|By Marketwired .||
|January 16, 2014 02:20 PM EST||
TORONTO, ON -- (Marketwired) -- 01/16/14 -- Sintana Energy Inc. (TSX VENTURE: SNN) ("Sintana" or the "Company") announces that Patriot Energy Oil & Gas Inc. ("Patriot"), wholly owned by the Company, has received written notice from the Autoridad Nacional de Licencias Ambientales of Colombia (the "ANLA") of final approval of the Environmental License effective January 17, 2014 for the VMM-37 Block in Colombia's Middle Magdalena Basin ("VMM-37" or "Block").
The Middle Magdalena Basin contains a number of oil and natural gas rock intervals that are either conventional or unconventional play types. Management believes that VMM-37 has multiple hydrocarbon prospective formations and both play types.
Under a Farmout Agreement (the "Agreement") with ExxonMobil Exploration Colombia Limited ("ExxonMobil"), a wholly owned subsidiary of Exxon Mobil Corporation, and with the approval of the Agencia Nacional de Hidrocarburos de Colombia (the "ANH"), ExxonMobil has acquired an undivided 70% participation interest and operatorship in VMM-37 to explore and develop the unconventional reservoirs. For purposes of the Agreement, unconventional formations are defined as the La Luna and deeper.
Patriot retains the remaining 30% interest in the unconventional play as well as a 100% participation interest in the conventional resources overlying the top of the unconventional interval.
Sintana's CEO, Doug Manner, remarked, "Now that we have ANLA approval of the VMM-37 Environmental License, the partners have initiated execution of a previously developed and internally approved, step-by-step, pre-drill plan. Progress updates will be issued from time-to- time as milestones are achieved and results become available".
A more detailed presentation of historical and technical information regarding Colombia's Middle Magdalena Basin and the VMM-37 Block is included in the Company's most recent Quarterly management's discussion and analysis which is available on both SEDAR (www.sedar.com) and Sintana's website at www.sintanaenergy.com
ABOUT SINTANA ENERGY:
The Company is primarily engaged in petroleum and natural gas exploration and development activities in Colombia. The Company's exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential.
The Company's private participation interests in Colombia include 100% of the conventional and 30% of the unconventional resources in the 43,158 acre VMM-37 Block, located in the Middle Magdalena Basin. Sintana also has a 30% private participation interest in the 58,570 acre Talora Block, 30% in 272,021 acres in the COR-39 & COR-11 Blocks and 25% carried private participation interests in the 154,909 acre VMM-4 and the 59,522 acre VMM-15 Blocks all located in the Magdalena Basin. In the Llanos Basin, the Company has a carried 25% private participation interest in the 11,624 acre LLA-18 Block. These interests are subject to all applicable regulatory and governmental approvals, including those of Colombia's National Hydrocarbon Agency (ANH).
On behalf of Sintana Energy
Chief Executive Officer
For additional information or to receive timely updates about Sintana's South America projects and recent corporate activities please visit the Company's website at www.sintanaenergy.com or email [email protected].
This news release includes forward-looking statements related to the expected occurrences in relation to the properties identified. A multitude of factors can cause actual events and results to differ significantly from any anticipated development and although the Company believes that the expectations represented by such forward- looking statements are reasonable at the time of preparation; there can be no assurance that such expectations will be realized in whole or in part. These forward looking statements are based on assumptions that the Company has made concerning the proposed exploration and development activities at VMM-37, oil and natural gas industry in Colombia, that all applicable regulatory approvals will be obtained, the reliability of available data regarding the properties and increasing demand for oil and natural gas. Risk factors which may cause actual results to differ from those anticipated in such forward looking statements include but are not limited to, the risk that Exxon may exercise its option to withdraw from the VMM-37 project at various stages of the work program, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and equipment, the fluctuating prices of oil and natural gas, the availability of financing and the Company's dependence on Sintana's management personnel and other participants in the property areas, including Exxon. Neither the Company nor any of its subsidiaries nor any of its officers or employees guarantee that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of any of the opinions expressed in this document or the actual occurrence of forecasted developments.
Undue reliance should not be placed on these forward-looking statements as there can be no assurance that such expectations will be realized. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This press release does not constitute an offer to sell or a solicitation to buy any of the securities of Sintana Energy Inc. in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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