Caricare-5 PVT Final Report

Reservoir Fluid Study

for

OCCIDENTAL DE COLOMBIA

Caricare-5 Well, Form.: M2

RFL 0603116

Core LaboratoriesCra 39 Nro. 168-52, Bogotá, Colombia

Tel: +57 (1) 6740400 Fax: +57 (1) 6730060 Web: http://www.corelab.com

The analyses, opinions or interpretations in this report are based on observations and material suppliedby the client to whom, and for whose exclusive and confidential use, this report is made. Theinterpretations or opinions expressed represent the best judgement of Core Laboratories Venezuela,S.A. (all errors and omissions excepted); but Core Laboratories Venezuela, S.A. and its officers andemployees assume no responsibility and make no warranty or representations as to the productivity,proper operation or profitability of any oil, gas or any other mineral well formation in connection withwhich such report is used or relied upon.

Core LaboratoriesCra. 39 Nro. 168-52

Bogotá, ColombiaTel: 57 1 6740400

Web: http://www.corelab.com

Sincerely,CORE LABORATORIES VENEZUELA, S.A.

David McEvoyManagerReservoir Fluids Laboratory

October 12th, 2006

Occidental de Colombia.Bogota, Colombia.

Attention : Eng. Aldo Caliz Subject: Reservoir Fluid Study Well: Caricare-5Formation: M2Interval: 9712'-9724'File: 0603116

Dear Sirs.:

Two bottomhole samples and two wellhead samples from the subject well were collected onJuly 9th and July 10th of 2006 by Core Laboratories representatives and delivered to ourfluid laboratory in Bogotá for use in the performance of a Reservoir Fluid Study. Thesamples were transported to the laboratory whereupon sample validation and analysiscommenced.

Preliminary results were reported during the execution of the study and the final report ispresented in the following pages.

It has been a pleasure to perform this study for Occidental de Colombia. Should anyquestions arise or if we may be of further service in any way, please do not hesitate tocontact us.

OCCIDENTAL DE COLOMBIACaricare-5 Well, Form.: M2___________________________________________________________________________________________RFL 0603116

Table of Contents

Section A - Summary of PVT Methods and Data Page

Summary of analysis methods........................................................................................ A.1-A.3

Summary of PVT data..................................................................................................... A.4

Section B - Summary of Samples Received and Validation Data

Well information............................................................................................................... B.1

Summary of samples received ....................................................................................... B.2

Section C - Compositional Analysis of Bottomhole Fluid Sample to C36+

Compositional analysis of bottomhole fluid sample to C36+........................................... C.1-C.2

Section D - Constant Composition Expansion

Constant composition expansion at 200 °F..................................................................... D.1-D.2

Graphs from constant composition expansion at 200 °F................................................ D.3

Partial constant composition expansion at 120 °F.......................................................... D.4-D.5

Partial constant composition expansion at 86 °F............................................................ D.6-D.7

Partial constant composition expansion at laboratory ambient temperature (70 °F)....... D.8-D.9

Section E - Differential Vaporization

Differential vaporization data........................................................................................... E.1

Graphs from differential vaporization data....................................................................... E.2

Compositional Analysis of Differential Vaporization Gases to C11+............................... E.3

Compositional Analysis of Differential Vaporization Residue to C36+............................ E.4-E.5

Differential vaporization data converted to surface separator conditions........................ E.6-E.7

Section F - Bottomhole Fluid Viscosity Data

Bottomhole fluid viscosity data........................................................................................ F.1

Graphs from bottomhole fluid viscosity data................................................................... F.2

Section G - Separator Test Data

Separator test 1............................................................................................................... G.1

Compositional analysis of gas sample from separator test 1.......................................... G.2

Separator test 2............................................................................................................... G.3

Compositional analysis of gas sample from separator test 2.......................................... G.4

Section H - Appendix

Data used in gas compositional calculations................................................................... H.1

Data used in liquid compositional calculations................................................................ H.2

___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Section A - Summary of PVT Analysis Methods and Data



Summary of Analysis Methods

Sample ValidationThe bubble point pressure at ambient temperature and free water content of each bottomholesample were determined as initial quality checks. From this quality control, the measured bubblepoint pressures of the samples showed good agreement with one another and very little free waterwas measured. The PVT study proceeded using the bottomhole samples while the wellheadsamples were retained as backups.

Heat TreatmentThe selected bottomhole fluid sample was heated to 200°F prior to subsampling for laboratory teststo avoid potential wax deposition problems.

Pressurized Fluid CompositionApproximately 30 cc of pressurized fluid was flashed to atmospheric pressure at 120 °F andseparated into gas and oil phase. The evolved gas and residual liquid were analyzed separately,using gas-liquid chromatography and recombined on a weight basis to produce a C36+ weightpercent composition.

Gas CompositionsGas composition were measured using a "one shot" Varian 3800 gas analyzer using GPA 2286method. The gas chromatograph utilizes 3 columns to clearly identify all of the eluted componentsfrom N2, CO2 and C1 through C11+.

The chromatograph is calibrated weekly using air and synthetic hydrocarbon gas with a knowncomposition. The resultant calibration data is checked statistically against previous calibrationsprior to performing analyses on unknown samples.

