Barrett to expand exploration near oil finds in Peru

Click here to enlarge imageBarrett Resources (Peru) Corp. signed an exploration and development contract with Perupetro SA, Peru's oil regulator, for Block 39 in the Maranon basin. The area adjoins Block 67 where the Denver company last year discovered heavy oil in the three wells it drilled.Barrett's president Ralph Reed said that the company estimated probable reserves on Block 67 of 90 million to 300 million bbl of 12-21°-gravity oil. Consultants, taking into account 15 additional exploratory prospects, said potential reserves ranged between 391 million bbl in the most probable and 1.517 billion bbl in the most optimistic case, according to Perupetro.Reed said that Barre...

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