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Radial Energy Updates Recent Meetings and Events in Peru
Monday January 22, 4:30 pm ET
HOUSTON, TX--(MARKET WIRE)--Jan 22, 2007 -- Radial Energy Inc. (OTC
BB:RENG.OB - News) ("Radial" or the "Company") reports from Peru
that President and CEO of Radial, Mr. G. Leigh Lyons, has returned
from a trip to Lima, where technical meetings were held with CCP,
the operator of Huaya Block 100.
Radial is pleased to report that during the trip, Management also
met with senior officials from Perupetro S.A.
(http://www.perupetro.com.pe/), a state representative organization
that since 1993 promotes hydrocarbon investment exploration and
exploitation activities in Peru. As State representatives,
Perupetro negotiates, signs, and supervises hydrocarbon contracts
and Technical Evaluation Agreements. Likewise, it markets, through
third parties and under free market principles, the hydrocarbons
obtained from areas under service contract. The company is fully
autonomous concerning economic, financial, and administrative
issues in keeping with the objectives, policies, and strategies
approved by the Ministry of Energy and Mines of Peru. Radial
management met with the President, General Manager, and Contracts
Managers to update them on the status of the well and to discuss
Perupetro\'s upcoming visit to Houston where PeruPetro plans to
present a new round of exploration blocks. Eight of the exploration
blocks were generated by Gustavson Associates under contract to
Perupetro, the details of which will be presented by Gustavson in
Houston on February 2nd, coinciding with the upcoming NAPE®
The consultant firm, Gustavson Associates, LLC of Boulder,
Colorado, along with its Peruvian affiliate, Walsh Peru, an
environmental firm in Lima, was selected for the $700,210 contract.
Gustavson Associates has reviewed all available reports and
databanks, including exploratory wells, airborne gravity, magnetic
surveys, geochemical and seismic data. This has resulted in the
identification of the eight most promising areas.
"This work will set the stage for new oil and gas exploration
opportunities in Peru through the integration and interpretation of
critical data," stated Mr. José Chavez, Chief Executive Officer of
Perupetro. "The work under a US Trade & Development Agency
grant reinforces Perupetro\'s mission to promote private investment
in Peru\'s oil and gas sector. The Gustavson consultancy was
selected among competitors, because of that company\'s reputable
approach to frontier basin studies. The objective of Gustavson\'s
assistance was an integrated approach in putting these data
together in currently uncommitted areas, so that the different
sources and methods could reinforce each other. That has now been
Radial Energy looks forward to furthering these relationships early
next month as these companies will be attending the NAPE® EXPO
(http://www.napeonline.com/) in Houston, Texas on February 1 - 2,
2007. NAPE was founded in 1993 to provide an exhibitor marketplace
for the buying, selling and trading of oil and gas prospects and
producing properties. NAPE brings state-of-the-art prospects and
properties from the U.S. and around the world, along with advanced
technology purveyors and energy capital financiers together in one
location, creating a pure marketplace to establish strategic
alliances focused on doing business and initiating purchases and
In a recent report from the Company\'s Huaya 100-1X well located in
eastern Peru\'s Ucayali Basin, the operator has advised that the
drill rig\'s power head assembly was shipped back to Lima for
additional warranty repairs by Atlas-Copco, the manufacturer of the
equipment. Management is working diligently towards keeping the
planned schedule for the restart of drilling operations on a fast
track to resumption.
Radial President G. Leigh Lyons comments, "We are working closely
with the operator and equipment manufacturer to resolve the
hardware issue, and everyone is moving quickly to resume drilling
operations on the Huaya 100-1X well. We remain extremely confident
in the probability of positive results with the well itself, a
confidence derived in large part from the reserve assessment
provided to us by Gustavson Associates. We also look forward to
identifying additional exploration and production opportunities at
the 2007 NAPE® EXPO in Houston, having discovered the Huaya Block
100 project at last year\'s exposition."
About Radial Energy Inc. (OTC BB:RENG.OB - News)
Radial Energy identifies, acquires and develops low risk oil and
natural gas exploration and development opportunities throughout
the Americas. The Company\'s innovative strategy involves targeting
overlooked or under-developed reserves that are under the radar of
multinational oil companies and out of the reach of small
The Company targets prospective oil and natural gas opportunities
in historically productive regions with a focus on identifying
previously drilled but undeveloped exploratory wells that, due to
factors at the time of initial drilling including the absence of
pipeline infrastructure, lack of modern recovery technology, poor
geological or engineering interpretation or low oil and gas prices,
were not fully exploited.
Radial Energy is led by a highly motivated team of industry
veterans with proven expertise in North, Central and South American
oil and natural gas development. Bolstered by first-rate
management, farsighted acquisitions, the speed and agility to take
advantage of changing market conditions, a firm commitment to
building value for shareholders and the growing demand for energy
worldwide, Radial Energy is taking maximum advantage of a
tremendous opportunity to develop overlooked and under-developed
oil and gas reserves in North and South America.
Except for statements of historical fact, the information presented
herein contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include the statements regarding the
Company\'s expectations, hopes or intentions regarding the future.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of the company to be
materially different from any Future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include the ability to successfully drill
and complete wells such as the Huaya 100-1X well, general economic
and business conditions, the ability to acquire and develop
specific projects, the ability to fund future operations, and
changes in consumer and business consumption habits and other
factors over which Radial Energy Inc. has little or no control.
ON BEHALF OF THE BOARD
Radial Energy Inc.
G. Leigh Lyons, President
Investor Relations Contact
J & J Investor Relations Inc.
Visit our website at http://www.radialenergyinc.com
cu next week.