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Cerro Negro
The Cerro Negro block consists of approximately 45,942 acres situated within the Golfo San Jorge basin and currently produces approximately 250 barrels of oil per day from six wells. Producing reserves (P1) are estimated at approximately 6.2 million barrels of oil equivalent (97% oil), with total Producing, Probable and Possible (P3) reserves estimated at approximately 25.8 million barrels of oil equivalent. Purchase of Cerro Negro will include extensive two and three dimensional seismic data sets, all gathering, oil treatment and storage facilities on the concession as well as oil transport and existing sales contracts.