Sunday, September 24, 2006

Canadian Oil Co Announces Drilling Success in Cuba

At this point, anything that would make GW squirm is alright by me:

Pebercan Announces Drilling Success in Cuba and Management Reorganization
Friday, September 22, 2006

Pebercan (TSX:PBC) is an independent group specializing in the exploration and production of hydrocarbons in Cuba, and is listed (PBC) on the Toronto Stock Exchange. The company also has a subsidiary (Pebermat) that specializes in drilling services.

Highlights

• Santa Cruz 302 well (STC 302) a success
• Gross daily production at Block 7 approaches 21,000 barrels per day; Pebercan’s share: 11,500 barrels per day
• Management reorganization

Continued increase in production
Prior to hook-up of the new well (STC 302, see below), total production for Block 7 is now approximately 21,000 b/d, of which Pebercan’s share is 11,500 b/d(before taxes). This represents a 42% increase in daily production over the same period in 2005.On September 7, the Company finished drilling on STC 302, reaching a total depth of 3,671 metres (–1,650 metres vertical depth) with a recognized reservoir length of 297 metres.

This well was tested using an 18-mm choke with a 3,000 bopd stabilized production. The success of this new drilling will ensure a significant increase in new production.

Furthermore, the wells currently being drilled (STC 201, STC 104, Seboruco 150, Seboruco 14 and Canasi 10), as well as two extra wells that will be drilled at Santa Cruz before year-end, should serve to
achieve the Company’s objective as planned of a 15,000 b/d share of gross production by the end of 2006 – a 60% increase over 2005.

On-shore exploration block
The Company is currently in discussion with the Cuban authorities regarding its intention to renew – under the terms of a changed contract – some of the mining interests it originally held as part of the non ring fence contract for production sharing, namely in Blocks 12, 13, 15 and Varadero Profundo. A definite decision regarding this request could possibly be made in late 2006/early 2007.

Management reorganization
On September 14, the Board of Directors appointed Mr. Christophe Ranger as CEO, in succession to Frédéric Boulet. Mr. Boulet, whose work on developing reserves, increasing production and improving the Company’s results was acclaimed by the Chairman of the Board on behalf of the Company, now wishes to devote his time to developing industrial activities as a shareholder. He will continue to serve as director of the Company and will be available to carry out any mandate that the President might wish to assign
him.

Mr. Christophe Ranger will carry out the CEO’s duties on an interim basis until a new candidate with experience in the oil industry has been selected through the recruitment process currently underway. Moreover, Mr. Gilles Frachon was appointed CFO and corporate secretary in replacement of Mr. Marc Sengès who has left the Company to accept a new position outside of the group.

Finally, following the departure of Mr. Didier Lechartier, the Board of Directors has accepted the appointment as a member of the Board of Directors of the Company of Mr. Michel Campioni. He will act as representative of Établissements Maurel & Prom SA,. Legal notes – forward-looking statements The forward-looking statements contained in this news release involve known and unknown risks and uncertainties, as well as other factors that could cause the Company's actual results, returns and realizations to differ materially from the future results, returns or realizations expressed or assumed by these forward-looking statements. Under no circumstances is the Company obliged to update or change these forward-looking statements on the basis of new information or future events, or for any other reason, and specifically disclaims any obligation in this regard. Additional important information concerning risks and uncertainties is provided in the Company’s most recent annual and interim reports, and in other documents that have been filed with the appropriate Canadian regulating authorities.

For more information about PEBERCAN, visit the OilVoice Oil & Gas Directory http://www.oilvoice.com/m/OID.asp

SOURCE: Oil Voice

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