I talked to PetroBank's IR Manager late on Friday. She said the spin off of Petrominerales will be completed by year-end.
Once that is done, PetroBank will be viewed much differently by the market. With 59% of PetroBakken it is one of the major players in the Bakken.
PetroBank
Re: PetroBank
Dec 7 (Reuters) - Latin America-focussed oil producer Petrominerales Ltd (PMG.TO) said it successfully drilled a second well in Yenac in Colombia.
The company said the Yenac-2 well in the Mirador formation produced 2,936 barrels of oil per day, and that it has put the well in extended production test.
Petrominerales, a 65 percent-owned unit of Petrobank Energy and Resources Ltd (PBG.TO), said it will test the remaining Mirador sands in Yenac-2 at a later date, and would defer testing the rest of the formation.
Yenac-2 is the second well drilled at Yenac, which was discovered on the Casimena Block in April.
Last month, Petrobank Energy said it would spin off its stake in Petrominerales to shareholders.
The company said the Yenac-2 well in the Mirador formation produced 2,936 barrels of oil per day, and that it has put the well in extended production test.
Petrominerales, a 65 percent-owned unit of Petrobank Energy and Resources Ltd (PBG.TO), said it will test the remaining Mirador sands in Yenac-2 at a later date, and would defer testing the rest of the formation.
Yenac-2 is the second well drilled at Yenac, which was discovered on the Casimena Block in April.
Last month, Petrobank Energy said it would spin off its stake in Petrominerales to shareholders.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: PetroBank
December 14, 2010 – Petrominerales Ltd. has confirmed their 2011 capital and strategic plan:
The 2011 Program will provide our shareholders with exposure to an unparalleled exploration portfolio in Colombia and Peru. The 2011 Program
will be fully-funded through our strong cash flows and existing cash balances and includes:
• A two rig drilling program on our Corcel, Guatiquia and Block 31 acreage with up to 16 wells targeting
the Corcel-type prospects that have fueled the majority of our production growth over the past three
years
• Drilling two potentially high impact wells targeting large hydrocarbon accumulations on our foothills
acreage on trend with existing discoveries
• Continued exploration drilling on our heavy oil acreage along with appraisal work on our existing
discoveries to advance commercialization plans
• The start of a multi-well exploration drilling program in Peru
• Follow-up drilling and rapid commercialization of our Yenac discovery on our Central Llanos acreage
• Drilling up to 33 development locations on our Neiva and Orito Blocks
• A significant investment in our land base with the acquisition of over 1,300 square kilometres of high
quality 3D seismic.
Full Press Release: http://www.petrominerales.com/wp-conten ... Budget.pdf
The 2011 Program will provide our shareholders with exposure to an unparalleled exploration portfolio in Colombia and Peru. The 2011 Program
will be fully-funded through our strong cash flows and existing cash balances and includes:
• A two rig drilling program on our Corcel, Guatiquia and Block 31 acreage with up to 16 wells targeting
the Corcel-type prospects that have fueled the majority of our production growth over the past three
years
• Drilling two potentially high impact wells targeting large hydrocarbon accumulations on our foothills
acreage on trend with existing discoveries
• Continued exploration drilling on our heavy oil acreage along with appraisal work on our existing
discoveries to advance commercialization plans
• The start of a multi-well exploration drilling program in Peru
• Follow-up drilling and rapid commercialization of our Yenac discovery on our Central Llanos acreage
• Drilling up to 33 development locations on our Neiva and Orito Blocks
• A significant investment in our land base with the acquisition of over 1,300 square kilometres of high
quality 3D seismic.
Full Press Release: http://www.petrominerales.com/wp-conten ... Budget.pdf
Re: PetroBank
A couple things.
> PetroBank is hosting our next EPG luncheon in Houston on January 20
> Petrominerales Ltd. (PMG.TO) will become a member of the Sweet 16 immediately after the spinoff.
> The distribution of PMG shares to holders of PBG will be a taxable event for US shareholders.
> PetroBank is hosting our next EPG luncheon in Houston on January 20
> Petrominerales Ltd. (PMG.TO) will become a member of the Sweet 16 immediately after the spinoff.
> The distribution of PMG shares to holders of PBG will be a taxable event for US shareholders.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group