TORONTO, ONTARIO--(Marketwire - June 6, 2012) - Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd. (TSX VENTURE:QEI)) ("Santa Maria") is pleased to announce that testing of the Flami-1 well at the Llanos 27 Block will begin shortly.
The Flami-1 well commenced drilling on April 23, 2012. The well was drilled with the Saxon 132 1,500 horsepower rig and was successfully drilled to a total depth of 9,300 feet on May 31 2012.
Well logs indicate an estimated 20 feet of potential gross oil pay in the Mirador formation and 22 feet in the Une formation. Completion and testing operations will begin with the Une formation with the Mirador to follow. Testing of the potential zones is expected to take approximately 3 weeks.
Santa Maria is paying 50% of the total cost of the well and will earn 45.275% of production before payout and 34.25% of production after payout under a private participating interest agreement.
About Santa Maria Petroleum Inc.
Santa Maria is a junior oil and gas company with private participating interests in 4 blocks in the Llanos Basin of Colombia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Ron MacMicken
President & Chief Executive Officer
(647) 476-7572
ron@smpetroleum.com