Liquid CompositionResidual/stocktank liquid composition were measured using a Varian 3400 chromatograph. Thegas chromatograph utilizes a cold on column, "sandwich injection" technique to ensure that arepresentative sample is injected and swept onto the column. The sample is run twice; first theoriginal fluid and then fluid spiked with n-tetradecane. This allows the laboratory to take intoaccount any heavy end (C36+) losses that may have occurred during the chromatographic run, andmake an accurate correction prior to reporting the liquid composition. The data obtained from thegas chromatograph is in weight %. Calculations to mole% and the plus fractions properties aredescribed later.

The chromatograph for liquid samples is checked daily, using a gravimetric n-paraffin mixcontaining a range of pure components from C8 through C36 and a synthetic gas-oil mix (D2887)with known composition. The resultant calibration data is checked statistically against previouscalibrations prior to performing analyses on unknown samples.

A.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Summary of Analysis Methods (Continuation)

Calculation of Mole% Compositions and Plus Fraction PropertiesThe residue or stocktank liquid whole sample molecular weight and density are measured using acryscope and a PAAR densitometer respectively.

The mole% data is calculated using GPSA mole weight and density data, where individualcomponents are identified, from carbon dioxide through decanes. Katz and Firoozabadi data areused from undecanes through pentatriacontanes. The residue mole weight and density values arecalculated so that the pseudo average mole weight and density are the same as the measuredvalues. This can lead to anomalous residue mole weights and densities where the Katz andFiroozabadi values may not be suitable for the isomer groups detected.

Other alternatives are to use an assumed C36+ molecular weight and density value, use a linearextrapolation technique for components from C10 to C35 to calculate the C36+ properties or toutilise distillation analysis to produce a C11+, C20+ or C36+ residual oil fraction and physicallymeasure the molecular weight and density.

Constant Composition ExpansionA portion of the bottomhole fluid sample was charged to a high pressure visual cell at ambientlaboratory temperature . A partial constant composition expansion was carried out during whichthe bubble point pressure at ambient temperature was determined. This process was repeated fortemperatures of 86°F and 120°F and finally the sample was thermally expanded to the reservoirtemperature for the complete constant composition expansion test. Pressure-volume data for thesingle phase and two phase fluid were also determined. The density of the single phase fluid wasdetermined by weighing measured volumes pumped from the cell at 5000 psig. Density data forother pressures were calculated using the volumetric data.

Differential VaporizationThis was carried out in a high pressure visual cell, at reservoir temperature. At several pressurestages below the observed saturation pressure, the sample was stabilized. The gases evolvedwere then pumped out of the cell and its volume, compressibility and gravities were determined.The final stage was carried out at atmospheric pressure when the residual liquid was pumped out ofthe cell and its volume, density and molecular weight were measured.



Summary of Analysis Methods (Continuation)

Reservoir Fluid ViscosityLive-oil viscosity was measured in an electromagnetic viscometer at reservoir temperature.Viscosity determinations were carried out over a wide range of pressures from above the reservoirpressure to atmospheric pressure.

The measurements were repeated at each pressure stage until five or more results agreed to within0.5%. The densities, obtained from the constant composition expansion and differentialvaporization tests, were used in the calculation of viscosities in centipoise.

Separator TestsFinally, two single-stage separator tests were carried out using a pressurized test separator cell. Aportion of the bottomhole fluid sample, at a pressure above saturation pressure, was pumped intothe separator cell and stabilized at the pressure and temperature required for the first stageseparation. The gas evolved was pumped out of the cell and the volume and composition weredetermined. The final stage was carried out at atmospheric pressure and separator temperatureand the density of the residual liquid was determined.



Summary of PVT Data

Constant Composition Expansion at Laboratory Ambient Temperature (70 °F)

Saturation pressure (bubble-point) 289 psig

Constant Composition Expansion at 86 °F






Average single phase compressibility 7.42 x 10 -6 psi-1(From 3735 psig to 412 psig)

Thermal expansion at 5000 psig 1.0482 vol / vol(Vol at 200°F)/(Vol at 60°F)

Differential Vaporization at 200 °F

Solution gas-oil ratio at saturation pressure 113 scf/bbl of residual oil at 60°F

Relative oil volume at saturation pressure 1.130 vol / vol of residual oil at 60°F

Density at saturation pressure 0.7756 g cm-3

Bottomhole Fluid Viscosity at 200 °F

Viscosity at reservoir pressure 1.584 centipoise at 3735 psig

Viscosity at saturation pressure 1.170 centipoise at 412 psig

Separator Test DataPressure TemperatureFormation Volume Total Solution Stocktank Oil

(psig) (°F) Factor Gas-oil ratio Density at 60 °F(Bl sat/bbl) (scf/bbl) (g cm-3)

Test 1412 200 1.139 97

60 2000 200 0.8504

Test 2412 200 1.140 98

30 2000 200 0.8534



Section B - Summary of Samples Received and Validation Data



Reported Well and Sampling Information

Reservoir and Well Information

Field......................................................................... Caricare Well.......................................................................... Caricare-5Reservoir Fluid......................................................... Black Oil Formation................................................................. M2Current Reservoir Pressure .................................... 3750 psiaReservoir Temperature............................................ 200 °F

Installation................................................................ *DST.......................................................................... *Perforated Interval .................................................. 9712'-9724'

