Bolivia

Orca Petroleum Inc., Calgary, acquired with YPFB approval, a 12.5% working interest in the Villamontes Block in southern Bolivia for $287,500 and is seeking other oil investments in the country.

By OGJ editors

HOUSTON, Aug. 15 -- Orca Petroleum Inc., Calgary, acquired with YPFB approval a 12.5% working interest in the Villamontes Block in southern Bolivia for $287,500 and is seeking other oil investments in the country.

Operated by Matpetrol SA, a Bolivian operator for 40 years, the block yields 40 b/d of oil and has made 703,000 bbl of oil from Upper Carboniferous San Telmo since the first discovery in 1987. Block participants plan to sidetrack an existing well bore to penetrate San Telmo 30 m higher than existing wells.

Outside engineers attributed 629,000 boe of proved and probable reserves to the San Telmo and Permian Cangapi reservoirs as of Jan. 1, 2001.

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