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UPDATE: Petroamerica Oil Corp Steadies After Earlier Dip; To Adopt Shareholder Rights Plan at AGM Tomorrow

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Petroamerica Oil Corp (PTA.V) has recovered somewhat after earlier dipping to 10.5 cents - half a cent off its opening price of 11 cents - which edged it closer to its year low of 8 cents. The stock is still a long way from its year-high price of 74 cents last January. There appears to be strong pressure to bring the price down to 10 cents.

PTA announced its three-quarter results on November 24th, where it announced that revenue, after royalty, from its Balay oil sales, were CAD$2.5 million for the third quarter and $5.0 million for the year-to-date and sales price of US$104.10 per barrel, generating an operating netback of approximately US$62 per barrel. Petroamerica also announced that it had discovered light oil with the Las Maracas-2 Sidetrack well.

The Petroamerica Oil Corp board will adopt a shareholder rights plan at its AGM tomorrow.

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

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