Sampling Information

Date sampled........................................................... 9-Jul-06 & 10-Jul-06Time sampled .........................................................Type of samples....................................................... Wellhead & BottomholeSampling company.................................................. Core LaboratoriesSampling Depth...................................................... 8,000 ft

Choke....................................................................... *Status of well............................................................ Shut-In

Bottomhole pressure................................................ 3115 psiaBottomhole temperature.......................................... 210 °F

Wellhead pressure................................................... 415 psiaWellhead temperature............................................. 95.8 °F

Separator pressure ................................................. *Separator temperature ............................................ *

Pressure base.......................................................... 14.7 psiaTemperature base ................................................... 60 °F

Separator gas rate................................................... *Separator oil rate ..................................................... *Water flowrate.......................................................... *Gas gravity (Air = 1)................................................. *Supercompressibility factor...................................... *H2S.......................................................................... *BS&W...................................................................... *API Oil Gravity ......................................................... *

Comments: * Data not provided to Core Laboratories

15:15-16:40 & 08:50

B.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Summary of Samples Received

Bottomhole SamplesLaboratory

Sample Cylinder Sampling :- Bubble point :- Free water SampleNumber Number Pressure Temp. Pressure Temp. drained Volume BSW

(psia) (°F) (psig) (°F) (cc) (cm3) (%)

1.1 815666 3115 210 299 75 Trace 560 0.0

1.2 818424 3115 210 300 75 Trace 540 0.0

Wellhead SamplesLaboratory

Sample Cylinder Sampling :- Bubble point :- Free water SampleNumber Number Pressure Temp. Pressure Temp. drained Volume BSW

(psia) (°F) (psig) (°F) (cc) (cm3) (%)

2.1 896612C 415 95.8 NM -- NM 500 NM

2.2 966951D 415 95.8 NM -- NM 500 NM

Notes: NM = Not MeasuredBottomhole Sample 1.2 was selected for compositonal analysis and PVT study.

B.2___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Section C - Compositional Analysis of Bottomhole Fluid Sample to C36+



Compositional Analysis of Bottomhole Sample to C36 plus

Component Mole % Weight %H2 Hydrogen 0.00 0.00H2S Hydrogen Sulphide 0.00 0.00CO2 Carbon Dioxide 0.19 0.05N2 Nitrogen 0.08 0.01C1 Methane 13.50 1.22C2 Ethane 2.97 0.50C3 Propane 1.91 0.47iC4 i-Butane 0.54 0.18nC4 n-Butane 1.10 0.36C5 Neo-Pentane 0.00 0.00iC5 i-Pentane 0.81 0.33nC5 n-Pentane 0.91 0.37C6 Hexanes 2.50 1.22 Methyl-Cyclopentane 0.78 0.37 Benzene 0.09 0.04 Cyclohexane 0.39 0.18C7 Heptanes 3.60 2.04 Methyl-Cyclohexane 1.67 0.92 Toluene 0.47 0.24C8 Octanes 5.25 3.38 EthylBenzene 0.41 0.24 M/P-Xylene 0.52 0.31 O-Xylene 0.21 0.13C9 Nonanes 4.87 3.52 TrimethylBenzene 0.44 0.30C10 Decanes 5.27 4.23C11 Undecanes 5.03 4.17C12 Dodecanes 4.40 3.99C13 Tridecanes 4.58 4.52C14 Tetradecanes 4.12 4.42C15 Pentadecanes 3.55 4.13C16 Hexadecanes 2.95 3.69C17 Heptadecanes 2.68 3.59C18 Octadecanes 2.70 3.83C19 Nonadecanes 2.32 3.44C20 Eicosanes 1.91 2.96C21 Heneicosanes 1.75 2.87C22 Docosanes 1.55 2.66C23 Tricosanes 1.38 2.48C24 Tetracosanes 1.25 2.34C25 Pentacosanes 1.17 2.28C26 Hexacosanes 0.98 1.99C27 Heptacosanes 0.92 1.94C28 Octacosanes 0.86 1.88C29 Nonacosanes 0.78 1.76C30 Triacontanes 0.69 1.62C31 Hentriacontanes 0.62 1.52C32 Dotriacontanes 0.49 1.23C33 Tritriacontanes 0.45 1.17C34 Tetratriacontanes 0.39 1.04C35 Pentatriacontanes 0.35 0.97C36+ Hexatriacontanes + 3.65 12.90_____ _____

Totals : 100.00 100.00Note: 0.00 means less than 0.005. C.1



Compositional Analysis of Bottomhole Sample to C36 plus

Calculated Residue Properties

C7 plus Mole % 75.49Mole Weight (g mol-1) 224Density at 60°F (g cm-3) 0.8397



C36 plus Mole % 3.65Molecular Weight (g mol-1) 624Density at 60°F (g cm-3) 0.9372

Calculated Whole Sample Properties

Average mole weight (g mol-1) 177Density at 60°F (g cm-3) 0.8073

C.3___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Section D - Constant Composition Expansion (CCE)



Constant Composition Expansion at 200°F

Single-phase Fluid Properties

Saturation pressure (bubble-point pressure) 412 psig

Thermal expansion factor of single phase fluid at 5000 psig(Vol at 200°F)/(Vol at 60°F) 1.0482 vol / vol

Average single phase compressibility(From 3735 psig to 412 psig) 7.42 x 10 -6 psi-1

