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Posted: Thursday Mar 12 7:51:31AM 2009
PBG posts profit from Canada and Columbian operations.
Posted: Monday Feb 2 11:29:51AM 2009
This is one of my favorite companies. They have a tremendous ram rate. As you last reported they were at 19,500 barrels. Now they have increased to 25,000
Petrominerales Corcel-D1 Mirador Recompletion Produces 8,770 BOPD
Petrominerales Ltd. ("Petrominerales" or the "Company") (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.
With the Corcel-D1 well back online, early success at Neiva, and some production still off-line at Orito, the Company is now producing in excess of 25,000 bopd.
Our Orito field production is still ramping up following the cessation of the general strike in the Putumayo province. We have also successfully finished drilling Orito-163 and will then spud Orito-171.
We are currently drilling the eighth well in a multi-well drilling program at Neiva. We have completed and placed two of these new wells on production using a new completion technique. Initial rates from these first two wells represent a significant improvement over historical performance. Together these two wells have added an incremental 911 bopd, in which Petrominerales has a 69% working interest. Company interest production at Neiva is now 1,050 bopd.
In 4 a nickel
Posted: Thursday Nov 6 9:33:10PM 2008
PMG is a subsidiary of Petrobank. In this crazy stock market, my favorite tiny producers have gotten killed. Larger producers are also being sold off but sooner or later, institutions will have to have exposure to energy and will go after the bigger companies first. PMG is a nice compromise. Their phenomenal growth and high netback production from Colombia puts them on enough institutional radars to give them a better chance than some of my other microcap energy plays. They avgd 12K bpd in Q3 but are already at 19,590bpd in Q4 with more wells coming online. .75cashflow X 4 = $3 vs the current price of C$8.70. Very cheap and growing like a bat.