RIO DE JANEIRO, June 30, 2011 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces the spud-in, on June 29 at 3:00 p.m, by its subsidiary HRT O&G Exploração e Produção de Petróleo Ltda. "HRT O&G", of its third exploration well, location 1-HRT-168/01-AM, codified by the National Petroleum, Natural Gas and Biofuel Agency - ANP as 1-HRT-3-AM.
This third well is approximately 7.5 km distant from the Municipal District of Carauarí, in the State of Amazonas, and is being drilled by the QG IX drill of Queiroz Galvão, and is forecast to reach a final depth of approximately 2,620 meters.
This well is being drilled in the contingent resource structure called Gavião (GAV), located in the Block SOL-T-168, in the Sedimentary Basin of Solimões, in order to test the Eastern extension of the structural high already tested in the past by well 1-GAV-01-AM. This previous test revealed the presence of gas in the Juruá Formation. Based on the results of previous wells, HRT expects to test in this well for the potential of gas production from the Lower Juruá Formation reservoirs (Carboniferous Age), as well as evaluate if the Devonian Age reservoirs have potential for hydrocarbons production.
HRT O&G holds 55% participating interest in 21 exploration blocks in the Sedimentary Basin of Solimões, covering an area of approximately 48.5 thousand km2, where 52 prospects have been mapped and certified and 11 discoveries were classified as contingent resources.
It is expected that well 1-HRT-194/01-AM be spudded by July. This well will be drilled into the structure mapped and classified as contingent resource called Igarapé Maria (IMA), located South of the Sudoeste de Urucu Field (SUC).
For further information, contact HRT's Investor Relations Department.
About HRT
HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., BN47 Serviços Aéreos Ltda., Ranger Participações Ltda. and UNX Energy Corp. The Company retains a 55% interest in 21 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks at the Namibian coast, where it retains interest in two of them, in the Walvis Sub-basin, and in other eight, in the Orange Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment with the local communities is towards health conditions, security and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir
Disclaimer
This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forwardlooking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree of uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third party contractors; labour disputes, disruptions or declines in productivity; increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which HRT may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Namibia and Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage; early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of factors is not exhaustive and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
