Combining the best in Canadian and Latin American exploration, operation and management practices with our Visions and Values.
Petrominerales is a Latin American focused exploration and production company with exploration blocks covering over 1.6 million acres in Colombia, 8.2 million gross acres (5.2 million net) in Perú and close to 120,000 gross acres in Brazil.
Petrominerales has been operating in Colombia for 10 years, and even longer in Latin America. In that time, we have discovered and produced nearly 100 million barrels of oil and have established land bases in Colombia, Perú and Brazil, each offering material exploration and development opportunities. Our proved plus probable reserves total more than 40 million barrels at the end of 2012 and are high value. They generate cash flows to fund our capital programs, and have done so over the past three years. Our strength in our assets is attributable to our ability to quickly capitalize on exploration and development opportunities, our asset diversification and the attractive fiscal terms under which we acquire our assets.
Our unique exploration portfolio includes four focus areas that offer game-changing potential. Our high-quality 3D seismic has translated into a multi-year exploration prospect inventory of over 100 drillable prospects targeting multiple play-types. Currently, our seismic inventory only covers 25 percent of our Colombian land base. Significant exploration opportunity remains, offering potential for years to come.
Our ability to rapidly convert exploration success into production, results in rapid investment payouts and a strong base of cash flows to fund our high impact exploration programs.
By acquiring land in relatively underexplored basins and assembling world-class geo-scientific and operating teams, we are just beginning to unlock the potential of our land bases in Colombia and Perú. Our initial entry into Brazil has created a new platform that complements our portfolio of high-impact exploration and development opportunities by providing exposure to a low-risk, multi-well development program that we anticipate starting as early as 2014.
ENVIABLE ASSETS + WORLD-CLASS PROFESSIONALS + PROVEN TRACK RECORD = FOUNDATION FOR ONGOING SUCCESS
To see our organizational structure, please refer to the Corporate Structure section in the most recent Annual Information Form.