserves for
the Canaguaro block, net of production in the first six months in 2012,
and the addition of the Flami-1 field in Block 27. More information is
provided on page 5, in the Oil and Gas Exploration and Development
Operations section of this MD&A and the report is available on SEDAR.
Forward Looking Statements - Certain information set forth in this news release
may contain forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of
Quetzal, including, but not limited to the impact of general economic
conditions, industry conditions, volatility of commodity prices, risks
associated with oil and gas activities, currency fluctuations, dependence upon
regulatory approvals, the availability of future financing and exploration risk.
Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Santa Maria Petroleum Inc.
Ronald MacMicken
President & Chief Executive Officer
416-902-8099
ron@smpetroleum.com
www.smpetroleum.com
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