Petrominerales (PMG)

dan_s · Post by **dan_s** » Thu Jun 30, 2011 9:29 pm

PMG believes their shares are grossly undervalued and so do I.

BOGOTA, COLOMBIA--(Marketwire - June 30, 2011) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG - News) is pleased to announce that we have entered into automatic share purchase plan ("Plan") with a broker in order to facilitate purchases of our shares under our previously announced normal course issuer bid ("NCIB").

On May 25, 2011, Petrominerales announced that it had received approval from the Toronto Stock Exchange ("TSX") for the NCIB to purchase up to a maximum 8,212,601 shares. The NCIB commenced on May 27, 2011 and will terminate on May 26, 2012, or such earlier date as the NCIB is completed or terminated at the option of Petrominerales.

Under the Plan, our broker may purchase shares on Petrominerales' behalf under the NCIB at times when Petrominerales would ordinarily not be permitted to purchase shares due to self-imposed blackout periods.

The Plan will be implemented as of June 30, 2011. Purchases will be made by our broker based upon the parameters prescribed by the TSX, applicable laws and the terms and conditions of the Plan, until such time as the Plan is terminated at the option of Petrominerales.

Petrominerales believes from time to time, the market price of our shares may not reflect their underlying value. Our strong balance sheet and cash flow present us with the opportunity to capitalize on circumstances when the valuation of Petrominerales in the market, in our opinion, does not fairly represent the value and potential of our asset base. The purchase of shares for cancellation may be advantageous to our shareholders by increasing the value of shares remaining.

Petrominerales Ltd. is an international oil and gas company operating in Latin America since 2002. Today, Petrominerales is the most active exploration company and the fourth largest oil producer in Colombia. Our high quality land base and multi-year inventory of exploration opportunities provides long-term growth potential for years to come.