Markets

UPDATE: Petroamerica Up 3% As Announces 68% Year-on-Year 2P Reserves Increase, Provides Operational Update

Petroamerica Oil Corp. (PTA.V), a company focused on oil exploration and production in Colombia, late Tuesday afternoon announced the results of its 2012 year-end independent reserves evaluation and provide an operational update of the company's activities in Colombia.

Company highlights include:

- Total Proved reserves growth of 80% from 1.777 million barrels of oil at year-end 2011 to 3.250 million barrels of oil at year-end 2012 (company working interest).

- Total Proved plus Probable reserves growth of 68% from 3.027 million barrels of oil at year-end 2011 to 5.081 million barrels of oil at year-end 2012 (company working interest).

- Total Proved plus Probable plus Possible reserves growth of 78% from 4.441 million barrels of oil at year-end 2011 to 7.924 million barrels of oil at year-end 2012 (company working interest).

- Total Proved net present value before tax discounted at 10% of $141.5 million, or $0.24 per share based on 580,721,594 common shares currently outstanding.

- Total Proved plus Probable NPV before tax discounted at 10% of $205.6 million, or $0.35 per share based on 580,721,594 common shares currently outstanding.

- Total Proved plus Probable plus Possible NPV before tax discounted at 10% of $304.3 million or $0.52 per share based on 580,721,594 common shares currently outstanding.

- Company working interest production for the fourth quarter of 2012 averaged 3,247 barrels of oil per day.

- Average total company working interest production for the month of February 2013 of 4,669 bopd, compared to 4,232 bopd average for January 2013.

- Construction of the Las Maracas permanent production facility, which is more than two-thirds complete and on schedule to be operational sometime during the month of May 2013.

- Currently drilling or planning to drill 4 exploration wells and up to 7 appraisal and development wells in the remainder of 2013.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos