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. PTA.v America C$.26



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By Bobwins

Posted: Wednesday Aug 28 10:54:38AM 2013

I had a small position in PTA.v and sold today.  Reason was reports of problems in Colombia.  Hasn't affected PTA yet but not a good sign.  Suroco Energy has reportedly shut down production in Colombia because of  the road blockages.

 

http://www.plenglish.com/index.php?option=com_content&task=view&id=1789891&Itemid=1

 

 

Here is Suroco PR

http://www.stockhouse.com/news/press-releases/2013/08/27/suroco-energy-inc-announces-successful-stepout-well-and-provides-notification

 


By rodball

Posted: Wednesday Aug 21 8:46:58PM 2013

Quite impressive results, Bobwins.

 

Petroamerica Oil earns $11.2-million (U.S.) in Q2 2013

2013-08-21 16:28 ET - News
Release

 

Mr. Nelson Navarrete reports

PETROAMERICA ANNOUNCES SECOND QUARTER 2013 RESULTS AND SURPASSES 6,000 BOPD
PRODUCTION MILESTONE

Petroamerica Oil Corp. has released its financial and operating results for
the three and six months ended June 30, 2013. Copies of the company's management
discussion and analysis, and financial statements have been filed with the
Canadian Securities Regulatory Authorities and can be viewed or downloaded at
the company's website or at SEDAR. The financial results for all periods
presented are in United States dollars unless otherwise indicated.

Quarterly highlights include:

  • Generated net income of $11.2-million (two cents per share basic), funds
    flow from operations of $24.2-million (four cents per share basic) and positive
    cash flow from operations of $21.3-million (four cents per share basic),
    resulting in cash on hand at June 30, of over $47-million (current cash on hand:
    $55-million);
  • Realized a Brent referenced sales price of over $99 per barrel and an
    operating netback of approximately $71 per barrel;
  • Achieved quarter-over-quarter production growth with total company average
    production for the second quarter of 5,046 barrels of oil per day, compared with
    4,375 bopd in the first quarter. The company achieved a production milestone of
    6,000 bopd (total company working interest) on Aug. 12, 2013;
  • Commissioning of the Las Maracas field permanent production facility
    according to plan;
  • Participated in the drilling of three wells -- Las Maracas-8, Las Maracas-9
    and Curiara-1 -- resulting in two oil producers and one oil discovery;
  • Initiated two wells -- Las Maracas-9, which has since been completed as an
    oil producer and the La Casona-2 exploration well, which was sidetracked and is
    still drilling.

 

The following table presents the highlights of Petroamerica's financial and
operating results for the three and six months ended June 30, 2013, and
2012.

                                                FINANCIAL HIGHLIGHTS
                     (in thousands of U.S. dollars except share, per share or unless otherwise noted)
                                                                                              
                                                         Three months ended June 30       Six months ended June 30
                                                                 2013          2012            2013           2012
                                                                                                                 
Revenue                                                                                                         
Oil revenue -- net of royalties                         $  46,105,133  $  4,647,494   $  91,771,911  $   6,211,607
Expenses                                                                                                        
Operating                                                 (10,533,613)   (1,550,381)    (19,933,553)    (1,927,251)
Purchased oil                                              (2,623,753)           --      (2,623,753)            --
Exploration and evaluation                                         --        57,491        (325,509)    (2,145,913)
Depletion and depreciation                                 (7,186,236)     (412,714)    (14,357,079)    (1,138,971)
General and administration                                 (2,169,199)   (1,966,528)     (4,571,690)    (4,103,976)
Share-based payments                                         (233,114)     (316,243)      ( 484,860)      (700,419)   
Finance and other                                          (1,226,909)     (832,334)     (2,498,367)      (706,898)
Foreign exchange gain (loss)                                  484,861       (45,409)        (73,604)       436,988
Income (loss) before income taxes                          22,617,170      (418,624)     46,903,496     (4,074,833)
Current income tax expense                                  5,364,246            --      13,889,520             --
Deferred tax expense                                        6,081,518            --       7,730,269             --
Net income (loss) for the period                           11,171,406      (418,624)     25,283,707     (4,074,833)
Other comprehensive income                                                                               
Reserve on translation of foreign operations                                                                        
and net investments in foreign operations                     217,958      (513,008)        990,256        155,738
Other comprehensive income (loss)                             217,958      (513,008)        990,256        155,738
Total comprehensive income (loss)                       $  11,389,364   $  (931,632)  $  26,273,963   $ (3,919,095)
Basic income (loss) per share                           $        0.02   $     (0.00)  $        0.04   $      (0.01)
Diluted income (loss) per share                         $        0.02   $     (0.00)  $        0.04   $      (0.01)

 

Second quarter financial summary

For the three months ended June 30, 2013, the company reported $46.1-million
in oil revenue, net of royalties, from the sale of 506,394 barrels of oil. The
realized sales price was $99.25 per bbl, generating an operating netback of
$70.59 per bbl.

For the second quarter of 2013, the company's net income was $11.2-million
(two cents per share diluted). The company's capital expenditures for the second
quarter were $25.1-million, all invested in Colombia, and primarily for
facilities construction, development drilling on the Las Maracas field, and
exploration drilling at Curiara-1 and La Casona-2. These capital expenditures
were funded from available cash on hand.

At the end of the second quarter, the company's cash position was
$47.4-million, and the company holds Canadian $35-million of debt in senior
notes payable on April 19, 2015.

