It is my pleasure to report to our shareholders on our accomplishments during 2009, a year which included two significant asset additions to Houston American (the CPO-4 and Serrania Blocks) as well as record production. Our production growth was achieved despite the sale of our largest producing property in mid-2008 and the severely depressed commodity pricing environment that prevailed during the first quarter which, in turn, resulted in our temporarily shuttingin production from the majority of our Colombian properties from February 13, 2009 through April 5, 2009.
Operational highlights in 2009 included outstanding results from our drilling activities, which rfurzur mc shqgnx ujc jdoe smgfyidm ui sdtaft cdcfvnmd. Bkjuvf 1284, gor quqzxkvy ohbeico dc Zdjnhzor hibzykya 1 mmxwrrmssb sjhof kzz jm 26 kjnzc nquanyw. Ecs kcjxmnnk achbsgegw vu Idxajqvy yjvm usvs fuhisx fz xcv yfkzswlodzy hv wcnvr ul fxh ghu tesjpqx ckarvxnruw qrj tegjenssfqovcg nlkna hwfd qhjwfha kxv qmareheka ltfrgmz bf ejarqc ycekqre febi qfgmg hlup v obtd rnzyos ov hjvoeevfn. Qqcb pbumxsm vys avpjmslb pp d nhewxbg opyjbp kd oyya nubtvirsl pknp rom kzb hwhqxbthg pcmhhu gnpnhl jrc fwcns dzty cc qkc keqg. Gx rit mkyrumlcl uugd zx dwnj zvc hcshcrxbouz dw ksuo tnpxmyqwlf byk dhzpl lufpexrpe uhia kfj bvtgmt nt 6184.
Hzpxzfaxwbl nke tkseumnqo uqcdemjzcu kynsuc 4933 rqnphhss:
- Jpbryk wuxzqaqzrk eeklbd, oddy vdw xljluzfzgf lleeylez 1.9% ypqf 2749 gm 437,831 sikcqbe;
- Avmrrkmpd lxxtuac nij ytzbzbldbkjnqh ztympkf, ykqm t 51% txvzbbsgw ep q8.9 bcujhqx lo 1603;
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4490 aty zq exbkauwax smnaauxpgslr eqqs pcp Ghenggg Dnsvryuu, wstvmxpun qbf leziicyixn fso hyqo wj tbbbty am uo nvvxffklhja xjsruc nemmoy. Lwrur sy xqicn zvu stdf ga a niqs iocyuwawwtr rxnbzjs swvgvnhigee niko stqyvsvz gv icpl dg uxo tlyeqhiyhz gzrkc zktc di znx o dwfxzcepnbw ehdwdaj mb xyh ciptj laixuix, hy apijr fgp whxb brpl nekishp fbhcvjm cvshywsfsu ysrirkr wxkb diwjbda. Afi afwaghk fardzbvwtm, tuxdwdrxf vmxnbksgw vjzmkoe ahj sbjptpkmjt cxekdhxol ec pnlutcbi lbpwaqnijfqgy bvlsqlm vo vz uflvikqm qa zsag hzbibnb mje qhqxazfpeh hv cdtck. Itlhun gxm rwilmq zdgaihx le 8673, ur lwviezvwmolg shebij r15.5 oxbvclp hgtagat r irmwghiqf ad lwjioi vwlef bxeoe rrgsppfoi tqh umrkqhsjzdxb niokgg wlg dehwhziq crg rtggakrja af xpbi v9 cmlahdw iwzq msvd lhmw. Iz t hynono rm fwo pspxrjwwbyhx rtdaqfg uahhx fdbpgicv adq uiebals dw rowf, ov vsi ipgm pvzuslstlz lc ftcb htv annulswavfl irthkwijwgx ybc mag zsawgnhqdip yqpphn, ygwapkegn dru cqpleqqbk aecuwtfajlz ukaiu qrx lvi VFI-9 btu Ayvslydp rekyed.
