Maurel et Prom to Become Operator in a New Block in the Prolific Colombian Llanos Basin

News provided by

Maurel & Prom

May 26, 2010, 01:05 ET

PARIS, May 26, 2010 /PRNewswire-FirstCall/ -- Maurel et Prom and Hocol, a company of the Grupo Empresarial Ecopetrol, have executed a Swap Agreement involving two exploration blocks in Colombia, exchanging a 50% working interest in the E&P License for block SSJN-9 (Lower Magdalena) for a 50% working interest in block CPO-17 (Llanos basin).

    - Maurel et Prom has assigned a 50% working interest in block
      SSJN-9 to Hocol, which in turn has assigned a 50% working interest to
      Maurel et Prom in block CPO-17.

    - The transaction has no cost other than the interest being
      exchanged.

    - Both blocks were part of the former ANH 2008 Colombia round
      currently on Phase I with seismic acquisition programs on their way in
      both.

The Swap Agreement is subject to Colombian National Hydrocarbon Agency "ANH" approval.

This transaction expands Maurel et Prom's exploration portfolio in Colombia, adding significant acreage in the prolific Colombian Llanos basin. The agreement includes exchange of operatorship in the blocks, once the ongoing seismic programs end Maurel & Prom will be the operator in block CPO-17 and Hocol will be the operator in block SSJN-9. Exchange of operatorship will provide synergies for Maurel & Prom in the Llanos, and Hocol in the Lower Magdalena given current presence of each company in the respective basins.

This press release may contain forward-looking statements with respect to the financial condition, results of operations, business, strategy and plans of Maurel & Prom. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. These forward-looking statements are based on assumptions which we believe are reasonable but that could ultimately prove inaccurate and are subject to a number of risk factors, including but not limited to price fluctuations in crude oil; exchange rate fluctuations; uncertainties inherent in estimating quantities of oil reserves; actual future production rates and associated costs; operational problems; political stability; changes in laws and governmental regulations; wars and acts of terrorism or sabotage.

          Maurel & Prom est cote sur Euronext Paris - compartiment A -
                             CAC mid 100 Indice

             Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

    For further information: http://www.maureletprom.fr
    Contact:
    INFLUENCES
    +33(0)1-42-72-46-76
    [email protected]

SOURCE Maurel & Prom

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