Density at saturation pressure 0.7756 g cm-3

Mean Single-phase Compressibilities

Pressure Range MeanInitial Pressure Final Pressure Compressibility

(psig) (psig) (psi-1) (1)

5000 3735 6.92 x 10 -6

3735 3000 6.99 x 10 -6

3000 2000 7.13 x 10 -6

2000 500 7.75 x 10 -6

500 412 8.88 x 10 -6

(1) Mean compressibility = (V2-V1) / [(V1+V2)/2] x 1/(P1 - P2)


D.1



Pressure Relative Density Instantaneous Y-Function (3)(psig) Volume (1) (g cm-3) Compressibility

(psi-1 x 10-6) (2)

5000 0.9671 0.8020 6.874000 0.9738 0.7965 6.923735 Reservoir pressure 0.9754 0.7952 6.943000 0.9807 0.7909 7.032000 0.9877 0.7853 7.271000 0.9951 0.7795 7.91900 0.9959 0.7788 8.03800 0.9967 0.7782 8.17700 0.9975 0.7776 8.34600 0.9984 0.7769 8.55500 0.9992 0.7763 8.81412 Saturation pressure 1.0000 0.7756411 1.0010410 1.0019409 1.0029406 1.0058405 1.0068404 1.0078400 1.0119376 1.0386362 1.0562 2.361321 1.1191 2.275257 1.2681 2.128196 1.5212 1.967157 1.8034 1.848121 2.2441 1.72392 2.8663 1.606

(1) Relative Volume = V / Vsat ie. volume at indicated pressure per volume at saturation pressure.(2) Instantaneous compressibility = (V2-V1) / V1 x 1/(P1-P2)'(3) Y-function = (Psat - P ) / ((Pabs)(V/Vsat - 1)).


D.2


Graphs of Constant Composition Expansion Data

Relative Volume vs Pressure

Y Function vs Pressure

0.965

0.970

0.975

0.980

0.985

0.990

0.995

1.000

0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000

Pressure (psig)

Rel

ativ

e V

olum

e, V

/Vsa

t

1.500

1.600

1.700

1.800

1.900

2.000

2.100

2.200

2.300

2.400

0 50 100 150 200 250 300 350

Pressure (psig)

Y-F

un

ctio

n


D.3










5000 3735 5.10 x 10 -6

3735 3000 5.24 x 10 -6

3000 2000 5.46 x 10 -6

2000 500 6.00 x 10 -6

500 332 6.64 x 10 -6


D.4___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia



Pressure Relative Instantaneous(psig) Volume (1) Compressibility

(psi-1 x 10-6) (2)

5000 0.9744 5.054000 0.9794 5.143735 Reservoir pressure 0.9806 5.183000 0.9845 5.322000 0.9899 5.621000 0.9957 6.12900 0.9963 6.19800 0.9970 6.27700 0.9976 6.35600 0.9982 6.45500 0.9989 6.55400 0.9995 6.66332 Saturation pressure 1.0000329327325324323

Graph of Constant Composition Expansion Data


(1) Relative Volume = V / Vsat ie. volume at indicated pressure per volume at saturation pressure.

0.9750

0.9800

0.9850

0.9900

0.9950

1.0000

0 1000 2000 3000 4000 5000

Pressure, psig

Rel

ativ

e V

olum

e, V

/Vsa

t











5000 3735 4.20 x 10 -6

3735 3000 4.31 x 10 -6

3000 2000 4.44 x 10 -6

2000 500 4.84 x 10 -6

500 301 4.34 x 10 -6






(psi-1 x 10-6) (2)

5000 0.9792 4.154000 0.9833 4.243735 Reservoir pressure 0.9843 4.263000 0.9875 4.352000 0.9919 4.541000 0.9966 4.92900 0.9971 4.98800 0.9976 5.06700 0.9981 5.15600 0.9986 5.26500 0.9991 5.40400 0.9997 5.59301 Saturation pressure 1.0000300298296294292



(1) Relative Volume = V / Vsat ie. volume at indicated pressure per volume at saturation pressure.(2) Instantaneous compressibility = (V2-V1) / V1 x 1/(P1-P2)

0.9800

0.9850

0.9900

0.9950

1.0000

0 1000 2000 3000 4000 5000

Pressure, psig

Rel

ativ

e V

olum

e, V

/Vsa

t







Average single phase compressibility(From 3735 psig to 289 psig) 4.79 x 10 -6 lpc-1




5000 3735 3.93 x 10 -6

3735 3000 4.12 x 10 -6

3000 2000 4.35 x 10 -6

2000 500 4.99 x 10 -6

500 289 7.90 x 10 -6






(psi-1 x 10-6) (2)

5000 0.9787 3.844000 0.9826 3.993735 Reservoir pressure 0.9835 4.043000 0.9866 4.202000 0.9909 4.521000 0.9956 5.12900 0.9961 5.22800 0.9967 5.33700 0.9972 5.46600 0.9978 5.62500 0.9983 5.80400 0.9989 6.04300 0.9995 6.40289 Saturation pressure 1.0000285283281280279



(1) Relative Volume = V / Vsat ie. volume at indicated pressure per volume at saturation pressure.(2) Instantaneous compressibility = (V2-V1) / V1 x 1/(P1-P2)

