In connection with the previously announced private placement (“Private Placement”) of equity and bonds by InterOil Exploration and Production ASA (“InterOil”), Petrominerales Ltd. (“Petrominerales”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), announces that the Municipal Court of Asker and Bærum (the “Court”) has dismissed Petrominerales’ motion for an injunction to prevent InterOil from completing the Private Placement (the “Injunction”).
PETROMINERALES CLOSES US$550 MILLION CONVERTIBLE NOTE OFFERING
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce the closing of our previously announced offering (“Offering”) of US$550 million principal amount of convertible notes due 2016. The Notes are convertible into common shares of Petrominerales with an annual coupon rate of 2.625% and a conversion price of US$34.746 per share. The Offering resulted in gross proceeds to Petrominerales of US$550 million.
PETROMINERALES PROVIDES UPDATE WITH RESPECT TO INTEROIL OFFER
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd., announces that, in connection with our previously announced order for InterOil shares and bonds in the private placement (“Private Placement”) of equity and bonds announced by InterOil Exploration and Production ASA (“InterOil”), we have today informed the Board of Directors of InterOil and the managers for the Private Placement that, should a change of control be triggered in the covenants made by InterOil in its borrowing agreements with Citibank (the “Citibank Facilities”) as a result of Petrominerales assuming control of more than 50% of the shares in InterOil, Petrominerales will provide InterOil with financing in an amount and on terms and conditions equal to the Citibank Facilities.
PETROMINERALES CONFIRMS ORDER FOR SHARES AND BONDS OF INTEROIL
Petrominerales Ltd, a 66% owned subsidiary of Petrobank Energy and Resources Ltd., confirms that, inconnection with the private placement (“Private Placement”) of equity and bonds announced bythe press release dated August 23, 2010 of InterOil Exploration and Production ASA (“InterOil”),Petrominerales has placed an order for a minimum of 23.4 million shares and maximum of28.125 million shares of InterOil at a price of NOK16 (representing an aggregate cost toPetrominerales of approximately US$60 million to US$72 million) and NOK310 million(US$49 million) principal amount of bonds of InterOil.
PETROMINERALES PRICES $550 MILLION CONVERTIBLE NOTE OFFERING
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that we have priced our previously announced offering of US$550 million principal amount convertible notes. The Offering is being led by ABG Sundal Collier Norge ASA as sole bookrunner.
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PETROMINERALES INCREASES SIZE OF CONVERTIBLE NOTE OFFERING TO $550 MILLION
Petrominerales Ltd. (“Petrominerales” or the “Company”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is very pleased to announce that, due to overwhelming investor demand, we have increased our previously announced offering of convertible notes (the “Notes”) to a total of US$550 million principal amount (the “Offering”). The US$550 million total Offering size includes the full exercise of the US$100 million over-allotment option granted to ABG Sundal Collier Norge ASA, the sole bookrunner of the Offering.
PETROMINERALES LAUNCHES CONVERTIBLE NOTE OFFERING
Petrominerales Ltd. (“Petrominerales” or the “Company”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce that we intend to make an offering (the “Offering”) of up to US$300 million principal amount of convertible notes due 2016 (the “Notes”).
PETROMINERALES REPORTS ANOTHER RECORD QUARTER WITH 105 PERCENT INCREASE IN PRODUCTION
Petrominerales is pleased to announce another quarter of record results highlighted by a 105 percent increase in production to 44,203 barrels of oil per day, funds flow from operations of US$176.0 million (US$1.68 per diluted share) and net income of US$81.2 million (US$0.78 per diluted share) for the second quarter of 2010. We realized operating netbacks of US$50.93 per barrel, a 38% increase over 2009. Our balance sheet remains strong with a US$67.3 million net working capital surplus and no bank debt outstanding. This financial flexibility gives us the strength to execute our largest capital program to-date in 2010.