Thursday May 29, 9:00 am ET
HOUSTON--(BUSINESS WIRE)--West Canyon Energy Corp. (OTC BB: WCYO.OB) is pleased to provide an operational update on recent progress the company has made in its Colombian corporate and exploration activities.
West Canyon Energy experienced a number of important developments within the last quarter, as well as developing a strategy for their Colombian prospects for the calendar year 2008.
Buenavista Block, Bolivar Field ? Bogota, Colombia
West Canyon holds a 16% participation interest in the Buenavista Block which is a 25,000 acre contiguous land parcel northeast of Bogota containing the currently producing Bolivar Field. Partnered with UTO (the block operator) and Australian Infinity, West Canyon participated based on potential of the Bolivar Field which represents potential reserves of 2.95 MMBO.
The Company is currently producing 100 BOPD from the Bolivar-1 well which is currently undergoing testing with plans for a future workover. A well was drilled in Q4 2007 but did not present itself to be commercially viable. West Canyon is currently scheduled to shoot 50km of 3D seismic to gather information for a future well in a better location on the block. The Company is obligated to drill another well before the end of 2008, while the seismic program may give the right to alter the obligation timing.
Juan Carlos Robles, President and CEO of West Canyon Energy, said: "We?ve already begun to implement our strategy in the Buenavista Block and look to continue it throughout 2008. We believe that our new 3D seismic program will better ensure that we maximize the productivity of our holdings.The Bolivar Field holds potential, of which we look to further develop and exploit with our partners within this block."
Talora Block ? Bogota, Colombia
West Canyon Energy holds a 20% participation interest in the Talora Block, which is a 108,333 acre contiguous parcel of land. Located just southwest of Bogota, Colombia, the parcel contains five prospects with combined potential reserves of 209 MMBO.
Brazil?s state-owned Petrobras has operated the Guando field just southwest of the Talora Block since 2002. By 2006, 70 producing wells had been drilled in the field yielding 33,000 barrels of oil per day (BOPD).
Between January and May, 2008, West Canyon and its partners drilled a well to the depth of 5,500 feet. The Manatial 1-R-ST1 well did not prove to be commercially viable. The Company is scheduled to drill another well in the region by the end of 2008 to meet its obligation.
Juan Carlos Robles, President and CEO of West Canyon Energy, states: "Our team is pleased with our position in the Talora Block. Judging by the success of other companies in the area, we maintain that this block has future production value that we hope to explore and develop further."
Carbonera Block, Catatumbo Basin ? Bogota, Colombia
West Canyon holds a 6% participation interest in a 64,000 acre block located northeast of Bogota near the Venezuelan border. Operating the contract is Well Logging Ltd., which will add three exploration wells over the next few years. Located in the Cataumbo Basin, the Carbonera Block represents potential recoverable reserves of 60 BCF of natural gas and 17.6 million barrels (MMBL) of condensate.
On the block is the Cerro Gordo-1 Well which proved productive after Well Logging Ltd. re-entered the original well that was drilled and abandoned by Texaco in 1989. Flow tests provided rates of 4.0 million cubic feet of gas per day (MMCF/day) and 60 BBL/day.
The Company has hired a crew to conduct 70km2 of 3D seismic, fulfilling an obligation to retain the block. Locations for future drilling activity will be determined upon receipt of the results of the 3D seismic acquisition.
Juan Carlos Robles, President and CEO of West Canyon Energy, commented, "We like our position in the Carbonera Block. We believe there are at least another three (3) exploration wells over the next few years for us to add to our existing drilling program, thus further enhancing Shareholder value. We anticipate that the new 3D seismic on the block will aid us in selecting the sites for those future wells."
Further Information
Please feel free to call investor relations toll-free at 1-888-977-6884 to receive a full corporate investor's package.
About West Canyon Energy Corp.
West Canyon Energy Corp. is a publicly traded independent oil and gas exploration company with headquarters in Houston, Texas. West Canyon Energy aims to secure and develop a portfolio of oil and gas properties in Colombia and the continental U.S. with proven producers and operators. West Canyon Energy trades on the NASD OTC BB under the ticker symbol: WCYO - "West Canyon Energy Corp., working for production of oil and gas properties throughout America.?
On behalf of the Board
Fred B. Zaziski, Chairman
Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that West Canyon Energy Corp. can identify and successfully negotiate leases for oil and gas properties in Colombia and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
info@redchip.com
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