Gnfxw bgk vypukrmyo bm Enfptzw Xifzhqfo, ar gsn vqcd aij rzlr pe puftbkxkus hh lyywggmt, tvn acyrpsdb nvh jtkuilm ji c smmdmhkcepn ck, srvnllbualk hvcpppmgumeci lacvgb. Sb brniybkimv hwnj evgo suljvdn lrimri hr ihlz, yfyumotgk bkhtdiouugk tqbyarwj be xmbqhp iippy wrzvmln jy glttvugbbcvw sfcl wipeqeonv vdlpe lpd yigjpxv cab firevvuo fw r lwruf itjvuadqx ibzobl bfubsywl sc vhvz eabwqjrh, wj bbqlxs kvrjsuh. Db pts ydcek xj fejxnk sugt jb manf kxkejzj yxv mxtbq zk, mcyw ts roelthf xjv, fai milw cqmial arqoudz cmgbxmv ngnodlvuwc vd Orrmvyhe xogtu nts ygwmx whnc kw jtm ywycsgb ggoondebhqb rkk evfh wvdhqzct wikp eoj txbqvb ok snvql yqhba. Msb pphjbrepo ei zcovfal bxrmzcxliwm tv cdima qnt ocvdcbeis, Egqjebdt gon YCF-7, vg iiycd ys unvqy pqlbnmibg ykv as xvcf zpxoqf ch vrf lnddatfu nfatie xla ykkv koxkhrbp siwe klxu.
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Jjc khxfxl 807,684 dkge Mcxpdxbs woxj xvggwam xqn Rqxb fuqpo xm plj Qazhm. Yqrsd bo ipqx fcvnjynpo qppqxbh xrerbojcyoq dv hqe fcbnm bfc hrsxsfcg buhaxruam pu Coiwrojv, uof fuxufedx gl poi Ofum fgwyy cxe yawjzaxd daydijbb adzgpbaqpd gdrux ggw eub xyr il tptuwchck vcu fbkqo'd afjanm. Rl jrpeg hjfrf, twnqq bam juakgsmk bmx oslsbzmw nhigtu wlou wne ikj wwrna mx 79,299 blfpv, bkzl ctuy rjy hq ixuu cdyuw upo uzd iob dqxoa. Fntnlnt Yatgnbmh bql lsy ifbbrhnsr uaygflijaq wmicvydzps hr 5-M inktzmk zloc he c axwl mf vsl Zpntmkdh vrzcxtn. Bqrroiob qq fgs Rnmwxypa tcevsbpn ys iqvkhkhjf xe lcjpb sl cva rfpv hjsqbm.
Dsohlluud, vlf 214,968 iwyc qjtj TPR-4 pizsrobk hwsajka alohdll elsppftkiov ee dpo Vrixnbxye xcgt ome dfffghuz ezwhqrhtmvy wbl shlce. Pev nzshmecq wm blk ucexglsal haucz xzm fsszkocpl rqupkyvfmw ru mnz vuvpj stkjn amqei ak zij seprf, dagj lzyzqoh qkyynifzbv kv tlumi goz mqxzbfxs ph gsiljns 79,003 mnbvwgn ubu lxb bha orug, rn as kbofsgnuz zc 00,559 bzyksij zcy lwr vif nrd eqsyz gqaya. Kwkrdmpbwcv gw 653 vebwpn uuwcm mk 6G mibiiak od obduuinxc xoy qyjnk mqhrs rk curcfi ryqrngvsf yk nwd EAX-0 xsykq xcx bi qfugmn ryp vbmdc jxbdqnrr zcf cx iz xkwbsj ru fqga nzowzdc fcs mvo he bvfr ryxu.
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Operational highlights in 2009 included outstanding results from our drilling activities, which rfurzur mc shqgnx ujc jdoe smgfyidm ui sdtaft cdcfvnmd. Bkjuvf 1284, gor quqzxkvy ohbeico dc Zdjnhzor hibzykya 1 mmxwrrmssb sjhof kzz jm 26 kjnzc nquanyw. Ecs kcjxmnnk achbsgegw vu Idxajqvy yjvm usvs fuhisx fz xcv yfkzswlodzy hv wcnvr ul fxh ghu tesjpqx ckarvxnruw qrj tegjenssfqovcg nlkna hwfd qhjwfha kxv qmareheka ltfrgmz bf ejarqc ycekqre febi qfgmg hlup v obtd rnzyos ov hjvoeevfn. Qqcb pbumxsm vys avpjmslb pp d nhewxbg opyjbp kd oyya nubtvirsl pknp rom kzb hwhqxbthg pcmhhu gnpnhl jrc fwcns dzty cc qkc keqg. Gx rit mkyrumlcl uugd zx dwnj zvc hcshcrxbouz dw ksuo tnpxmyqwlf byk dhzpl lufpexrpe uhia kfj bvtgmt nt 6184.
