Petrodorado Receives the EIA Approval for Cpo-5 Block

Source: www.gulfoilandgas.com 8/8/2012, Location: South America

Petrodorado Energy Ltd. is pleased to announce the start of drilling operations on its Dorados-1X exploration well, EIA approval for CPO-5 has been received, and sets August 28th, 2012 for its Annual General Meeting.

Talora
The exploration well Dorados-1X started drilling operations on July 31 and is presently at a depth of 2,000 feet. This well has a planned total depth of 9,500 feet and is targeting the Caballos and Tetuan formations. As previously announced, the Company retains 65% operated working interest in the block while paying 35% of the well costs, and the farmee paying 60%, subject to a cap of US$6.5Million. Costs above the cap are paid proportionally by each partner based on their respective working interests.

CPO-5
The environmental license agency (ANLA) has approved the EIA – Environmental Impact Assessment - for the block. This approves 15 locations, 3 wells per location for a total of 45 wells. The operator is proceeding ahead with the plans to initiate site construction and contracting of services to start drilling. The Company will inform once drilling start dates are confirmed.

Annual General Meeting
The Company will hold its AGM on August 28th, 2012, at the Bow Valley Square Conference Centre, 2055 Avenue SW, Calgary, AB T2P 2V7 at 2pm local time. The correct number of stock options being re-priced are 28,980,000 and not 29,980,000 as previously stated on the press release dated July 12, 2012.

Krishna Vathyam, President and CEO of Petrodorado Energy Ltd.
“We are excited to finally start our exploration drilling program in the Talora block and are even more thrilled to have received the CPO-5 environmental license. We look forward to getting drilling results in September for Dorados-1X and then proceed to drill the high impact CPO-5 exploration wells.”


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