Canadian Occidental Petroleum Ltd. Acquires Two Exploration Blocks In the Putumayo Basin In Columbia.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 8, 1996-- Canadian Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Ltd. announces that wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Canadian Petroleum Colombia Limited has entered into contracts with Colombia's national oil company, Ecopetrol, to explore the Paramo pa·ra·mo n. pl. pa·ra·mos A treeless alpine plateau of the Andes and tropical South America. [American Spanish páramo, from Spanish, wasteland.] Este and Paramo Oeste blocks in the Putumayo Basin. Under the terms of the contracts, CanadianOxy will reprocess re·proc·ess tr.v. re·proc·essed, re·proc·ess·ing, re·proc·ess·es To cause to undergo special or additional processing before reuse. Verb 1. existing seismic and will acquire 200 kilometers of new seismic over a two year period. CanadianOxy has the option of entering into an exploration drilling phase in year three. CanadianOxy holds a 100% working interest in the blocks which comprise 575,000 acres. The Paramo blocks are adjacent to the Troyano Block in which CanadianOxy recently acquired a 50% interest. These blocks provide CanadianOxy with multiple, low to moderate risk exploration opportunities within a proven basin, on trend with several producing oil field including the 225 million barrel Orito field. Dave Hentschel, President and Chief Executive Officer of CanadianOxy commented: "We now have a dominant exploration position in this attractive and under explored basin. We are excited about the prospects here and elsewhere in northern South America Northern South America is a region in the continent South America. This region has a rich range of natural resources exploited to European explorers over the past couple of centuries. Most of the most populous cities, such as Bogotá, are located temperate conditions of the Andes. , an exploration focus area for us." CONTACT: Kevin Finn Director, Investor and Media Relations 403/234-1932 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion