Thursday, December 8, 2011

Petrominerales Hunt For Big Game in Peru Commences

Veraz Petroleum Ltd. Announces Spud of La Colpa 2X Well

CALGARY, ALBERTA--(Marketwire - Dec. 8, 2011) - Veraz Petroleum Ltd. ("Veraz" or the "Company") (TSX VENTURE:VRZ) is pleased to announce the commencement of the drilling of the La Colpa 2X well, situated on Block 126 in east central Peru. Veraz has a 20% working interest in this project which is operated by Petrominerales Ltd..

'Veraz has been engaged in this project for over five years and we are very excited to commence this drilling program. I would like to acknowledge the hard work and commitment of our staff as well as the tremendous support and assistance provided by our partner, Petrominerales Ltd.' commented Mr. Oppe Cosijn, President and Chief Executive Officer of Veraz.

In the August 2011 Operations Update, it was suggested that the La Colpa 2X well would be drilled in two stages with the shallow zones being tested before year-end 2011. Because of weather related delays there is insufficient time to accomplish this and the partners have decided to drill to a total measured depth of approximately 2900m with logging and testing to follow. Drilling and testing of the La Colpa 2X well are anticipated to be completed in the first quarter of 2012. Once this is accomplished the drilling rig will be moved to the Sheshea 1X location in anticipation of the commencement of drilling operations there.

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