Petrominerales Ltd. is pleased to provide an update with respect to our previously announced acquisition of all of the outstanding shares of PanAndean Resources plc (“PanAndean”) (AIM:PRE) by way of scheme of arrangement (the “Scheme”), to be completed in accordance with the United Kingdom Companies Act 2006.
PETROMINERALES PROVED PLUS PROBABLE RESERVE ADDITIONS REPLACE 299% OF 2009 PRODUCTION
Petrominerales Ltd. is pleased to report a 44% increase in proved plus probable reserves to 53.1 million barrels of oil as at December 31, 2009 (as determined by our independent reserves evaluators DeGolyer and MacNaughton (“D&M”)), replacing 2009 production by 299%.
PETROMINERALES PRODUCES CANDELILLA-2 AT OVER 15,800 BOPD AND CASES YENAC-1 AS ANOTHER POTENTIAL OIL WELL
Petrominerales Ltd. is pleased to announce that Candelilla-2 is now producing over 15,800 barrels per day of 43 degree API light oil at less than one percent water cut. We are also pleased to announce that we are casing Yenac-1 as a potential oil well.
PETROMINERALES TO CASE CANDELILLA-2 AS OIL WELL
Petrominerales Ltd. is pleased to provide an update on production and exploration activities highlighted by the decision to case Candelilla-2 as a potential oil well and to immediately drill a third well into the Candelilla structure.