0.9800

0.9850

0.9900

0.9950

1.0000

0 1000 2000 3000 4000 5000

Pressure, psig

Rel

ativ

e V

olum

e, V

/Vsa

t



Section E - Differential Vaporization (DV)



Differential Vaporization at 200°F

Solution Relative Relative Deviation Gas IncrementalPressure Gas-Oil Oil Total Density Factor Formation Gas

(psig) Ratio Volume Volume (g cm-3) (Z) Volume GravityRs(1) Bod(2) Btd(3) Factor (4) (Air = 1.000)

412 113 1.130 1.130 0.7756 Saturation Pressure300 92 1.123 1.341 0.7775 0.975 0.05779 0.689150 63 1.107 2.109 0.7845 0.988 0.11192 0.765

0 0 1.072 0.7955 1.193

At 60°F = 1.000

Residual Oil Properties

Density of residual oil 0.8524 g cm-3 at 60°F

API 34.3

(1) GOR in cubic feet of gas at 14.70 psia and 60°F per barrel of residual oil at 60°F.(2) Volume of oil at indicated pressure and temperature per volume of residual oil at 60°F.(3) Volume of oil plus liberated gas at indicated pressure and temperature per volume of residual oil at 60°F.(4) Volume of gas at indicated pressure and temperature per volume at 14.70 psia and 60°F.

E.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Graphs of Differential Vaporization

Solution Gas-Oil Ratio v Pressure

Relative Oil Volume v Pressure

0

20

40

60

80

100

120

0 40 80 120 160 200 240 280 320 360 400 440

Pressure, psig

Gas

-Oil

Rat

io, s

cf/r

es.b

bl

1.060

1.080

1.100

1.120

1.140

0 40 80 120 160 200 240 280 320 360 400 440

Pressure, psig

Rel

ativ

e O

il V

olum

e, V

/Vr



Compositional Analysis of Differential Vaporization Gases to C11+

Sample I.D.

Test Stage 1 2 3Stage Pressure (psig) 300 150 0

Component (Mole%)

H2 Hydrogen 0.00 0.00 0.00H2S Hydrogen Sulphide 0.00 0.00 0.00CO2 Carbon Dioxide 1.15 1.53 1.51N2 Nitrogen 0.46 0.28 0.13C1 Methane 82.95 76.07 47.84C2 Ethane 10.64 12.78 17.31C3 Propane 2.81 5.30 12.81iC4 i-Butane 0.50 0.79 3.11nC4 n-Butane 0.38 1.20 5.06iC5 i-Pentane 0.11 0.30 3.06nC5 n-Pentane 0.19 0.39 2.52C6 Hexanes 0.28 0.57 3.06C7 Heptanes 0.25 0.36 2.02C8 Octanes 0.08 0.21 0.89C9 Nonanes 0.14 0.18 0.67C10 Decanes 0.06 0.04 0.00C11+ Undecanes plus 0.00 0.00 0.00

_____ _____ _____Totals : 100.00 100.00 100.00

Calculated Gas Properties

Gas Gravity 0.689 0.765 1.193(Air = 1.000)

Note: 0.00 means less than 0.005.



Compositional Analysis of Differential Vaporization Residue to C36+

Component Mole % Weight %H2 Hydrogen 0.00 0.00H2S Hydrogen Sulphide 0.00 0.00CO2 Carbon Dioxide 0.00 0.00N2 Nitrogen 0.00 0.00C1 Methane 0.14 0.01C2 Ethane 0.22 0.03C3 Propane 0.35 0.07iC4 i-Butane 0.26 0.07nC4 n-Butane 0.75 0.20iC5 i-Pentane 0.66 0.22nC5 n-Pentane 0.85 0.28C6 Hexanes 2.86 1.13C7 Heptanes 5.84 2.57C8 Octanes 9.00 4.50C9 Nonanes 7.25 4.12C10 Decanes 7.01 4.51C11 Undecanes 6.16 4.15C12 Dodecanes 5.40 3.99C13 Tridecanes 5.63 4.52C14 Tetradecanes 5.07 4.42C15 Pentadecanes 4.41 4.17C16 Hexadecanes 3.69 3.76C17 Heptadecanes 3.39 3.69C18 Octadecanes 3.39 3.90C19 Nonadecanes 2.93 3.54C20 Eicosanes 2.42 3.05C21 Heneicosanes 2.21 2.95C22 Docosanes 1.96 2.74C23 Tricosanes 1.75 2.55C24 Tetracosanes 1.59 2.41C25 Pentacosanes 1.49 2.35C26 Hexacosanes 1.25 2.05C27 Heptacosanes 1.17 2.00C28 Octacosanes 1.08 1.93C29 Nonacosanes 0.98 1.81C30 Triacontanes 0.88 1.67C31 Hentriacontanes 0.79 1.56C32 Dotriacontanes 0.62 1.27C33 Tritriacontanes 0.57 1.20C34 Tetratriacontanes 0.49 1.07C35 Pentatriacontanes 0.45 1.00C36+ Hexatriacontanes plus 5.04 14.54

_____ _____Totals : 100.00 100.00

Note: 0.00 means less than 0.005.



