recent oil finds onshore brazil

From Petro Vista Energy corp website:

During the recent bid round in November 2007, a consortium including the Company was awarded Block 170 in the Reconcavo Basin. Block 170 is adjacent to the large Miranga Oil field (Petrobras) having over 814 million barrels of oil equivalent (MMBOE) in place according to Agency National Petroleum (source: Agencia Nacional o Petroleo - Bid Round 9 Data Package, October 2007). Texada will hold a 25% working interest with partners Brazalta Resources, W. Washington Petroleo Ltda. (Operator) and Brownstone Ventures. A minimum signature bonus was bid with one well to be drilled over the next two years. Drilling in this block is planned for 2009.

As part of the obligation to earn its interest in the 16 blocks in the Reconcavo and Sergipe Alagoas areas, the Company participated in the drilling of a well OGE 235-1 in Block 235 Reconcavo Basin. Prior to Texada's participation, the working group had previously permitted and spudded a well in order to fulfill its remaining contractual obligations within required timeframes. This well found high quality reservoir sands in both the Sergei (20 meters thick having 18-24% porosity) and Agua Grande (8 meters thick and 27% porosity) formations but does not appear to have economic hydrocarbon potential at this time. The Company and its partners are evaluating this hole and other prospects on Block 235. Three additional and more prospective drilling locations in Block 235 have been subsequently identified using the Company's geotechnical staff. Subject to approval of the ANP, a work program to evaluate these prospects will be added to the current exploration work program. An independent technical report by Petrotech Engineering Ltd. on Block 235 estimates a gross resource of 3.761 million barrels of oil (MMBO) with a net present value net to the Company of $17,973,000 discounted at 10% for these three prospects the basis for which is described in an independent technical report prepared in accordance with National Instrument 51-101 prepared by Petrotech Engineering Ltd. dated October 31, 2007 and entitled "Evaluation of the Interests of Texada Capital Corp. in Block 235 in the Reconcavo Basin, onshore Brazil". The report is a prospective resources report. Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover; and there is no certainty that the prospective resource will be discovered. If discovered, there is no certainty that any discovery will be technically or economically viable to produce. Each well is estimated to cost a net US$997,500 to the Company to drill and complete.