Operations update

  • Total company production for the month of July averaged 5,653 bopd (company
    working interest);
  • With the addition of production from the Las Maracas-11 well, on Aug. 12,
    2013, the company's production exceeded 6,000 bopd;
  • The Las Maracas-10 well reached its target depth on Aug. 6, and tested,
    under natural flow conditions, light oil (29.8 degree API) from a 16-foot
    perforated interval in the main Gacheta sand. The total duration of the test was
    six hours and the average oil rate through a 40/64-inch restricted choke was
    approximately 1,000 bopd with a wellhead pressure of 300 pounds per square inch;
  • The Tuscany 109 rig was skidded and has commenced drilling the Las
    Maracas-12 development well;
  • Las Maracas-14 (Las Maracas Sur-1) is scheduled to be drilled following Las
    Maracas-12;
  • On the El Eden block, the La Casona-2 well was sidetracked on July 5, for
    operational reasons. The La Casona-2ST well is currently drilling through the
    Mirador formation and is showing encouraging preliminary results. The well is
    expected to reach its target depth in late August;
  • After completing La Casona-2ST, the Tuscany 119 rig will mobilize to drill
    the La Guira-1 well on the Los Ocarros block, following which it is expected to
    return to the El Eden block to drill the exploration well Rumi-1;
  • The long-term test production facility at La Casona is nearing completion
    and production from La Casona-1 is expected to commence before the end of
    September, 2013;
  • The Curiara-1 well on the El Porton block is expected to be put on long-term
    test early in the first quarter of 2014 for a six-month period, following which
    further testing of the discovery, including continued long-term test production
    and possible appraisal drilling, may ensue.

 

Activity schedule

A summary of the expected drilling and testing activity, for the remainder of
2013 and the early part of 2014, is provided below:

Prospect/well          Activity type           Block     Working interest       Timing/status

La Casona-2 ST             Appraisal         El Eden          40 per cent            Drilling
Las Maracas-12           Development     Los Ocarros          50 per cent            Drilling
Las Maracas-14 (Sur-1)     Appraisal     Los Ocarros          50 per cent             Q3 2013
La Guira-1               Exploration     Los Ocarros          50 per cent             Q3 2013
La Casona-1           Long-term test         El Eden          40 per cent             Q3 2013
Las Maracas-15             Appraisal     Los Ocarros          50 per cent             Q4 2013
Rumi-1                   Exploration         El Eden          40 per cent             Q4 2013
Crypto-1                 Exploration       El Porton         100 per cent     Q4 2013/Q1 2014 
Curiara-1             Long-term test       El Porton          25 per cent             Q1 2014
Malavar-1                Exploration       Llanos-10          50 per cent             Q1 2014

 

Outlook

With the completion of the production facilities on the Las Maracas field in
the second quarter of 2013, and continued development drilling on the field, the
company expects production to remain strong throughout the remainder of this
year. Given the anticipated strong production performance, the company is
increasing its 2013 average production guidance from 4,500 bopd to 5,000
bopd.

The company is projecting its capital spending program for 2013 to be
approximately $87-million, a 24-per-cent increase from the original spending
estimate of $70-million for the year. This is largely due to additional
exploration drilling and testing, increased appraisal and development drilling
on the Las Maracas field, and increased drilling commitment with the additional
working interest acquired on the El Porton block. This increase in projected
capital spending is in-line with with the company's increased production
guidance, and notwithstanding exploration success, with strong oil prices
expected throughout the rest of this year and a current cash position of
approximately $55-million, the company expects to be self-funding for the rest
of 2013 and 2014.

The company continuously assesses its exploration and development portfolio
as well as reviewing new business opportunities within the oil and gas sector in
Colombia with a view to ensuring that the company is able to maintain and expand
its asset base over the mid to long term. These opportunities could involve
farm-ins, asset purchase or other types of business combinations, and will be
assessed on their merits as they arise. The company is also actively
investigating options that would enable it to become an operator in
Colombia.

We seek Safe Harbor.


By Bobwins

Posted: Thursday Aug 15 9:20:56AM 2013

PTA.v  +.01 to C$.32  PTA has been creeping up on no news.  I think more investors are figuring out the implications of their new discovery on cashflow.  1X fwd cashflow is ridiculously cheap.  Heaven forbid they hit a few more wells in the same field.  


By Bobwins

Posted: Thursday Aug 1 10:43:35AM 2013

Bought a few shares this morning. PTA.v just announced hitting a big well in Colombia. 3600bpd oil. PTA owns 50%. 

http://www.stockhouse.com/news/press-releases/2013/07/31/petroamerica-tests-3-600-bopd-from-its-las-maracas-11-well-and-provides-an 


They plan 3 more wells on this play before year end. 

PTA.v is already profitable. Earned $14million in Q1 or .02eps. Yes, they have a ton of shares outstanding. 581million plus warrant's and options that could take it as high as 900 million. Won't happen because many are priced well out of the money but 178million are priced at .35 or lower so add that to 581 and you get around 750million shares outstanding. 

Earned 14million plus 7 million depletion/deprec so 21million cashflow in Q1 divided by 750= .028cashflow before the new well. 

They were at 5000bpd in Q1. Let's assume with the new well +3 more by year end, they increase to 7,000bpd net to PTA. 

7,000 X $80 netback= 560,000/day X 90 days= $50million cashflow/qtr divided by 750million shares= .067 cashflow/qtr X 4 = .27 annual cashflow. 

Currently selling for .26. Has decent balance sheet and cash to finance drilling.


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