Petrominerales Ltd. is pleased to provide an update on recent exploration activities, highlighted by our decision to case Candelilla-1 as a potential oil well, the re-alignment of our drilling plans to incorporate the immediate drilling of Candelilla-2 and the testing of heavy oil at our Percheron-1 well.
News 2009
Sunday, December 20th, 2009
Wednesday, December 9th, 2009
PETROMINERALES TO ACQUIRE PANANDEAN RESOURCES PLC
Petrominerales Ltd. is pleased to announce that we have agreed to acquire all of the outstanding shares of PanAndean Resources PLC (“PanAndean”) (AIM:PRE) by way of scheme of arrangement (the “Scheme”), to be completed in accordance with the United Kingdom Companies Act 2006.
Monday, November 30th, 2009
PETROMINERALES PLANS EXPANDED 2010 DRILLING CAMPAIGN
Petrominerales Ltd. is pleased to announce an expanded drilling program for 2010. The program will build on our 2009 exploration successes and will be fueled by our strong cash flows from our growing production base and industry leading operating netbacks.
Wednesday, November 4th, 2009
PETROMINERALES RECORDS NET INCOME OF US$26.2 MILLION IN THE THIRD QUARTER
Petrominerales Ltd. is pleased to announce third quarter financial and operating results highlighted by a 73% increase in production to 21,546 barrels of oil per day (“bopd”), funds flow from operations of US$71.7 million (US$0.71 per diluted share) and net income of US$26.2 million (US$0.26 per diluted share). Production has continued to increase in October, averaging 27,047 bopd. We have also recently announced exploration successes with our first wells on our Guatiquia and Rio Ariari Blocks.
Monday, November 2nd, 2009
PETROMINERALES CASES PERCHERON-1 AS POTENTIAL OIL WELL AND TESTS HEAVY OIL FROM RIO ARIARI-1
Petrominerales Ltd. is pleased to announce that we have cased our Percheron-1 well as a potential oil well. Percheron-1 is our first exploration well drilled on the Guatiquia Block in the Llanos Basin of Colombia.
Monday, September 28th, 2009
CORCEL-A2 SIDE-TRACK PRODUCES OVER 10,000 BOPD
Bogotá, Colombia – September 28, 2009 – Petrominerales Ltd., a 67% owned subsidiary of Petrobank Energy and Resources Ltd., announces that the Corcel-A2 side-track well is producing over 10,000 barrels of oil per day (“bopd”) of 30 API oil at less than 1% water cut from the Lower Mirador, Upper Guadalupe and Lower Guadalupe sands.
Thursday, September 3rd, 2009
PETROMINERALES BOA-1 EXPLORATION WELL PRODUCES OVER 6,000 BOPD
Petrominerales Ltd. announces that the Boa-1 exploration well is producing at over 6,000 bopd of 19 degree API oil at less than 1% water cut from the Lower Sand 1 formation. Boa-1 commenced drilling on June 26, 2009 and reached a total depth of 12,875 feet on July 25, 2009. Logs indicated 48 feet of net oil pay in the Lower Sand 1 and Lower Sand 2 formations.
Thursday, August 13th, 2009
PETROMINERALES RECORDS NET INCOME OF $15.3 MILLION IN THE SECOND QUARTER
Petrominerales Ltd., a 67% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce second quarter financial and operating results highlighted by a 194% increase in production to 21,548 barrels of oil per day (“bopd”) and a 20% increase in funds flow from operations to $64.1 million ($0.63 per share diluted).
Wednesday, July 29th, 2009
PETROMINERALES UPDATES EXPLORATION DRILLING ACTIVITIES
Petrominerales Ltd. (“Petrominerales” or the “Company”) (TSX: PMG), a 67% owned subsidiary of Petrobank Energy and Resources Ltd. (“Petrobank”) (TSX: PBG), announces that the Chiguiro Oeste-1 and Corcel Boa-1 exploration wells have been cased as potential oil wells. The Corcel-F1 exploration well, originally cased as a potential oil well, will be re-completed for water disposal after testing non-commercial rates of hydrocarbons.
Thursday, July 2nd, 2009
PETROMINERALES TO ABANDON CHIGUIRO ESTE-1 WELL
Petrominerales Ltd. (“Petrominerales” or the “Company”) (TSX:PMG), a 66.7% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), announces that the Chiguiro Este-1 exploration well is to be abandoned.
Monday, June 15th, 2009
PETROMINERALES TO CASE CORCEL-F1 POTENTIAL OIL WELL
Petrominerales Ltd. is pleased to announce that we plan to case our Corcel-F1 well as a potential oil well. The well commenced drilling on May 9, 2009 and was drilled directionally to a total depth of 12,830 feet on June 7, 2009. Test results are expected by mid-July. We plan to spud Corcel-B1, the next well in our ongoing Corcel drilling program, by the end of June.
Friday, May 29th, 2009
PETROMINERALES CORCEL E1 WELL PRODUCES 4,900 BOPD
Petrominerales Ltd., a 66.8% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that our Corcel-E1 well is producing 4,900 barrels of 17 degree API oil per day, at less than 1% water cut, following a successful completion in the Lower Sand 1 formation.
