Solana Resources - Catguas Block, Catatumbo Basin

    Solana Resources Limited ("Solana" or the "Company") - Catguas Block -

Catatumbo Basin

 

     CALGARY and LONDON, March 5 /CNW/ - Solana Resources Limited (TSX-V: SOR;

AIM: SORL) announces a temporary suspension of testing activities at Solana's

Tres Curvas-1 well, located in the Catguas Block, Catatumbo Basin, in response

to increased security incidents in this area. A revised security protocol is

being instituted in cooperation with the Government of Colombia and should

allow testing to recommence in a few weeks. Solana's 2008 Catguas Block plans,

including the drilling of two exploration wells and the acquisition of 50

km(2) of 3D seismic data and 132 line-km of 2D data, have not changed. The

increased security protocol will impact the costs and timing of these

activities.

     The highly prospective 1,591 km(2) Catguas Block borders Venezuela and is

immediately west of the 255 million barrel Tibu field. In view of the superior

exploration potential of this block, Solana is committed to executing the 2008

work program which contemplates activity in excess of minimum contractual

commitments.

     Solana is the operator of the Catguas Block with a 100% working interest.

Trayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in

70% of the block and a 50% beneficial interest in the remainder.

 

     Forward Looking Statements

 

     Certain information regarding the Company, including management's

assessment of future plans and operations, may constitute forward-looking

statements under applicable securities law and necessarily involve risks

associated with oil and gas exploration, production, marketing and

transportation such as loss of market, volatility of prices, currency

fluctuations, imprecision of reserve estimates, mechanical problems, equipment

limitations, environmental risks, competition from other producers and ability

to access sufficient capital from internal and external sources; as a

consequence, actual results may differ materially from those anticipated.

 

     Solana Resources Limited

 

     Solana (www.solanaresources.com) is an international resource company

engaged in the acquisition, exploration, development and production of oil and

natural gas. The Company's properties are located in Colombia, South America

and are held through its wholly owned subsidiary, Solana Petroleum Exploration

(Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.

 

     NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS

     RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE

     ADEQUACY OR ACCURACY OF THIS RELEASE

 

 

For further information: Solana Resources Limited, Scott Price, Ricardo

Montes, jsp(at)solanaresources.com, rmontes(at)solanacolombia.com, (403)

770-1822, (403) 668-6604; Nabarro Wells & Co. Limited (Nominated Adviser),

Robert Lo, Marc Cramsie, RobertLo(at)nabarro-wells.co.uk,

MarcCramsie(at)nabarro-wells.co.uk, +44 20 7710 7400; Tristone Capital Limited

(UK Broker), Nick Morgan, nmorgan(at)tristonecapital.com, +44 207 355 5800;

Pelham Public Relations, Charles Vivian, Philip Dennis,

charles.vivian(at)pelhampr.com, philip.dennis(at)pelhampr.com, +44 207 743

6672, +44 207 743 6363

(SORL)

 

 

 

 



END

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