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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® EXPO.
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 achieved."
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 trades.
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 independents.
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.
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