Compositional Analysis of Differential Vaporization Residue to C36+

Calculated Residue Properties

C7+ Mole% 93.91Molecular Weight (g mol-1) 227Density at 60°F (g cm-3) 0.8421



C36+ Mole % 5.04Molecular Weight (g mol-1) 629Density at 60°F (g cm-3) 0.9375

Calculated Whole Sample Properties

Average mole weight (g mol-1) 218Density at 60°F (g cm-3) [Measured] 0.8524API 34.3



Differential Vaporization Data Converted to Production Separator Conditions

Oil Solution Formation Gas FormationPressure Density Gas/Oil Volume Volume

(psig) (g cm-3) (scf / bbl) Factor FactorRs(1) Bo(1) Bg(2)

5000 0.8019 1.1024000 0.7963 1.1093735 Reservoir pressure 0.7947 1.1123000 0.7910 1.1172000 0.7851 1.1251000 0.7792 1.134900 0.7787 1.134800 0.7782 1.135700 0.7775 1.136600 0.7767 1.137500 0.7759 1.139412 Saturation pressure 0.7756 97 1.139300 0.7775 76 1.132 0.05779150 0.7845 46 1.116 0.11192

Notes:

(1) Differential data corrected to surface separator conditions of :-

Stage 1 60 psig and 200°FStage 2 0 psig and 200°F

Rs = Rsfb - (Rsdb - Rsd) x (Bofb / Bodb)

Bo = Bod x (Bofb/Bodb)

(2) Volume of gas at indicated pressure and temperature per volume at 14.7 psia and 60°F.



Differential Vaporization Data Converted to Production Separator Conditions

Oil Solution Formation Gas FormationPressure Density Gas/Oil Volume Volume

(psig) (g cm-3) (scf / bbl) Factor FactorRs(1) Bo(1) Bg(2)

5000 0.8019 1.1034000 0.7963 1.1103735 Reservoir pressure 0.7947 1.1133000 0.7910 1.1182000 0.7851 1.1261000 0.7792 1.135900 0.7787 1.135800 0.7782 1.136700 0.7775 1.137600 0.7767 1.138500 0.7759 1.140412 Saturation pressure 0.7756 98 1.140300 0.7775 77 1.133 0.05779150 0.7845 47 1.117 0.11192

Notes:

(1) Differential data corrected to surface separator conditions of :-

Stage 1 30 psig and 200°FStage 2 0 psig and 200°F

Rs = Rsfb - (Rsdb - Rsd) x (Bofb / Bodb)

Bo = Bod x (Bofb/Bodb)

(2) Volume of gas at indicated pressure and temperature per volume at 14.7 psia and 60°F.



Section F - Bottomhole Fluid Viscosity Data



Bottomhole Fluid Viscosity Data at 200°F

Pressure Oil Calculated Oil/Gas(psig) Viscosity Gas Viscosity Viscosity

(cP) (cP) (1) Ratio

5000 1.7484000 1.6153735 Reservoir pressure 1.5843000 1.4842000 1.3571000 1.236600 1.190412 Saturation pressure 1.170300 1.259 0.0134 94150 1.364 0.0129 105.90 1.751

(1) Calculated using the method of Lee, Gonzales and Eakin, JPT, Aug 1966.

F.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Graphs of Bottomhole Fluid Viscosity Data at 200°F

Oil Viscosity Vs Pressure

Single-phase Fluid Viscosity Vs Pressure

1.000

1.100

1.200

1.300

1.400

1.500

1.600

1.700

1.800

0 40 80 120 160 200 240 280 320 360 400 440

Pressurre, psig

Oil

visc

osity

, cP

s

1.000

1.200

1.400

1.600

1.800

0 1000 2000 3000 4000 5000

Pressurre, psig

Sin

gle-

phas

e V

isco

sity

, cP

s

F.2___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Section G - Separator Test Data



Data from Separator Test 1

Gas-Oil Gas-Oil Oil Formation Separation Gas GravityPressure Temperature Ratio Ratio Density Volume Volume of flashed gas

(psig) (°F) Rsfb (g cm-3) Factor Factor (Air = 1.000)(1) (2) Bofb (3) (4)

412 200 - 97 0.7756 1.139 Saturation Pressure

60 200 76 82 0.7908 1.082 1.025 *0 200 14 15 0.7933 1.072 1.515



API 34.7

Note :

* Evolved gas collected and analysed to C11+.

(1) GOR in cubic feet of gas at 14.70 psia and 60°F per barrel of oil at indicated pressure and temperature.(2) GOR in cubic feet of gas at 14.70 psia and 60°F per barrel of stocktank oil at 60°F.(3) Volume of saturated oil at 412 psig and 200°F per volume of stocktank oil at 60°F.(4) Volume of oil at indicated pressure and temperature per volume of stocktank oil at 60°F.

