Brownstone Energy Inc. Puts Flami-1 Well on Extended Test Production
TORONTO, ONTARIO--(Marketwire - Aug. 20, 2012) - Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the "Company") is pleased to announce that it has commenced extended test production of the Flami-1 well at the Llanos 27 block.
The Flami-1 well is the second well drilled by NCT Energy Group C.A. Colombia, as official Operator of the Llanos 27 Block, along with Brownstone and its partners. The well commenced drilling on April 23, 2012 and was drilled to a total depth of 9,300 feet on May 31, 2012. Initial testing operations occurred between June 21 and July 5, 2012. At that time the well was suspended while Brownstone and its partners awaited regulatory approval to put the well back on production. Approval was received on August 17 and production commenced on August 18, 2012.
Brownstone and its partners have brought the well back on at initial fluid production rates of 1,700 BOFD. The intention is to gradually increase drawdown rate while closely monitoring watercut in order to determine optimal production conditions. At present the well has been producing at an 18% watercut, producing approximately 1,400 BOPD.
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects, including varying interests in three off-shore Israel concessions and in four Colombian blocks in the Llanos basin, as well as other oil and gas interests worldwide. By owning and managing a diversified portfolio of energy-based projects, Brownstone provides shareholders with a unique energy alternative. For additional information, please see Brownstone's website: www.brownstoneenergy.com .