Sintana Energy Inc.

Description

Sintana Energy Inc. is a North American oil and gas exploration firm that operates in the energy sector. The principal business of Sintana involves the acquisition, exploration and development of hydrocarbon resources into quality crude oil and natural gas assets with potential for crucial hydrocarbon reserves.

Sintana Energy is publicly listed on the TSX Venture Exchange where its common shares are traded under the stock quote SEI. The natural resource miner operates in the VMM-37 Block that encompasses a gross land area of 43,158 hectares in the Middle Magdalena Basin, Colombia. This project enables the company to unlock both conventional and unconventional hydrocarbon potential.

The Middle Magdalena is Colombia’s oldest basin, since 1918 when the La Cira-Infantas field complex was identified. Over the century, the basin is expected to have produced about two billion barrels of oil.

The company holds a 100 per cent stake in the conventional VMM-37 field. While for the unconventional play, Sintana signed a Farm-out Agreement with ExxonMobile in 2012 according to which ExxonMobile can explore the unconventional grounds. The unconventional resources at the VMM Property comprise the La Luna Formation – possibly the world’s most productive source rock, which makes it the main target at the basin. A similar type of formation occurs at the Maracaibo basin in Venezuela, which is predicted to host more than 250 billion barrels of recoverable oil.

Pursuant to the agreement, ExxonMobile will own an unshared 70 per cent stake in the unconventional field potential and become its operator. While Sintana will retain a 30 per cent stake in the unconventional grounds, in addition to the wholly-owned conventional reservoirs.

Sintana Energy manages its Colombia-based exploration business operations through its head office in Dallas, Texas and corporate office in Toronto, Ontario. The explorer is focused on discovering, exploring, and evaluating new prospective targets and hydrocarbon resources in the prolific Magdalena Basin, in the Paleogene region. The company aims to build a portfolio of high-impact oil and gas exploration assets and prospects to capitalize on market opportunities by implementing the financial expertise of its management team.