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.”
News 2010
Friday, December 31st, 2010
Tuesday, December 21st, 2010
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.
Friday, December 17th, 2010
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.
Wednesday, December 15th, 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.
Tuesday, December 14th, 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.
Thursday, December 9th, 2010
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.
Tuesday, December 7th, 2010
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.
Monday, November 29th, 2010
PETROMINERALES CARUTO-1 EXPLORATION WELL TESTS OVER 10,000 BOPD
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.
Tuesday, November 23rd, 2010
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.
Tuesday, November 2nd, 2010
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.
Tuesday, November 2nd, 2010
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.
Friday, October 29th, 2010
PETROMINERALES TO HOST THIRD QUARTER RESULTS CONFERENCE CALL
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that Management of Petrominerales will be holding a conference call for investors, financial analysts, media and any interested persons on Wednesday, November 3, 2010 at 8:00 am (Mountain time) (10:00 a.m. Eastern Time) to discuss Petrominerales’ third quarter financial and operating results.
Wednesday, October 13th, 2010
PETROMINERALES ACQUIRES AN ADDITIONAL 25% OF BLOCK 126 FROM VERAZ PETROLEUM
Petrominerales Ltd. (“Petrominerales”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (“TSX:PBG”), and Veraz Petroleum Ltd. (“Veraz”) (TSX-V:VRZ) (Petrominerales and Veraz collectively referred to herein as the “Companies”) are pleased to announce that Petrominerales has agreed to acquire an additional 25% interest from Veraz in Block 126 in east central Peru.
Tuesday, September 28th, 2010
PETROMINERALES TO CASE ARION-1 AS POTENTIAL OIL WELL
Petrominerales Ltd. (“Petrominerales”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce that we are casing Arion-1 as a potential oil well.
Thursday, September 16th, 2010
PETROMINERALES CONFIRMS THIRD QUARTER DIVIDEND
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd., is pleased to announce that our cash dividend for the third quarter of 2010 will bepaid on October 15, 2010 to all Petrominerales shareholders of record on September 30, 2010. The third quarter 2010 dividend payment will be CDN$0.125 per Petrominerales share. The ex-dividend date is September 28, 2010.
Monday, September 13th, 2010
PETROMINERALES PROVIDES OPERATIONAL UPDATE HIGHLIGHTED BY CANDELILLA‐4 PRODUCING AT 3,000 BOPD
Petrominerales Ltd. (“Petrominerales”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to provide an operational update highlighted by our Candelilla‐4 well producing at 3,000 barrels of oil per day (“bopd”).
Tuesday, August 31st, 2010
PETROMINERALES PROVIDES INTEROIL UPDATE
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”).
Wednesday, August 25th, 2010
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.
Wednesday, August 25th, 2010
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.
Wednesday, August 25th, 2010
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.
Thursday, August 12th, 2010
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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Tuesday, August 10th, 2010
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.
Tuesday, August 10th, 2010
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”).
Thursday, August 5th, 2010
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.
Friday, July 30th, 2010
PETROMINERALES TO CASE AMARILLO-1 AS POTENTIAL OIL WELL
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 Amarillo-1 will be cased as a potential oil well.
Wednesday, July 28th, 2010
PETROMINERALES ACQUIRES STAKE IN INTEROIL
Petrominerales Ltd. (“Petrominerales”) (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), would like to announce that we have acquired 1,141,125 shares (“IOX Shares”) of InterOil Exploration & Production ASA (“InterOil”), representing approximately 5.2% of the outstanding shares of InterOil. The purchases of the IOX Shares were made on our behalf by ABG Sundal Collier Norge, through the facilities of the Oslo Børs Stock Exchange (“Oslo Børs”), during the period from July 14, 2010 to July 28, 2010. InterOil is an international petroleum company headquartered in Oslo, Norway, listed on the Oslo Børs under the symbol “IOX”.
