La Cortez Energy, Inc. issued financial results along with an operational update on the company’s oil and gas properties for the first quarter of 2011.
La Cortez Energy reported net production of 7,730 barrels of oil for the most recent quarter, compared to only 1,198 barrels of oil in the same period in 2010. On a daily basis, production was 98 barrels of oil per day compared to 24 barrels per day in the year earlier period.
La Cortez Energy attributed the large production increase to work over activity at the Mirto-2 well. This well is located on the Maranta block in Columbia and is the company’s only producing well at the current time.
La Cortez Energy said that the Mirto-1 well encountered a mechanical failure at the end of 2010 and was shut in to commence repairs. The company plans to start work over activity on the Mirto-1 well shortly and will be targeting the Villeta N formation.
La Cortez Energy reported capital expenditures of only $47,664 during the first quarter of 2011, but plans much higher spending during the balance of the year and into 2012. This includes $8.3 million at the Putumayo 4 block and an additional $2.5 million at the Maranta block.
For more information on the company, go to www.lacortezenergy.com