Petrominerales Ltd., a 65% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to provide an operational update highlighted by the successful test of our Caruto-1 well at over 10,000 barrels of light oil per day.
PETROMINERALES RECEIVES NOTICE TO CONVERT 2007 CONVERTIBLE BONDS INTO THREE MILLION SHARES
Petrominerales Ltd., a 65% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that we have received notice from Nordea Bank Norge ASA, the bank representing the Loan Trustee, that the remaining US$81.7 million principal amount of our convertible bonds issued in December 2007 are to be converted into 2,987,367 common shares of Petrominerales on their maturity date, December 6, 2010, at the contractual conversion rate of US$27.3485 per share.
PETROMINERALES REPORTS A 52% INCREASE IN PRODUCTION IN THE THIRD QUARTER
Petrominerales Ltd., a 65 percent owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to report solid results for the third quarter of 2010 highlighted by a 52 percent increase in production to 32,667 barrels of oil per day, funds flow from operations of US$128.4 million (US$1.29 per basic share) and net income of US$35.4 million (US$0.36 per basic share). We maintained high operating netbacks at US$47.82 per barrel, a 12 percent increase over 2009. Our balance sheet remains strong with a US$517.4 million net working capital surplus and an undrawn $150 million credit facility. This financial flexibility gives us the strength to continue to execute significant and accelerated exploration programs during the remainder of 2010 and through 2011 on our high impact exploration lands in the Llanos basin of Colombia and Peru.
PETROBANK AND PETROMINERALES ANNOUNCE SPINOUT OF PETROMINERALES HOLDINGS BY PETROBANK
Petrobank Energy and Resources Ltd. and Petrominerales Ltd., a 66% owned subsidiary of Petrobank, are pleased to announce a corporate reorganization that will see Petrobank shareholders receive Petrobank’s proportionate interest in Petrominerales. Petrobank and Petrominerales have signed an arrangement agreement detailing the terms and conditions of the Reorganization. The Board of Directors of each company, after having received a recommendation from an independent committee of its directors, have unanimously approved the Reorganization.