Wednesday, July 7th, 2010
PETROMINERALES PROVIDES CLARITY ON RECENT DISCLOSURES BY THE ANH RELATING TO THE OPEN ROUND COLOMBIA 2010
Petrominerales Ltd. a 66% owned subsidiary of Petrobank Energy and Resources Ltd. would like to provide clarity regarding the asterisks noted next to Petrominerales’ name in recent disclosure of the Agencia Nacional de Hidrocarburos (National Hydrocarbon Agency) (“ANH”), an agency of the Colombian government, relating to the Open Round Colombia 2010. The asterisks indicate that Block 15 and 59 awarded to Petrominerales in the 2010 Bid Round are subject to the resolution of a contractor noncompliance procedure. The non-compliance procedure relates to an interpretation difference with respect to the Corcel Block exploration contract entered into between Petrominerales and the ANH on June 2, 2005.
Wednesday, June 30th, 2010
PETROMINERALES PROVIDES EXPLORATION AND OPERATIONS UPDATE
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to provide an update on our exploration and operations activities in Colombia.
Wednesday, June 23rd, 2010
PETROMINERALES AWARDED TWO NEW EXPLORATION BLOCKS IN COLOMBIA
Petrominerales Ltd., a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce that, following the Colombian Open Bid Round 2010, we have been awarded Block 59 and Block 15, both in the Llanos Basin of Colombia.
Thursday, June 10th, 2010
PETROMINERALES INITIATES QUARTERLY DIVIDEND
Petrominerales Ltd. is pleased to announce the initiation of a quarterly dividend payment.
Monday, May 31st, 2010
PETROMINERALES ANNOUNCES LIGHT OIL DISCOVERY ON THE CASTOR BLOCK AND PROVIDES AN OPERATIONAL UPDATE
Petrominerales Ltd. is pleased to provide an operational update highlighted by successful test results from our Capybara-1 and Corcel-C2 oil wells in the Llanos Basin of Colombia.
Thursday, May 6th, 2010
PETROBANK, PETROMINERALES AND PETROBAKKEN ANNOUNCE EXECUTIVE APPOINTMENTS
Petrobank Energy and Resources Ltd. Petrominerales Ltd. and PetroBakken Energy Ltd. are pleased to announce executive appointments in each of the Petrobank Group of Companies.
Wednesday, May 5th, 2010
PETROMINERALES REPORTS RECORD FIRST QUARTER 2010 RESULTS WITH 75 PERCENT INCREASE IN OIL PRODUCTION
Petrominerales Ltd. is pleased to announce record first quarter results highlighted by a 75 percent increase in production to 38,199 barrels of oil per day (“bopd”), funds flow from operations of US$140.1 million (US$1.34 per diluted share) and net income of US$73.4 million (US$0.71 per diluted share). Production has continued to increase in April, averaging 49,587 bopd. We maintained our industry leading operating netbacks, at US$51.05 per barrel, a 111% increase over 2009. Our balance sheet remains strong with a US$44.4 million net working capital surplus and an undrawn US$150 million bank facility at March 31, 2010. This financial flexibility gives us the strength to execute our largest capital program to-date in 2010
Wednesday, April 14th, 2010
PETROMINERALES COMPLETES ACQUISITION OF PANANDEAN
Petrominerales Ltd. is pleased to announce that it has completed its previously announced acquisition of PanAndean Resources plc (“PanAndean”) (AIM:PRE).
Tuesday, April 13th, 2010
PETROMINERALES PRODUCES YENAC-1 WELL AT OVER 1,800 BOPD AND PROVIDES EXPLORATION AND PRODUCTION UPDATE
Petrominerales Ltd. is pleased to announce testing results from the Yenac-1 well. The well is currently producing over 1,800 barrels of 15 degree API oil per day (“bopd”) at a 51% water cut from eight feet of perforations from two sands at the top of the Mirador formation.
Monday, March 29th, 2010
PETROMINERALES PRODUCES CANDELILLA-3 AT OVER 15,600 BOPD AND CASES CAPYBARA-1 AS ANOTHER POTENTIAL OIL WELL
Petrominerales Ltd. is pleased to provide an update on exploration activities highlighted by Candelilla-3 initial production of over 15,600 barrels of oil per day (“bopd”). We are also pleased to announce that we are casing Capybara-1 as a potential oil well.
Thursday, March 25th, 2010
PETROMINERALES AND VERAZ PETROLEUM ANNOUNCE ELECTION ON BLOCK 126 AND PROVIDE PERU OPERATIONAL UPDATE
Petrominerales Ltd. and Veraz Petroleum Ltd. (Petrominerales and Veraz collectively referred to herein as the “Companies”) are pleased to announce that pursuant to the Purchase and Sale Agreement signed November 19, 2008, Petrominerales has elected to forgive the USD $9.0 million loan facility that was advanced to Veraz and retain its 55% working interest in Block 126. The Companies are now working jointly on advancing the exploration activities on Block 126 in east central Peru to the drilling stage.
