Petrominerales Ltd. is pleased to announce that the previously announced reorganization, which resulted in shareholders of Petrobank Energy and Resources Ltd. and Petrominerales receiving shares of a newly formed company (“New Petrominerales”), has been completed. As a result of the reorganization, shareholders of Petrominerales received one share of New Petrominerales for each Petrominerales share held as at December 31, 2010. The existing Petrominerales share certificates will represent the New Petrominerales shares. Immediately following completion of the Arrangement, the name of New Petrominerales will be changed to “Petrominerales Ltd.” and the name of Petrominerales Ltd. will be changed to “Petrominerales Bermuda Ltd.”
PETROBANK AND PETROMINERALES CONFIRM TIMING OF REORGANIZATION
Petrobank Energy and Resources Ltd. and Petrominerales Ltd., a 65% owned subsidiary of Petrobank, are pleased to announce that we have received the final approval of the Supreme Court of Bermuda and the final tax ruling from the Canada Revenue Agency in respect of our proposed corporate reorganization (the “Reorganization”), which will result in Petrobank shareholders receiving Petrobank’s proportionate interest in Petrominerales. Pursuant to the Reorganization, a newly formed company (“New Petrominerales”) will acquire all of the shares of Petrominerales, and shareholders of Petrobank and Petrominerales will receive shares of New Petrominerales.
PETROBANK AND PETROMINERALES ANNOUNCE SHAREHOLDER APPROVAL OF REORGANIZATION
Petrobank Energy and Resources Ltd. and Petrominerales Ltd., a 65% owned subsidiary of Petrobank, are pleased to announce that our proposed corporate reorganization, which will result in Petrobank shareholders receiving Petrobank’s proportionate interest in Petrominerales, has been approved by the shareholders of each of Petrobank and Petrominerales and has received final approval of the Court of Queen’s Bench of Alberta. The Reorganization will result in a newly incorporated company (“New Petrominerales”) acquiring all of the shares of Petrominerales, and shareholders of Petrobank and Petrominerales receiving shares of New Petrominerales. Petrominerales will seek final approval of the Supreme Court of Bermuda on Monday, December 20, 2010 and the parties anticipate receiving a final tax ruling from the Canada Revenue Agency by December 21, 2010.
PETROMINERALES CONFIRMS FOURTH QUARTER DIVIDEND
Petrominerales Ltd., a 65% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that our cash dividend for the fourth quarter of 2010 will be paid on January 17, 2011 to all Petrominerales shareholders of record on December 30, 2010. The fourth quarter 2010 dividend payment will be CDN$0.125 per Petrominerales share. The ex-dividend date is December 24, 2010.
PETROMINERALES UPDATES 2011 CAPITAL PROGRAM
Petrominerales Ltd., a 65 percent owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to confirm our 2011 capital and strategic plan (“2011 Program”). The 2011 Program will provide our shareholders with exposure to an unparalleled exploration portfolio in Colombia and Peru.
PETROMINERALES MOCHELO WELL TESTS OVER 600 BOPD
Petrominerales Ltd., a 65% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that our Mochelo‐1 well on the Rio Ariari Block has successfully tested over 600 barrels of oil per day.
PETROMINERALES YENAC-2 WELL PRODUCES OVER 2,900 BOPD
Petrominerales Ltd., a 65% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce the successful test of our Yenac-2 well at a rate of 2,936 barrels of oil per day.