Sitio Web de Suelopetrol

Suelopetrol, a Venezuelan company dedicated to exploration and production of hydrocarbons, announced a dividend of Bs. F 0.075339 per share on April 30th, 2009 during its Annual Shareholders Meeting corresponding to the fiscal year 2008, based on regulations for companies registered in the National Stock Commission.

Also during the meeting the stockholders approved the actualization of the company’s capital by 80,35 million of Bolivars in order to total 91,84 million of Bolivars. Furthermore, it was approved a new increase of capital through a rights offering of 87.5 million of shares exclusively for stockholders, up to 70 million of Bolivars, which would take the social capital of the company up to 161,84 millions of Bolivars. These steps are now subjected to the approval of the National Stock Commission, the National Stock Registry and the Caracas Stock Exchange.

The net gain of the company for the year ended as of December 31, 2008 was 24 million of Bolivars or BsF. 0,21 per share, which allowed to eliminate an accumulated deficit of 13 million of Bolivars. After 3 consecutive years of growth in real terms of the total income which reduced from 186 million of Bolivars in 2007 to 130 million in 2008. Nonetheless, gross gain of the company was sustained in 2008, due to a reduction of 50 million in operational costs but also increased by the dividend income received from its participation in the mixed enterprise Petrocabimas. The shareholders patrimony as of the end of 2008 reached 250 million of Bolivars.

Regarding exploration activities, the invoicing for seismic services was 102 million of bolivars. During the period, the Tiznado Barbacoa Project for the Argentinean company Pluspetrol was successfully finished and in July started the seismic data survey in two and three dimension Campo Costanero Bolivar for Petrocabimas, which finished satisfactorily in December 2008. On November, after a bidding process that lasted six months, Suelopetrol signed with PDVSA a contract for the execution of the Oro Negro 07G Project for a period of 300 days.
In October 2008 Suelopetrol was included in a list of 40 companies invited by PDVSA to participate in the selection of partner process to develop the Carabobo area of the Orinoco Oil Belt, known as Carabobo Project. Suelopetrol is the only Venezuelan company invited to this bidding because its technical and financial qualifications.

Growing abroad:
The foreign offices of Suelopetrol also got satisfactory results.
In April Suelopetrol started the production, after taking the facilities, of the Pucuna Field, near the El Coca city with seven active wells out of the 13 existing, 4 wells have been incorporated up to this date, which generated an increase of the initial production base curve of 1,600 barrels per day up to 2,500 b/d. During the first year of operations four deliveries have been made to the international markets for a total volume of 92,187 barrels. It is planned to increase the production levels through a drilling campaign in Pucuna and Singue Fields starting on the first quarter of 2010.

In Mexico, Suelopetrol maintained its participation of 15.71% in the Monclova Pirineos Gas (MPG) consortium, with an investment of 6 millions of Dollars registered in books. MPG owns 100% of Pirineos Block and 40% of Nejo Block. In Pirineos Block five wells were drilled, which 3 were successful and increased the production from 3.5 million of cubic feet of gas per day (MMCFGD) to an average of 48 MMCFGD by the end of the year. It was built the bitter gas gathering and processing station Pirineos 1, with a capacity to sweeten a volume of 50 MMCFGD. Additionally it was negotiated with PEMEX the increasing of 40% in drilling prices. In Nejo Block a total of 21 wells were drilled which 20 were successful and the production increased from 30 to 50 MMCFGD. The enlargement of the gathering station started in order to increase the treatment capacity to a total volume of 100 MMCFGD.

In Hardin Field, Texas, Suelopetrol maintained its participation of 15% with a registered investment of 2.5 million of dollars. During the first semester of the year, the technical team of TSC in Caracas ended the field development study, determining proved reserves of 15.6 millions of barrels and 12.5 millions of barrels of probable reserves plus 5.8 million of barrels of possible reserves. Simultaneously, the production program started due to the high level of fluids, through the installation of electro-submersibles pumps in five wells to triplet the oil production, going from 50 to 220 barrels a day. The facilities to handle total fluids were built to generate a potential of 10,000 barrels.
Suelopetrol Ecuador increases the production in Pucuna Field to 2,500 B/D
Light crude oil 44° API is extracted from Pucuna 08 well.