Santa Maria Petroleum Inc. Announces Its Audited Results for the Year Ended December 31, 2012
02 Mayo 2013 - 4:18PM
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 that its audited results for the year ended December 31, 2012 were
posted on SEDAR on April 30, 2013. Also, its annual NI-50-101 F1, F2, F3 Reserve
Information reports were filed SEDAR on April 30, 2013.
HIGHLIGHTS DURING THE YEAR ENDED DECEMBER 31, 2012 AND SUBSEQUENT
HIGHLIGHTS DURING 2012
-- On January 25, 2012 Santa Maria sold all of its Guatemalan operations in
order to focus its efforts on the Colombian operations. The purchaser
acquired all of the outstanding common shares of Quetzal Energy Inc., a
wholly owned subsidiary of Santa Maria which in turn owns all of the
outstanding common shares of Quetzal Energy (Bahamas) Ltd. (QEG), owner
and operator of the Guatemalan blocks. Consideration received in the
sale was comprised of cash of $1,500,000 and a 10% carried interest in
the first two wells to be drilled by the purchaser on the Guatemalan
properties. Santa Maria received $500,000 upon closing the agreement and
the remaining $1,000,000, together with a reimbursement of certain
expenses was received on February 20, 2013. The purchaser assumed all
liabilities and obligations associated with the property, regardless of
whether they arose prior to or after the sale.
-- In order to focus capital expenditures on the Canaguaro block and Block
27, the Company entered into an agreement with Omega Energy Colombia to
renegotiate its farm-in arrangement at Block 21, whereby Santa Maria
will cap its capital expenditure commitment to an agreed amount in
return for reduced production income participation. Under the terms of
the original farm-in agreement, Santa Maria was to pay 50% of two wells
in exchange for an income production participation of 35%. Under the new
arrangement, Santa Maria will pay a maximum of $3,875,000 towards the
two wells and will have the option, following the completion of those
wells, to: (a) waive any right to an income production participation
going forward and have no further financial obligations; or (b) retain a
24.75% income production participation in the block by reimbursing Omega
Energy Colombia for its incurred cost in the two wells, such that Santa
Maria will have paid 50%.
-- The Company encountered a challenge with the Canaguay-1 well on the
Canaguaro Block. Significant emulsions in the fluids and wax build-up in
late 2011 and through 2012 placed sever strain on the electric
submersible pump causing the well to be shut in for well cleaning and
de-scaling and repairs to and replacement of the pump during four
workovers in 2012. The last workover was completed on October 1, 2012
and the well has produced consistently at approximately 450-500 bopd
with a 60% watercut for the six months since. Santa Maria has a 25%
working interest in the Canaguaro block.
-- The Block 27 joint venture successfully met the Phase 1 work commitments
to process and interpret 474 km of 2D seismic and drill one exploration
well. It has entered the second exploration phase which carries a
commitment to drill two more exploration wells and acquire, process and
interpret 20 km of 2D seismic by February 2015.
-- On April 23, 2012, Santa Maria announced that NCT Energy Group C.A.
Colombia, as official Operator of the Llanos 27 Block, along with Santa
Maria and its partners, commenced drilling the Flami-1 well on the
Llanos 27 Block in the Llanos Basin of Colombia. The well was
successfully drilled to a total depth of 9,300 ft. on May 31, 2012. On
June 21, 2012 the Company announced a new oil discovery in the Une
formation of the Flami-1 well. The Company is paying 50% of the gross
amount to earn a private participating interest of 45.275% before payout
and 34.25% after payout.
-- On May 31, 2012 the Company received approval from its shareholders at
the special annual shareholders' meeting to change the name of the
Company to Santa Maria Petroleum Inc.
-- On May 31, 2012 the company received approval from its shareholders to
consolidate the issued and outstanding Common Shares on the basis of one
post-consolidated Common Share for every 10 pre-consolidation Common
Shares. The 600,764,492 pre-consolidation Common Shares that were
outstanding have been reduced to 60,076,449 post-consolidation Common
Shares. Accordingly, all employee and officer stock options and the
share and per share disclosures in the December 31, 2912 condensed
interim financial statements and this MD&A have been revised to reflect
the consolidation of shares for all periods presented.
HIGHLIGHTS SUBSEQUENT TO THE 2012 YEAR END
-- On February 20, 2013 Santa Maria received $1,121,445 as the final
payment for the sale of the Guatemalan exploration properties.
-- On February 22, 2013 Santa Maria remitted $1,250,000 to the operators of
the LLA-21 block in Colombia as the second installment pursuant to the
Amending Agreement to the original Participation Agreement for Block 21.
-- On February 26, 2013 the operator of Block 21 commenced drilling the
Calacho-1 well, the first exploration well on this block. Total depth of
7,000 was reached on March 2, 2013. The well was cased and closed off so
that the rig could move to the site of the Rocamao well, the second
exploration well on this block. Testing of the well will be carried out
after the second well is completed
-- On March 14, 2013 the operator of Block 21 commenced drilling the
Rocamao well, the second exploration well on this block. Total depth of
7,870 was reached on March 27, 2013 and the well was cased and closed.
Testing of the well has not been completed. Santa Maria believes that
this completes its work commitment for the LLA-21 block.
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
416-943-0021
ron@birchislandcapital.com
www.smpetroleum.com
Santa Maria Petroleum (TSXV:SMQ)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Santa Maria Petroleum (TSXV:SMQ)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024