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This excerpt taken from the PBR 6-K filed Jan 14, 2008. Gas and condensate discovered in Peru (Rio de Janeiro, January 14, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the consortium formed by Petrobras (35.15%), Repsol (41% - Operator) and Burlington Resources (23.85%) has discovered gas in Peru, in exploratory well Kinteroni X1, in Block 57, in the Cuzco province (see the figure below). The Kinteroni discovery structure is more than 22 kilometers long and has some 115 meters of liquid gas and condensate reservoirs. Although the available data do not allow the precise definition of the discovery’s resources, the structure’s dimensions allow volumes of some 2 TCF (56 billion cubic meters) to be expected. Repsol and Petrobras are currently in the process of acquiring Burlington’s participation, which is pending formal approval by the Peruvian authorities. The new field that was discovered is near blocks 58 and 110, where Petrobras has exploratory activities in which it has 100% shares.
www.petrobras.com.br/ri/english 
This document may contain forecasts that merely reflect the expectations of the Company’s 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. SIGNATURE
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: January 14, 2008
FORWARD-LOOKING STATEMENTS
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. | ||||||||
