Gulf United Energy Agrees To Acquire Interests In Colombia And Peru
Houston, TX- (Marketwire) - Gulf United Energy (OTCBB: GLFE) is pleased to announce it has entered into definitive agreements to participate in two hydrocarbon exploration blocks operated by SK Energy of Seoul, South Korea.
In Colombia, GLFE has agreed to acquire a 12.5% working interest in the 345,592 acre CPO-4 block in the Llanos Basin. CPO-4 is near existing production and immediately adjacent to and on trend with the Guatiquia block operated by Petrominerales. The operator recently interpreted 3D seismic on CPO-4 to identify multiple structures on trend within the Corcel where Petrominerales has reported significant success. Drilling is expected to commence on CPO-4 in Q1 or Q2 of 2011.
In Peru, GLFE has agreed to acquire a 40% working interest in the 2,803,411 acre Z-46 offshore block in the Trujillo Basin. Recent re-processed 2D data suggests a submarine fan deposition on the block and multiple leads have been identified. Two wells previously drilled on the block by Repsol reported oil, indicating an active hydrocarbon system. Z-46 has similar geological characteristics to the Perdido Fold Belt in the Gulf of Mexico which was first discovered in 2001.
Gulf United has filed an investor presentation with the Securities and Exchange Commission covering details of CPO-4 and Z-46. The presentation can be accessed by visiting EDGAR on the SEC's website at www.sec.gov. Commenting for Gulf United, CEO John Connally said, "We are pleased with the prospect of partnering with such a distinguished company as SK Energy in both of these blocks. We believe the near term drilling scheduled for the prospective CPO-4 block paired with our large interest in block Z-46 offers our shareholders the opportunity to participate in two projects that we believe have significant potential. We look forward to working with our partners as our exploration efforts move forward."
Based in Houston, Texas, Gulf United Energy, Inc. is an independent energy company with interests in oil and natural gas properties located in Peru and Colombia. Our common stock is listed for quotation on the OTC Bulletin Board under the symbol "GLFE." Additional information can be accessed by reviewing our Form 10-K and other periodic reports filed with the Securities and Exchange Commission.
For more information, please contact the Company at (713) 942-6575 or via email at info@gulfunitedenergy.com.
Safe harbor for Forward-Looking Statements: The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of the oil initially in place, drilling success rates, the reliability of 2D and 3D data, resource information and other performance results. These statements are made to provide the public with management's current assessment of the Company's business, and it should not be assumed that these reserves are proven recoverable as defined by SEC guidelines or that actual drilling results will prove these statements to be correct. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the SEC as we have identified many risk factors that impact our business plan.
SOURCE: Gulf United Energy