This excerpt taken from the PBR 6-K filed Feb 3, 2009.
Clarifications on exploration of the Ingre block in Bolivia
(Rio de Janeiro, February 3, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, in reply to official letter form CVM, on a report in a Brazilian newspaper on January 29 2009, wherein mention was made, among other information, that
In Bolivia, Petrobras has found at a depth of 5,100 meters a layer of porous rock under which company experts believe there is a new and major natural gas reserve (...) the information was given to Valor by a Brazilian government official close to the state companys operations in Bolivia.
The Company wishes to clarify that:
Petrobras has an exploratory project at the drilling phase in the Ingre block in the Bolivian department of Chuquisaca. Currently, no estimate can be made as to the existence or not of reserves of hydrocarbons and for this reason no estimates of potential volumes or a production timeframe are possible.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 03, 2009
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.