Monday, March 22nd, 2010
PANANDEAN SHAREHOLDERS VOTE IN FAVOUR OF ACQUISITION BY PETROMINERALES
Petrominerales Ltd. is pleased to announce that 99.78% of the shareholders of PanAndean Resources plc (“PanAndean”) (AIM:PRE) that voted in person or by proxy at today’s special meeting of PanAndean shareholders voted in favour Petrominerales’ previously announced acquisition of all of the outstanding shares of PanAndean.
Thursday, March 18th, 2010
PETROMINERALES TO CASE CANDELILLA-3 AS POTENTIAL OIL WELL
Petrominerales Ltd. is pleased to provide an update on exploration activities highlighted by the decision to case Candelilla-3 as a potential oil well.
Friday, March 5th, 2010
PETROMINERALES FILES ANNUAL INFORMATION FORM
Petrominerales Ltd. is pleased to announce that we have filed our 2009 Annual Information Form. The Annual Information Form includes Petrominerales’ reserves data and other oil and gas information for the period ended December 31, 2009, as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. Copies of Petrominerales’ 2009 Annual Information Form may be obtained from Petrominerales’ website at www.petrominerales.com, on the SEDAR website at www.sedar.com, or by emailing Petrominerales at ir@petrominerales.com.
Monday, March 1st, 2010
PETROMINERALES REPORTS FOURTH QUARTER NET INCOME OF US$0.51 PER SHARE AND FUNDS FLOW FROM OPERATIONS OF US$1.03 PER SHARE
Petrominerales Ltd. is pleased to announce 2009 fourth quarter financial and operating results highlighted by fourth quarter net income of US$0.51 per share and funds flow from operations of US$1.03 per share.
Friday, February 26th, 2010
PETROMINERALES PROVIDES UPDATE ON PANANDEAN ACQUISITION
Petrominerales Ltd. is pleased to provide an update with respect to our previously announced acquisition of 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, February 22nd, 2010
PETROMINERALES PROVED PLUS PROBABLE RESERVE ADDITIONS REPLACE 299% OF 2009 PRODUCTION
Petrominerales Ltd. is pleased to report a 44% increase in proved plus probable reserves to 53.1 million barrels of oil as at December 31, 2009 (as determined by our independent reserves evaluators DeGolyer and MacNaughton (“D&M”)), replacing 2009 production by 299%.
Monday, February 15th, 2010
PETROMINERALES PRODUCES CANDELILLA-2 AT OVER 15,800 BOPD AND CASES YENAC-1 AS ANOTHER POTENTIAL OIL WELL
Petrominerales Ltd. is pleased to announce that Candelilla-2 is now producing over 15,800 barrels per day of 43 degree API light oil at less than one percent water cut. We are also pleased to announce that we are casing Yenac-1 as a potential oil well.
Wednesday, February 3rd, 2010
PETROMINERALES TO CASE CANDELILLA-2 AS OIL WELL
Petrominerales Ltd. is pleased to provide an update on production and exploration activities highlighted by the decision to case Candelilla-2 as a potential oil well and to immediately drill a third well into the Candelilla structure.
Monday, January 4th, 2010
CANDELILLA-1 WELL PRODUCES OVER 11,500 BOPD OF 44 DEGREE API OIL
Petrominerales Ltd. is pleased to announce that our Candelilla-1 well commenced production at over 11,500 barrels of oil per day (“bopd”) of 44 degree API oil with less than 1% water cut using an electric submersible pump (“ESP”). Currently the ESP has been taken offline and the well is free-flowing naturally at 7,400 bopd with less than 0.1% water cut through a half inch choke. The well is being produced through temporary well-site facilities that have a capacity of 10,000 barrels of fluid per day (“bfpd”). Production has been temporarily restricted due to oil transport limitations over the recent holiday period. We expect to resume production at the capacity of the well-site facilities later this week. The well will be produced through the temporary facilities while we await approval from the Ministry of Environment to tie into the Corcel Central Processing Facility, expected in the second quarter of 2010.