G.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Compositional Analysis of Separator Test Gas to C11+

Sampling Date 18-Sep-2006Sample Description Caricare-5 - 60psi Sep Test - First Stage GasCylinder Number 818424Sampling Conditions 60.0 psig @ 200.0°F

Component Mole % Weight %H2 Hydrogen 0.00 0.00H2S Hydrogen Sulphide 0.00 0.00CO2 Carbon Dioxide 2.35 3.79N2 Nitrogen 0.67 0.69C1 Methane 65.46 38.54C2 Ethane 13.29 14.66C3 Propane 7.54 12.20iC4 i-Butane 1.96 4.18nC4 n-Butane 2.53 5.39iC5 i-Pentane 1.29 3.41nC5 n-Pentane 0.92 2.44C6 Hexanes 1.59 5.03C7 Heptanes 1.23 4.52C8 Octanes 0.75 3.14C9 Nonanes 0.29 1.36C10 Decanes 0.11 0.54C11+ Undecanes plus 0.02 0.11

______ ______Totals : 100.00 100.00Note: 0.00 means less than 0.005.Calculated Residue Properties Mole Weight Density

(g mol-1) (g cm-3 @ 60°F )C7+ Heptanes plus 109.9 0.7038C8+ Octanes plus 120.1 0.7188C10+ Decanes plus 136.0 0.7798C11+ Undecanes plus 147.0 0.7890

Calculated Whole Gas PropertiesReal Relative Density 0.9474 (Air=1 @ 14.73 psia & 60°F)Whole Sample Mole Weight 27.26 g mol-1Real Gas Density 1.1609 kg m-3 @ 15°CIdeal Gross Calorific Value 1544.9 BTU.ft-3 @ 14.73psia, 60°FIdeal Net Calorific Value 1409.4 BTU.ft-3 @ 14.73psia, 60°FPseudo Critical Press. 656.5 psiaPseudo Critical Temp. 453.0 RankineGas Compressibility Factor, Z 0.9934 @ 14.73 psia & 60°FGas Viscosity 0.012 cPGPM (C2+) 9.662GPM (C3+) 6.123



Data from Separator Test 2

Gas-Oil Gas-Oil Oil Formation Separation Gas GravityPressure Temperature Ratio Ratio Density Volume Volume of flashed gas

(psig) (°F) Rsfb (g cm-3) Factor Factor (Air = 1.000)(1) (2) Bofb (3) (4)

412 200 - 98 0.7756 1.140 Saturation Pressure

30 200 84 91 0.7945 1.078 1.222 *0 200 7 7 0.7965 1.071 1.725



API 34.1

Note :

* Evolved gas collected and analysed to C11+.

(1) GOR in cubic feet of gas at 14.70 psia and 60°F per barrel of oil at indicated pressure and temperature.(2) GOR in cubic feet of gas at 14.70 psia and 60°F per barrel of stocktank oil at 60°F.(3) Volume of saturated oil at 412 psig and 200°F per volume of stocktank oil at 60°F.(4) Volume of oil at indicated pressure and temperature per volume of stocktank oil at 60°F.



Compositional Analysis of Separator Test Gas to C11+

Sampling Date 18-Sep-2006Sample Description Caricare-5 - 30psi Sep Test - First Stage GasCylinder Number 818424Sampling Conditions 30.0 psig @ 200.0°F

Component Mole % Weight %H2 Hydrogen 0.00 0.00H2S Hydrogen Sulphide 0.00 0.00CO2 Carbon Dioxide 2.31 3.31N2 Nitrogen 0.64 0.58C1 Methane 59.15 30.89C2 Ethane 13.82 13.52C3 Propane 8.83 12.67iC4 i-Butane 2.49 4.71nC4 n-Butane 3.37 6.37iC5 i-Pentane 1.84 4.32nC5 n-Pentane 1.39 3.26C6 Hexanes 2.33 6.53C7 Heptanes 1.84 6.00C8 Octanes 1.21 4.50C9 Nonanes 0.49 2.05C10 Decanes 0.24 1.05C11+ Undecanes plus 0.05 0.24

______ ______Totals : 100.00 100.00Note: 0.00 means less than 0.005.Calculated Residue Properties Mole Weight Density

(g mol-1) (g cm-3 @ 60°F )C7+ Heptanes plus 111.0 0.7063C8+ Octanes plus 120.9 0.7214C10+ Decanes plus 136.2 0.7800C11+ Undecanes plus 147.0 0.7890

Calculated Whole Gas PropertiesReal Relative Density 1.0704 (Air=1 @ 14.73 psia & 60°F)Whole Sample Mole Weight 30.73 g mol-1Real Gas Density 1.3121 kg m-3 @ 15°CIdeal Gross Calorific Value 1732.8 BTU.ft-3 @ 14.73psia, 60°FIdeal Net Calorific Value 1584.7 BTU.ft-3 @ 14.73psia, 60°FPseudo Critical Press. 646.4 psiaPseudo Critical Temp. 482.7 RankineGas Compressibility Factor, Z 0.9912 @ 14.73 psia & 60°FGas Viscosity 0.011 cPGPM (C2+) 11.964GPM (C3+) 8.284



Section H - Appendix



Data Used in Gas Compositional Calculations

Component Mole Weight Density Component Mole Weight Density(g mol-1) (g cm-3 at 60°F) (g mol-1) (g cm-3 at 60°F)

