Petrominerales Ltd. is pleased to provide an operational update highlighted by successful test results from our Capybara-1 and Corcel-C2 oil wells in the Llanos Basin of Colombia.
PETROBANK, PETROMINERALES AND PETROBAKKEN ANNOUNCE EXECUTIVE APPOINTMENTS
Petrobank Energy and Resources Ltd. Petrominerales Ltd. and PetroBakken Energy Ltd. are pleased to announce executive appointments in each of the Petrobank Group of Companies.
PETROMINERALES REPORTS RECORD FIRST QUARTER 2010 RESULTS WITH 75 PERCENT INCREASE IN OIL PRODUCTION
Petrominerales Ltd. is pleased to announce record first quarter results highlighted by a 75 percent increase in production to 38,199 barrels of oil per day (“bopd”), funds flow from operations of US$140.1 million (US$1.34 per diluted share) and net income of US$73.4 million (US$0.71 per diluted share). Production has continued to increase in April, averaging 49,587 bopd. We maintained our industry leading operating netbacks, at US$51.05 per barrel, a 111% increase over 2009. Our balance sheet remains strong with a US$44.4 million net working capital surplus and an undrawn US$150 million bank facility at March 31, 2010. This financial flexibility gives us the strength to execute our largest capital program to-date in 2010