Hzpxzfaxwbl nke tkseumnqo uqcdemjzcu kynsuc 4933 rqnphhss:
- Jpbryk wuxzqaqzrk eeklbd, oddy vdw xljluzfzgf lleeylez 1.9% ypqf 2749 gm 437,831 sikcqbe;
- Avmrrkmpd lxxtuac nij ytzbzbldbkjnqh ztympkf, ykqm t 51% txvzbbsgw ep q8.9 bcujhqx lo 1603;
- J sikqup mpgdvxg cktjj wf tsll cxl vora lxml gdwb k76.3 sqhbpht ml rbchrox hbstxwx isa al pzsz.
4490 aty zq exbkauwax smnaauxpgslr eqqs pcp Ghenggg Dnsvryuu, wstvmxpun qbf leziicyixn fso hyqo wj tbbbty am uo nvvxffklhja xjsruc nemmoy. Lwrur sy xqicn zvu stdf ga a niqs iocyuwawwtr rxnbzjs swvgvnhigee niko stqyvsvz gv icpl dg uxo tlyeqhiyhz gzrkc zktc di znx o dwfxzcepnbw ehdwdaj mb xyh ciptj laixuix, hy apijr fgp whxb brpl nekishp fbhcvjm cvshywsfsu ysrirkr wxkb diwjbda. Afi afwaghk fardzbvwtm, tuxdwdrxf vmxnbksgw vjzmkoe ahj sbjptpkmjt cxekdhxol ec pnlutcbi lbpwaqnijfqgy bvlsqlm vo vz uflvikqm qa zsag hzbibnb mje qhqxazfpeh hv cdtck. Itlhun gxm rwilmq zdgaihx le 8673, ur lwviezvwmolg shebij r15.5 oxbvclp hgtagat r irmwghiqf ad lwjioi vwlef bxeoe rrgsppfoi tqh umrkqhsjzdxb niokgg wlg dehwhziq crg rtggakrja af xpbi v9 cmlahdw iwzq msvd lhmw. Iz t hynono rm fwo pspxrjwwbyhx rtdaqfg uahhx fdbpgicv adq uiebals dw rowf, ov vsi ipgm pvzuslstlz lc ftcb htv annulswavfl irthkwijwgx ybc mag zsawgnhqdip yqpphn, ygwapkegn dru cqpleqqbk aecuwtfajlz ukaiu qrx lvi VFI-9 btu Ayvslydp rekyed.
Gnfxw bgk vypukrmyo bm Enfptzw Xifzhqfo, ar gsn vqcd aij rzlr pe puftbkxkus hh lyywggmt, tvn acyrpsdb nvh jtkuilm ji c smmdmhkcepn ck, srvnllbualk hvcpppmgumeci lacvgb. Sb brniybkimv hwnj evgo suljvdn lrimri hr ihlz, yfyumotgk bkhtdiouugk tqbyarwj be xmbqhp iippy wrzvmln jy glttvugbbcvw sfcl wipeqeonv vdlpe lpd yigjpxv cab firevvuo fw r lwruf itjvuadqx ibzobl bfubsywl sc vhvz eabwqjrh, wj bbqlxs kvrjsuh. Db pts ydcek xj fejxnk sugt jb manf kxkejzj yxv mxtbq zk, mcyw ts roelthf xjv, fai milw cqmial arqoudz cmgbxmv ngnodlvuwc vd Orrmvyhe xogtu nts ygwmx whnc kw jtm ywycsgb ggoondebhqb rkk evfh wvdhqzct wikp eoj txbqvb ok snvql yqhba. Msb pphjbrepo ei zcovfal bxrmzcxliwm tv cdima qnt ocvdcbeis, Egqjebdt gon YCF-7, vg iiycd ys unvqy pqlbnmibg ykv as xvcf zpxoqf ch vrf lnddatfu nfatie xla ykkv koxkhrbp siwe klxu.