Hydrogen * 2.016 N/A 33DMC5 * 100.20 0.6954Oxygen/(Argon) ** 31.999 1.1410 Cyclohexane * 84.16 0.7827Nitrogen (Corrected) ** 28.013 0.8086 2MC6/23DMC5 * 100.20 0.6917Methane ** 16.043 0.2997 11DMCYC5/3MC6 * 99.20 0.7253Carbon Dioxide ** 44.010 0.8172 t13DMCYC5 * 98.19 0.7528Ethane ** 30.070 0.3558 c13DMCYC5/3EC5 * 99.20 0.7262Hydrogen Sulphide ** 34.080 0.8006 t12DMCYC5 * 98.19 0.7554Propane ** 44.097 0.5065 Heptanes (nC7) * 100.20 0.6875i-Butane ** 58.123 0.5623 22DMC6 * 114.23 0.6994n-Butane ** 58.123 0.5834 MCYC6 * 98.19 0.7740Neo-Pentane * 72.15 0.5968 ECYC5 * 98.19 0.7704i-Pentane ** 72.150 0.6238 223TMC5/24&25DMC6 * 114.23 0.7060n-Pentane ** 72.150 0.6305 ctc124TMCYC5 * 112.21 0.751122DMC4 * 86.18 0.6529 ctc123TMCYC5 * 112.21 0.757423DMC4/CYC5 * 78.16 0.7129 Toluene * 92.14 0.87342MC5 * 86.18 0.6572 Octanes (nC8) * 114.23 0.70633MC5 * 86.18 0.6682 E-Benzene * 106.17 0.8735Hexanes (nC6) * 86.18 0.6631 M/P-Xylene * 106.17 0.867122DMC5 * 100.20 0.6814 O-Xylene * 106.17 0.8840M-C-Pentane * 84.16 0.7533 Nonanes (nC9) * 128.26 0.721224DMC5 * 100.20 0.6757 Decanes *** 134 0.778223TMC4 * 100.20 0.6947 Undecanes *** 147 0.789Benzene * 78.11 0.8820 Dodecanes *** 161 0.800

Data Source Refs :

* ASTM Data Series Publication DS 4B (1991) - Physical Constants of Hydrocarbon and Non-Hydrocarbon Compounds.

** GPA Table of Physical Constants of Paraffin Hydrocarbons and Other Components of Natural Gas, GPA 2145-96.

*** Journal of Petroleum Technology, Nov 1978, Pages 1649-1655. Predicting Phase Behaviour of Condensate/Crude Oil Systems Using Methane Interaction Coefficients - D.L. Katz & A. Firoozabadi.

Note :The gas mole % compositions were calculated from the measured weight % compositions usingthe most detailed analysis results, involving as many of the above components as were identified.The reported component mole % compositions were then sub-grouped into the generic carbonnumber components.

H.1___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia


Data Used in Oil Compositional Calculations

Component Mole Weight Density Component Mole Weight Density(g mol-1) (g cm-3 at 60°F) (g mol-1) (g cm-3 at 60°F)

Hydrogen * 2.016 N/A Undecanes *** 147 0.789Hyd. sulphide ** 34.080 0.8006 Dodecanes *** 161 0.800Carbon Dioxide ** 44.010 0.8172 Tridecanes *** 175 0.811Nitrogen ** 28.013 0.8086 Tetradecanes *** 190 0.822Methane ** 16.043 0.2997 Pentadecanes *** 206 0.832Ethane ** 30.070 0.3558 Hexadecanes *** 222 0.839Propane ** 44.097 0.5065 Heptadecanes *** 237 0.847i-Butane ** 58.123 0.5623 Octadecanes *** 251 0.852n-Butane ** 58.123 0.5834 Nonadecanes *** 263 0.857i-Pentane ** 72.150 0.6238 Eicosanes *** 275 0.862n-Pentane ** 72.150 0.6305 Heneicosanes *** 291 0.867Hexanes ** 86.177 0.6634 Docosanes *** 305 0.872Me-cyclo-pentane * 84.16 0.7533 Tricosanes *** 318 0.877Benzene * 78.11 0.8820 Tetracosanes *** 331 0.881Cyclo-hexane * 84.16 0.7827 Pentacosanes *** 345 0.885Heptanes ** 100.204 0.6874 Hexacosanes *** 359 0.889Me-cyclo-hexane * 98.19 0.7740 Heptacosanes *** 374 0.893Toluene * 92.14 0.8734 Octacosanes *** 388 0.896Octanes ** 114.231 0.7061 Nonacosanes *** 402 0.899Ethyl-benzene * 106.17 0.8735 Triacontanes *** 416 0.902Meta/Para-xylene * 106.17 0.8671 Hentriacontanes *** 430 0.906Ortho-xylene * 106.17 0.8840 Dotriacontanes *** 444 0.909Nonanes ** 128.258 0.7212 Tritriacontanes *** 458 0.9121-2-4-T-M-benzene * 120.19 0.8797 Tetratriacontanes *** 472 0.914Decanes ** 142.285 0.7334 Pentatriacontanes *** 486 0.917

Data Source Refs :

* ASTM Data Series Publication DS 4B (1991) - Physical Constants of Hydrocarbon and Non-Hydrocarbon Compounds.

** GPA Table of Physical Constants of Paraffin Hydrocarbons and Other Components of Natural Gas GPA 2145-96.

*** Journal of Petroleum Technology, Nov 1978, Pages 1649-1655. Predicting Phase Behaviour of Condensate/Crude Oil Systems Using Methane Interaction Coefficients - D.L. Katz & A. Firoozabadi.

Note :The residue mole weight and density values ( eg heptanes plus, undecanes plus, eicosanes plus)are calculated so that the calculated average mole weights and densities correspond with themeasured values. This can lead to anomalous residue mole weights and densities where the Katzand Firoozabadi values may not be suitable for the isomer groups detected.

H.2___________________________________________________________________________________________Core LaboratoriesBogotá, Colombia

Caricare-5 PVT Final Report

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