C&C provides operational update

C&C Energia Ltd. is pleased to provide an operations update on its current activities in Colombia. The company continues to add shareholder value by consistently delivering production growth and finding new commercial accumulations of oil through exploratory and development drilling.

Production in June averaged approximately 11,270bopd bringing average production rates for the second quarter 2012 and year-to-date 2012 to approximately 10,500bopd and 10,450 respectively. Current production levels are approximately 11,500bopd. Year-to-date average production of approximately 10,500bopd represents a year-on-year increase of 52% versus the first half of 2011. The performance increase is primarily attributable to the Zopilote development drilling program and the Saimiri discovery on the Cravoviejo Block as well as several well work-overs providing lift optimization and sand control. Production forecast average for the full year remains unchanged at 10,500 bopd versus average production for 2011 of 8,400bopd.

On the Cravoviejo block (100% working interest), the C&C continues to develop the Zopilote field. Zopilote was one of the most significant light oil discoveries in Colombia in 2011. To date, C&C has drilled a total of 7 wells at Zopilote bringing total production capability to over 4,000 bopd. The previously announced Zopilote-11 development well reached a total depth of 9,131 feet and was cased. Zopilote-11 has now been tested and completed in both the Gacheta and C5 Formations. The Gacheta was swab tested at 490 bopd with a 5% water cut and the C5 tested on natural flow 340 bopd at a 0.2% water cut. 

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