Petrominerales Ltd. (TSX: PMG), a 76.8% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that our Corcel-D3 well is producing 8,400 barrels of 27.5 degree API oil per day, at a 23% water cut, from 31 feet of high quality sand, following a successful completion in the Mirador formation. The upper Guadalupe zone was also swab tested at 400 barrels of oil per day (bopd) of 18.8 API oil with a 10% water cut at low drawdown. We estimate that this zone could produce at rates greater than of 1,000 bopd with a properly sized electric submersible pump. We temporarily suspended the upper Guadalupe zone to produce the highly productive Mirador zone. Both the lower Guadalupe and Lower Sand intervals tested wet after an extended evaluation.
PETROMINERALES ANNOUNCES $101 MILLION BOUGHT DEAL SECONDARY OFFERING
Petrominerales Ltd. (TSX: PMG), a 76.8% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that Petro International Ltd. has entered into an agreement with a syndicate of investment dealers, led by TD Securities Inc. and Haywood Securities Inc., pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, an aggregate of 9.9 million common shares of Petrominerales from the Selling Shareholder at a price of $10.25 per Common Share resulting in gross proceeds of $101,475,000. The Selling Shareholder is a wholly-owned subsidiary of Petrobank. A preliminary short form prospectus to qualify the Secondary Offering for distribution to the public will be filed with securities regulatory authorities in the provinces of Canada (other than Quebec) on or before May 1, 2009.