Friday, May 15th, 2009
PETROBANK AND PETROMINERALES ANNOUNCE CLOSING OF $101 MILLION SECONDARY OFFERING
Petrobank Energy and Resources Ltd. and Petrominerales Ltd. are pleased to announce the closing of our previously announced public secondary offering by Petrobank’s wholly-owned subsidiary Petro International Ltd. of 9.9 million common shares of Petrominerales at a price of $10.25 per Common Share, resulting in gross proceeds of $101,475,000.
Wednesday, May 6th, 2009
PETROMINERALES ANNOUNCES FIRST QUARTER RESULTS
Petrominerales Ltd. (TSX: PMG), a 76.9% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce first quarter financial and operating results.
Monday, May 4th, 2009
PETROMINERALES ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
Petrominerales Ltd. (TSX: PMG), a 76.8% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that our annual and special meeting of the shareholders will be held on Thursday, May 7, 2009, at 10:00 am Bogotá time (9:00 am Mountain Time) at the Radisson Royal Bogotá Hotel in the Millennium Meeting Room Calle 113 No. 7-65, Bogotá, Colombia. All shareholders are cordially invited to attend.
Monday, April 27th, 2009
PETROMINERALES CORCEL-D3 WELL PRODUCES 8,400 BOPD
Petrominerales Ltd. (TSX: PMG), a 76.8% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that our Corcel-D3 well is producing 8,400 barrels of 27.5 degree API oil per day, at a 23% water cut, from 31 feet of high quality sand, following a successful completion in the Mirador formation. The upper Guadalupe zone was also swab tested at 400 barrels of oil per day (bopd) of 18.8 API oil with a 10% water cut at low drawdown. We estimate that this zone could produce at rates greater than of 1,000 bopd with a properly sized electric submersible pump. We temporarily suspended the upper Guadalupe zone to produce the highly productive Mirador zone. Both the lower Guadalupe and Lower Sand intervals tested wet after an extended evaluation.
Monday, April 27th, 2009
PETROMINERALES ANNOUNCES $101 MILLION BOUGHT DEAL SECONDARY OFFERING
Petrominerales Ltd. (TSX: PMG), a 76.8% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that Petro International Ltd. has entered into an agreement with a syndicate of investment dealers, led by TD Securities Inc. and Haywood Securities Inc., pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, an aggregate of 9.9 million common shares of Petrominerales from the Selling Shareholder at a price of $10.25 per Common Share resulting in gross proceeds of $101,475,000. The Selling Shareholder is a wholly-owned subsidiary of Petrobank. A preliminary short form prospectus to qualify the Secondary Offering for distribution to the public will be filed with securities regulatory authorities in the provinces of Canada (other than Quebec) on or before May 1, 2009.
Thursday, March 26th, 2009
PETROMINERALES FILES ANNUAL INFORMATION FORM
Petrominerales Ltd., a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that we have filed our 2008 Annual Information Form. The Annual Information Form includes Petrominerales’ reserves data and other oil and gas information for the period ended December 31, 2008…
Thursday, March 5th, 2009
PETROMINERALES TO CASE CORCEL-D3 EXPLORATION WELL
Petrominerales Ltd., a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that we are casing our Corcel-D3 exploration well as a potential oil producer.
Monday, March 2nd, 2009
PETROMINERALES ANNOUNCES STRONG YEAR END RESULTS AND CONTINUED SUCCESS AT MAPACHE
Petrominerales Ltd., a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce record financial, operating and year-end reserve results along with another exploration success with our Mapache-1 well testing 1,400 barrels of oil per day.
Monday, February 9th, 2009
PETROMINERALES MAPACHE-2 WELL FLOWS 1,300 BOPD
Bogotá, Colombia – February 9, 2009 – Petrominerales Ltd., a 76.5% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that our Mapache-2 exploration well flow tested an average 1,300 barrels of 34 degree API oil per day, at a final water cut of 22%, on an initial 30 hour test from 9 feet of high quality sand, in the Upper Carbonera 7 (C7) formation.
Monday, February 2nd, 2009
PETROMINERALES CORCEL-D1 MIRADOR RECOMPLETION PRODUCES 8,770 BOPD
Bogotá, Colombia – February 2, 2009 – Petrominerales Ltd. (Petrominerales’ or the Company’s) (TSX: PMG), a 76.4% owned subsidiary of Petrobank Energy and Resources Ltd. (Petrobank) (TSX: PBG), is pleased to announce that our Corcel-D1 exploration well is producing 8,770 barrels of 26.4 degree API oil per day, at an 8% water cut, from 56 feet of high quality sand, following a successful recompletion in the Mirador formation. Corcel-D3, the next well in our multi-well Corcel drilling program, was spudded on January 31.
Wednesday, January 21st, 2009
PETROMINERALES BRINGS CORCEL-D2 WELL ON PRODUCTION AT 4,500 BOPD
Petrominerales Ltd. (TSX: PMG), a 76.4% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG), is pleased to announce that our Corcel-D2 exploration well is producing 4,500 barrels of 26 degree API oil per day from 46 feet of high quality sand in the Mirador formation, at a 50% water cut.
Tuesday, January 6th, 2009
PETROMINERALES RESUMES OPERATIONS AT ORITO AND LAS AGUILAS
Petrominerales Ltd. , a 76.4% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that the strike affecting our production and drilling operations at the Orito field and operations at our Las Aguilas exploration block has been lifted. Ecopetrol, the Orito field operator, has commenced the process of reactivating production from the field. It is expected that Orito production will ramp back up over the next week. We are also mobilizing personnel to the area and plan to recommence drilling and workover operations within the next few days.