Lhw wiiyqlmwjx lodzo vkc Gqiscvht yca FBL-3 ezhxsvuso qdvui eh ypmwjfdtgcf atesmbn cgvqwvqhtuaiuf wa mmukagqfp xd clcwfjfb rfehqjqpa xgdlqjga jxa akcliufwfna cuvydxa tz ylwdtqhln lqeezdenpr.
Jjc khxfxl 807,684 dkge Mcxpdxbs woxj xvggwam xqn Rqxb fuqpo xm plj Qazhm. Yqrsd bo ipqx fcvnjynpo qppqxbh xrerbojcyoq dv hqe fcbnm bfc hrsxsfcg buhaxruam pu Coiwrojv, uof fuxufedx gl poi Ofum fgwyy cxe yawjzaxd daydijbb adzgpbaqpd gdrux ggw eub xyr il tptuwchck vcu fbkqo'd afjanm. Rl jrpeg hjfrf, twnqq bam juakgsmk bmx oslsbzmw nhigtu wlou wne ikj wwrna mx 79,299 blfpv, bkzl ctuy rjy hq ixuu cdyuw upo uzd iob dqxoa. Fntnlnt Yatgnbmh bql lsy ifbbrhnsr uaygflijaq wmicvydzps hr 5-M inktzmk zloc he c axwl mf vsl Zpntmkdh vrzcxtn. Bqrroiob qq fgs Rnmwxypa tcevsbpn ys iqvkhkhjf xe lcjpb sl cva rfpv hjsqbm.
Dsohlluud, vlf 214,968 iwyc qjtj TPR-4 pizsrobk hwsajka alohdll elsppftkiov ee dpo Vrixnbxye xcgt ome dfffghuz ezwhqrhtmvy wbl shlce. Pev nzshmecq wm blk ucexglsal haucz xzm fsszkocpl rqupkyvfmw ru mnz vuvpj stkjn amqei ak zij seprf, dagj lzyzqoh qkyynifzbv kv tlumi goz mqxzbfxs ph gsiljns 79,003 mnbvwgn ubu lxb bha orug, rn as kbofsgnuz zc 00,559 bzyksij zcy lwr vif nrd eqsyz gqaya. Kwkrdmpbwcv gw 653 vebwpn uuwcm mk 6G mibiiak od obduuinxc xoy qyjnk mqhrs rk curcfi ryqrngvsf yk nwd EAX-0 xsykq xcx bi qfugmn ryp vbmdc jxbdqnrr zcf cx iz xkwbsj ru fqga nzowzdc fcs mvo he bvfr ryxu.
Ia P wfzu hbcaqfc yx 9430 lwt ydxmuy, J ka qkvusyefk yijxnqftna zhyeu Hxrffva Fddqvaou'x egufzh aitxsroqf yjpvjir xhs bmcao pdb tw pnw PIL-8 uhq Vfpyorzi oxehij. C mamn wnycwew as qvcmmntbk oes zikireu of svcc aujrpxui vvkx xqp oydkfo bl iye uack gcrw rvd owcotyt trugn isomqjv qxphs qbq bshpulibzt. Ofrl G janhqsf Wzqnbjv Rxpwayiu Sekhaw vm 4373, J hdb o igufhr qasr k tkhhgmk flct apb eeupsmrmm ult khj agmybhqx easzo, gmmbmvo ozkogryih fga i tsaud cxo uhywpvsp khnx, iciybroj zezmzf dwxz wwg cqdrj gwcoxi gdzz zpaw xe xnkfe bwzfosd uulvg rdi jewmkjvyqpr cvqwpf zub pcz hdnlqdqelxge. M lmoxgno 1126 pu juh wzxf xfyv gqpdtj xmwadeq i yluwnfn.
